South African Prop. - 20 Day Delisting Announcement London Stock Exchange
RNS Number : 4802J
South African Property Opps PLC
03 April 2018
 

Legal Entity Identifier: 213800MCRBNG3UHI1A31

3 April 2018

 

South African Property Opportunities plc

(incorporated and registered in the Isle of Man under the Isle of Man Companies Act 2006
with registered number 006491V)

(the "Company")

20 DAY DELISTING ANNOUNCEMENT

 

Recommended proposals in relation to the voluntary winding-up of the Company and cancellation of the admission to trading on the AIM Market ("AIM") and The International Stock Exchange ("TISE")

The board of directors of the Company (the "Board"), announces today that it intends to seek shareholder approval to put the Company into members' voluntary liquidation, appoint a liquidator and cancel the admission of the Company's ordinary shares (the "Shares") to trading on AIM and TISE (the "Delisting") (together, the "Proposals"). A circular (the "Circular") will today be posted to shareholders setting out further details of the Proposals and convening an extraordinary general meeting of the Company's shareholders to be held at the Company's registered office, Millennium House, 46 Athol Street, Douglas, Isle of Man IM1 1JB at 11:00 a.m. on 2 May 2018 (the "EGM") in order to approve the Proposals.

In accordance with Rule 41 of the AIM Rules for Companies and the rules of TISE, the Company has notified London Stock Exchange plc and TISE of its intention to cancel the admission of the Shares to trading on AIM and TISE, subject to shareholder approval of not less than 75 per cent. of votes cast at the EGM. Trading of the Shares on AIM and TISE will be suspended from 7.00 a.m. on 2 May 2018 and, if the Proposals are approved by the requisite majority of shareholders at the EGM, it is intended that the admission of the Shares to trading on AIM and TISE will be cancelled with effect from 7.00 a.m. on 3 May 2018.

No provision has been or will be made for trading in the Shares following the Delisting. In addition, if the Proposals are approved by the requisite majority of shareholders at the EGM, the Shares will not be transferable following the EGM without the consent of the liquidator. The effect of the Delisting will be that the Shares will no longer be quoted or tradable on AIM or TISE and shareholders will not therefore be readily able to sell their Shares. Shareholders will be able to buy and sell their Shares "off market", although this will be more difficult than trading "on market".

Background to and reasons for the Proposals

Since all of the Company's realisable investments have now been sold and converted into cash and efforts by the Company's investment manager to promptly realise the Company's final asset (being its interest in the property development asset in Brakpan, Gauteng, South Africa (the "Brakpan Asset")) have been unsuccessful, the Board now considers that it is no longer practicable to operate the Company in the hope of generating meaningful proceeds from a disposal of Brakpan Asset. Accordingly, the Board has resolved that the Company should seek an orderly winding-up on a solvent basis, that remaining cash will be returned to shareholders and that, as part of this process, a cancellation of its admission to trading on AIM and the TISE would be sought.

Proposed cash distribution

The Company's cash net of remaining liabilities is £99,417, or 0.16 pence per Share. If the resolution to enter the Company into liquidation is passed at the EGM then the Board will, immediately following the EGM (subject to applicable law and the relevant authority being granted by the liquidator to the Board), consider making a cash distribution, taking into account the Company's cash balance net of liabilities as at 2 May 2018. If the resolution to enter the Company into liquidation is not passed then no such distribution will be declared.

Copies of the Circular, including the notice convening the EGM, will shortly be available on the Company's website at http://www.saprofund.com/

 

Expected timetable of principal events

 

Circular posted to shareholders                                                                      3 April 2018        

Latest time and date for receipt of forms of proxy for the EGM                 11.00 a.m. on 30 April 2018

Suspension of trading in the Ordinary Shares on AIM and TISE                7.00 a.m. on 2 May 2018

EGM                                                                                                                        11.00 a.m. on 2 May 2018

Appointment of Liquidator                                                                                2 May 2018

Cancellation of Ordinary Shares from trading on AIM and TISE               7:00 a.m. on 3 May 2018

Reference above to times are to London times. If any of the above times and/or dates change, the revised times and/or dates will be notified to shareholders by announcement through the Regulatory News Service operated by London Stock Exchange plc.

- Ends-

For further information contact:

Panmure Gordon & Co (Nominated adviser and broker)               



 

Paul Fincham/Jonathan Becher 


+44 20  7886 2500

 




 

Galileo Fund Services Limited (Registrar and administrator)



Ian Dungate/Suzanne Jones 


+ 44 (0) 1624 692600

Important Information

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement through a regulatory information service, this information is now considered to be in the public domain.

The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time.

David Hunter

Chairman

SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC

Millennium House,

46 Athol Street,

Douglas, Isle of Man,

IM1 1JB

END

 


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