Ablon Group Limited Notice of Extraordinary General Meeting (2837V)
10 Enero 2013 - 7:53AM
UK Regulatory
TIDMABL
RNS Number : 2837V
Ablon Group Limited
10 January 2013
ABLON Group Limited
10 January 2013
Posting of circular in respect of Requisitioned EGM from Radovan
Vitek
Notice of Extraordinary General Meeting to approve termination
of SMS consultancy agreement and proposed rights issue
Further to the announcement dated 3 January 2013 detailing the
proposed requisition of an extraordinary general meeting (the
"Requisitioned EGM") by Mr Radovan Vitek, the Company will today
post a circular to Shareholders providing details of the
resolutions that are to be proposed at the Requisitioned EGM and
setting out the Board's response to the requisitioned resolutions
and a notice convening the Requisitioned EGM.
The EGM is scheduled for 10.00 a.m. on 1 February 2013 and will
be held at the Company's registered office, being Frances House,
Sir William Place, St. Peter Port, Guernsey, GY1 4HQ.
Given the nature of the Requisitioned EGM affecting the
composition of the Board, the Board is not making any
recommendation as to how Shareholders vote on the resolutions to be
proposed at the Requisitioned EGM. However, the Board does
encourage all Shareholders to vote (whether in person or by proxy)
on the resolutions to be proposed at the Requisitioned EGM.
In addition, in light of the recent changes to the composition
of the Board, the nature of the proposals at both the extraordinary
general meeting requisitioned by VB Real Estate Holding eins GmbH
to be held at 1.00 p.m. on 31 January 2013 and the Requisitioned
EGM, feedback from discussions with principal Shareholders and the
recent acquisitions of Shares by Mr Radovan Vitek, the Directors
consider that it is appropriate to seek Shareholder approval of the
termination of Uri Heller as chief executive officer of the Group
and the related consultancy agreement and the proposed rights issue
announced on 5 December 2012.
Accordingly, the Directors propose to convene a separate
extraordinary general meeting of the Company, which is to be held
at the registered office of the Company, Frances House, Sir William
Place, St. Peter Port, Guernsey, GY1 4HQ at 10.15 a.m., or as soon
as practicable following the Requisitioned EGM, on 1 February 2013
(the "Extraordinary General Meeting"), at which two resolutions
will be proposed, to approve (a) the termination of the consultancy
agreement between the Company and Senior Management Services Inc.
dated 2 February 2007, as amended (the "SMS Termination
Resolution") and (b) the implementation of the Proposed Rights
Issue (the "Rights Issue Resolution"). Each of the SMS Termination
Resolution and the Rights Issue Resolution will be proposed as an
ordinary resolution, which would require a simple majority of those
Shareholders attending (in person or by proxy) and voting to be
passed.
The circular to be posted to Shareholders today provides details
of the resolutions that are to be proposed at the Extraordinary
General Meeting, sets out the Board's views on such resolutions and
contains a notice convening the Extraordinary General Meeting.
The Board is not making any recommendation as to how
Shareholders vote on the SMS Termination Resolution to be proposed
at the Extraordinary General Meeting.
The majority of the Board considers that it is in the best
interests of the Company and Shareholders as a whole that the
Rights Issue Resolution be passed at the Extraordinary General
Meeting, namely to implement the Proposed Rights Issue to raise up
to EUR20 million in new share capital. Accordingly, the majority of
the Board recommends that Shareholders vote in favour of the Rights
Issue Resolution to be proposed at the Extraordinary General
Meeting.
A copy of the circular will be submitted to the Financial
Services Authority and will be available for inspection at the
National Storage Mechanism, which is located at
www.hemscott.com/nsm.do
Once posted, a copy of the circular to shareholders will also be
made available at: www.ablon-group.com
For further information, please contact:
ABLON Group Limited
Adrienn Lovro Tel. +36 1 225 6600
ING Wholesale Banking (Joint Corporate Broker)
Nathalie Bachich de Recina Tel. +44 (0)20 7767 8362
Newgate Threadneedle (Financial PR)
Graham Herring Tel. +44 (0) 20 7653 9858
NOTES TO EDITORS
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 34
locations, of which there are 15 completed projects, two projects
in the construction phase and 23 development projects in Budapest,
Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a
diversified mix of office, residential, retail, logistics and hotel
developments valued at EUR385 million as at 30 June 2012. The ABLON
Group had, as at 30 June 2012, 202,000 square metres of existing
and income generating office, residential, hotel, retail and
logistics assets (at 15 locations) in Budapest and Prague, with a
significant development land bank comprising a further 1,236,300
square metres (at 24 locations) in Budapest, Prague, Bucharest,
Warsaw and Gdansk. ABLON's shares are traded on the Main Market of
the London Stock Exchange under the ticker 'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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