TIDMCIG

RNS Number : 9785A

Critical Information Group

10 February 2011

Critical Information Group PLC ("CIG" or the "Company")

Recommended Proposals in relation to the voluntary winding-up of the Company and cancellation of admission to trading on AIM

Posting of Circular

Further to the Company's announcement on 9 February 2011 in connection with the Board's recommended proposals to Shareholders to put the Company into members' voluntary liquidation, appoint liquidators and cancel admission of the Company's shares to trading on AIM (the "Proposals"), the Company announces that a Circular containing further details in respect of the Proposals, including the Notice of the Extraordinary General Meeting to be held on 10 March 2011 at 10.30 a.m.has been posted to Shareholders today.

Based on the Directors' estimated net assets of the Company as at 31 January 2011 (being the latest practicable date prior to the publication of this document), the Board anticipates that, subject to passing of the Resolution, the Joint Liquidators will make distributions to Shareholders of approximately 84 pence per Share in total and make a first interim distribution to Shareholders of 80 pence per Share on or around 7 April 2011. It is expected that the Joint Liquidators will reserve approximately GBP190,000 as a provision against the Company's liabilities and contingent liabilities, which includes a provision for taxation, the cost of implementing the Proposals (currently estimated at GBP56,500 excluding VAT) and any unknown claims.

Once appointed, the Joint Liquidators will seek out, agree and pay creditors' claims, make a first and second distribution to Shareholders, and will then convene a final meeting of Shareholders and conclude the Liquidation by filing their final return at Companies House. The second and final distribution to Shareholders of approximately 4 pence per Share will be made prior to the final meeting of Shareholders. Further information on the proposed distributions is provided in the Circular, copies of which, including the Notice of the EGM, are now available on the Company's website at http://www.criticalinformationgroup.com.

Terms used in this announcement shall have the same meaning as set out in the Circular.

Expected Timetable of Principal Events

 
 Circular posted to Shareholders                                  Today 
 Latest time and date for receipt            10.30 a.m. on 8 March 2011 
  of Form of Proxy for the Extraordinary 
  General Meeting 
 Record Date for Shareholder entitlements                 10 March 2011 
  in respect of the Liquidation 
 Suspension of the Shares from               7.30 a.m. on 10 March 2011 
  trading on AIM 
 Extraordinary General Meeting              10.30 a.m. on 10 March 2011 
  to consider Resolutions to wind-up 
  the Company, appoint the Joint 
  Liquidators and cancel the listing 
  of the Company's shares on AIM 
 Cancellation of the Shares from             7.00 a.m. on 11 March 2011 
  admission to trading on AIM 
 Expected first cash distribution             on or around 7 April 2011 
  to Shareholders

References to times above are to London time, unless stated otherwise.

Enquiries:

 
 Critical Information Group plc 
  David Smith / Tony Foye          +44 (0)20 8906 6707 
 Singer Capital Markets Limited 
  James Maxwell / Jenny Wyllie     +44 (0)20 3205 7500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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