Sacoven PLC Proposed Cancellation of Admission (7780N)
28 Octubre 2016 - 9:15AM
UK Regulatory
TIDMSCN
RNS Number : 7780N
Sacoven PLC
28 October 2016
SACOVEN PLC
(Incorporated in Jersey under the Companies (Jersey) Law
1991
(Company number 110296)
AIM Share code: SCN
JSE Share code: SCV
ISIN: JE00B7YH8W36
("Sacoven" or the "Company")
Update regarding Proposed Cancellation of Admission to Trading
on AIM and Delisting from the Alt-X and Proposed Redemption of
Ordinary Shares and
Cautionary Announcement
On 13 October 2016, the Company announced that the directors of
the Company had resolved it was no longer desirable to make or
otherwise pursue an acquisition in accordance with the Company's
investment policy and, as such, did not propose seeking further
approval at the Company's AGM, to be held on 31 October 2016, for
the continuation of its investment policy. As a consequence, it was
proposed that the admission of the Company's shares to trading on
AIM is cancelled and such shares are delisted from the Alt-X (the
"Delisting") and the Company's shares be redeemed by the Company in
accordance with the provisions set out in the articles of
association.
As noted at the time, for the redemption to take effect,
shareholders representing the majorities required by the rules of
AIM and the Alt-X, respectively, would be required to vote in
favour of the Delisting at a general meeting of shareholders (the
"EGM").
The Company has prepared a circular in connection with both the
redemption process and for the purposes of convening the EGM which
requires, amongst other things, the prior approvals of (i) the JSE
Limited and (ii) the South African Reserve Bank before the Company
is able to publish the circular and distribution it to its
shareholders.
The Company now anticipates being able to publish the circular
on or around 9 November 2016. At such time, the Company will
provide an update to the timetable previously notified on 13
October 2016 in relation to the Delisting and redemption processes
although it is still anticipated that these processes will be
completed during December 2016.
Shareholders are advised that the new developments stated above
may have a material effect on the price of the company's
securities. Accordingly, Shareholders are advised to exercise
caution when dealing in the company's securities until a full
announcement regarding the Delisting and redemption process is
published.
28 October 2016
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
JSE Sponsor AIM Nominated Adviser and
Broker
KPMG Services Proprietary Liberum Capital Limited
Limited Clayton Bush Christopher
Britton
Tel: 020 3100 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZVLFLQBFBFBZ
(END) Dow Jones Newswires
October 28, 2016 10:15 ET (14:15 GMT)
Sacoven (LSE:SCN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Sacoven (LSE:SCN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024