WSPH White Star

 

TIDMWSPH 
 
RNS Number : 3944N 
White Star Property Holdings PLC 
16 February 2009 
 

 
 
White Star Property Holdings Plc 
("White Star" or the "Company") 
 
 
Notice of Extraordinary General Meeting 
Proposed change of name to White Star Energy Plc 
Proposed Capital Reorganisation 
Proposed increase in Authorised Ordinary Share Capital and Directors' Share 
Capital Authorities 
 
 
 
 
White Star is pleased to announce that it has today posted a circular (the 
"Circular") to Shareholders convening an extraordinary general meeting of the 
Company ("EGM"). 
 
 
The purpose of the EGM is to seek Shareholder approval for a proposed change in 
Company name to White Star Energy Plc, a proposed Capital Reorganisation and a 
proposed increase in both its Authorised Share Capital and the Directors' 
authority to issue shares. 
 
 
On 30 July 2008, the Company's board of directors (the "Board") announced that 
it would evaluate investment opportunities which could provide above average 
returns to Shareholders. The Board has evaluated several opportunities since 
this date and is currently in advanced discussions regarding a potential 
transaction in the energy sector. If the potential transaction was to proceed it 
would likely involve a placing of the Company's Ordinary Shares. 
 
 
In order to enable the Board to respond quickly to any opportunities which may 
become available, the Board is seeking the approval of Shareholders for, inter 
alia, a Capital Reorganisation of the Company's Authorised Share Capital. The 
Board considers that the Capital Reorganisation, the details of which are 
included in the Circular sent to Shareholders today and available on the 
Company's website, will make the Company's Ordinary Shares a more attractive 
proposition to potential investors and facilitate the raising of any further 
funding required in connection with any investment opportunities identified by 
the Board. 
 
 
Following implementation of the Capital Reorganisation , the New Ordinary Shares 
will have identical rights to those currently held by the existing Ordinary 
Shares, including their ranking for dividends. 
 
 
The Board is also seeking Shareholder approval at the EGM to increase the 
Company's Authorised Share Capital, to renew the Directors' authority to allot 
shares pursuant to section 80 of the Act, to disapply section 89(1) of the Act, 
replace the Company's Articles of Association and change the Company's name to 
White Star Energy Plc. 
 
 
The EGM will be held at 11.00am on Tuesday 10 March 2009 at the offices of 
Strand Partners Limited, 26 Mount Row, London, W1K 3SQ. Pursuant to the AIM 
Rules, a copy of the Circular incorporating notice of EGM will shortly be 
available to download from the Company's website at 
http://www.whitestarproperty.com/. 
 
 
The expected timetable of principal events is summarised below: 
 
 
+-----------------------------------------------+------------------------------+ 
| Latest time and date for receipt of forms of  |     11.00 am on 8 March 2009 | 
| proxy for the EGM                             |                              | 
+-----------------------------------------------+------------------------------+ 
| EGM                                           |    11.00 am on 10 March 2009 | 
+-----------------------------------------------+------------------------------+ 
| Latest date for dealings in Ordinary Shares   |      Close of business on 10 | 
| and for registration of transfers             |                   March 2009 | 
+-----------------------------------------------+------------------------------+ 
| Record date for Capital Reorganisation        |      Close of business on 10 | 
|                                               |                   March 2009 | 
+-----------------------------------------------+------------------------------+ 
| Admission effective and dealings in the New   |                11 March 2009 | 
| Ordinary Shares expected to commence on AIM   |                              | 
+-----------------------------------------------+------------------------------+ 
| Expected date on which CREST accounts are to  |                11 March 2009 | 
| be credited with New Ordinary Shares          |                              | 
+-----------------------------------------------+------------------------------+ 
| Expected date new share certificates will be  |                25 March 2009 | 
| despatched                                    |                              | 
+-----------------------------------------------+------------------------------+ 
| Expected date by which cheques for Fractional |                25 March 2009 | 
| Entitlement are to be despatched (where       |                              | 
| applicable)                                   |                              | 
+-----------------------------------------------+------------------------------+ 
| Expected date on which CREST accounts are to  |                25 March 2009 | 
| be credited with payment for Fractional       |                              | 
| Entitlement (where applicable)                |                              | 
+-----------------------------------------------+------------------------------+ 
 
 
Subject to the approval of the resolutions contained within the Circular, the 
new ordinary shares of GBP0.01 each will commence trading under the new 
ISIN GB00B55K9809, with effect from 11 March 2009. 
 
 
Application will be made for the admission of these Ordinary Shares to trading 
on AIM. It is expected that admission will take place and that dealings in the 
New Ordinary Shares will commence at 8.00 am on 11 March 2009. 
 
 
Unless the context otherwise requires, defined terms in this announcement shall 
have the meanings given to them in the Circular to shareholders of the Company 
dated 16 February 2009. 
 
 
Enquiries 
 
 
White Star Property Holdings Plc 
Luca Tenuta 
Tel: +44 (0)20 7748 2215 
 
 
Strand Partners Limited 
Nominated Advisor 
Simon Raggett 
Paul Cocker 
Tel: +44 (0)20 7409 3494 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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