Proposed cancellation of admission from AIM
10 Março 2009 - 5:23AM
UK Regulatory
TIDMNTS
RNS Number : 5941O
Natsun Holdings Limited
10 March 2009
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Natsun Holdings Limited ("Natsun" or the "Company")
Proposed cancellation of admission from AIM
Natsun Holdings Limited (AIM : NTS) today announces that it intends to seek its
shareholders' approval to cancel admission of the ordinary shares of 62.5p each
in the Company ("Shares") to trading on AIM ("De-listing"). A circular
containing details of the De-listing is being sent to shareholders today and
copies will shortly be available from the Company's website, www.natsun.com.cn.
The Company raised GBP6.3 million (before expenses) at its admission to trading
on AIM in December 2007, from investors domiciled in the British Virgin Islands.
Such investors continue to hold approximately 17 per cent. of the Company's
issued share capital and have confirmed to the Directors that they remain
committed to retaining their holdings in the Company. Furthermore, the founder
and management shareholders who collectively hold approximately 82 per cent. of
the Company's issued share capital, do not wish to sell any of their holdings.
Accordingly, there have been negligible levels of daily liquidity in trading in
the Shares since admission.
Natsun coped well with the difficult trading conditions in 2008. However, as
noted in the Company's trading update statement released on 21 November 2008,
the Company faced difficult trading conditions in 2008 and the Directors believe
that the Company is likely to be no better than break even for the full year
ended 31 December 2008. Following release of this trading update, the quoted
share price reduced substantially below the admission price of 122 pence, from
117.5 pence to around 80 pence and it has remained fairly static since then.
As the challenges faced by the Company in 2008 have continued into this year,
the Directors do not anticipate a material change in their expectation of the
Company's performance announced last November. The Directors also recognise that
it is unlikely that the Company will be able to raise additional equity funding
for the Company through a new share issue or to issue more shares in connection
with an acquisition in the foreseeable future. The Directors accordingly believe
the lack of liquidity in the Shares will continue. Considering the tough trading
environment faced by the Company and the Company's poor share price and trading
performance, the Board accordingly believes that the ongoing costs and
regulatory requirements of a quotation on AIM can no longer be justified, and
that greater shareholder value will ultimately be derived by operating the
group's business off-market.
After careful deliberation, the Board has concluded that it is in the best
interests of the Company to de-list.
Under Rule 41 of the AIM Rules, it is a requirement that any delisting from AIM
must be approved by not less than 75 per cent. of shareholders voting in a
general meeting and the expiration of at least 20 business days from the date on
which notice of the de-listing was given. Accordingly, an Extraordinary General
Meeting ("General Meeting") will be convened to approve the Delisting at 10.00
a.m. on 2 April 2009, at the Company's offices, Nanshan Industrial
Park, Longkou, Shandong Province, China. If the resolution is approved, it is
expected that cancellation of dealings will take effect at 7.00 a.m. on 14
April 2009.
It is intended that the appointments of both the Non-executive Directors,
Derrick Woolf and John Ball, will be terminated upon the De-listing occurring.
As the Board recognises that some shareholders may wish to sell their Shares
before the De-listing, it considers that it is appropriate for the shareholders
to have the ability to sell their Shares to Eastocean Investment Corporation
Limited. In the event that the shareholders of the Company wish to dispose of
their Shares following the De-listing, it is intended that the Company will use
its reasonable endeavours to create and maintain a matched bargain settlement
facility. The facility would be managed by the Company.
Any Shareholder wishing to sell Shares should contact Mr. Mei Yong in writing at
the Company's offices at Nanshan Industry Park, Longkou City, Shandong
265706, China.
For further information, please contact:
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| NATSUN HOLDINGS LIMITED | |
+-----------------------------------------+------------------------------+
| Chen Yimin / Mei Yong | +86 (0) 535 861 5501 / 866 |
| | 6997 |
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| | |
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| EVOLUTION SECURITIES LIMITED | |
| (Nominated adviser) | |
+-----------------------------------------+------------------------------+
| Barry Saint / Bobbie Hilliam / Esther | +44 (0) 20 7071 4300 |
| Lee | |
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END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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