Aqua Resources Fund Limited Notice of EGM (3812G)
28 6월 2012 - 9:53PM
UK Regulatory
TIDMH2O
RNS Number : 3812G
Aqua Resources Fund Limited
28 June 2012
Aqua Resources Fund Limited
NOTICE OF EXTRAORDINARY GENERAL MEETING
28(th) June 2012
The Board of Aqua Resources Fund Limited ("Aqua" or the
"Company") today announces its intention to convene an
extraordinary general meeting of the shareholders of the Company
(the "Shareholders") in August 2012 (the "General Meeting") at
which Shareholders will be asked to approve the cancellation of the
listing of the Company's ordinary shares (the "Ordinary Shares") on
the Official List of the UK Listing Authority and from trading on
the London Stock Exchange's Main Market for Listed Securities (the
"Cancellation") in accordance with Listing Rule 5.2.5.
The reason for this is that, as noted in the Chairman's
Statement in the Annual Report and Accounts of the Company for the
year ended 31 December 2011 (published on 26 April 2012) and its
interim management statement (published on 18 May 2012), the
Company no longer meets the "free float" requirement of the UK
Listing Rules (Listing Rule 6.1.19) which stipulates that 25 per
cent of the shares in a company listed on the Official List of the
UK Listing Authority should be held in 'public hands' (which
excludes shares held by shareholders who are directors or who own
more than a 5 per cent. of the share capital of such company).
The Board had previously announced in August 2011 that it was
reviewing options for the Company including "an assessment of the
merits of the Company maintaining its public listing". Shareholders
should note that whilst the UK Listing Authority may cancel the
Company's listing in circumstances where it no longer meets the
free float requirement, it is the UK Listing Authority's and the
Board's preference that Shareholders should be given the
opportunity to approve the Cancellation.
The Board, through its broker Cenkos Securities plc and its
investment manager Fourwinds Capital Management, has in recent
weeks consulted with certain Shareholders together owning over 85
per cent of the Shares. A significant majority of these holders
have advised that they are able to invest in unlisted shares and
indeed have a preference for the Cancellation.
In considering the proposed Cancellation, the Board has also
reviewed:
1) the poor liquidity and very low daily turnover in the Shares
on the London Stock Exchange, which this calendar year have traded
on only 33 days,
2) the persistently wide share price discount to net asset value
(currently approximately 70 per cent.),
3) the concentration of the portfolio,
4) the advantages and disadvantages of a listing of the Shares
on another recognised Stock Exchange in the context of the known
views of certain Shareholders,
5) an overview of the current shareholder base, and
6) that a delisting will entail a material change for
Shareholders.
A circular in relation to the Cancellation will be posted to
Shareholders as soon as practicable.
The Board will continue to review the strategic options
available to the Company with regards to its longer term
future.
For further enquiries:
Aqua Resources Fund Limited
Hasan Askari, Chairman +44 (0)7904 968 582
FourWinds Capital Management, Investment Manager info@fourwindscm.com
Kimberly Tara, Chief Executive Officer
Jui Kian Lim, Head of Asia Environment Group
Valerie Daoud Henderson, Head of Europe Environment Group
Cenkos Securities plc, Corporate Broker
Will Rogers +44 (0)20 7397 1920
Dion Di Miceli +44 (0)20 7397 1921
HSBC Securities Services (Guernsey) Limited, Administrator +44 (0)1481 707 000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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