Ishaan Real Estate PLC Potential sale of property interests & cash return (0059Y)
15 2월 2013 - 9:14PM
UK Regulatory
TIDMISH
RNS Number : 0059Y
Ishaan Real Estate PLC
15 February 2013
Ishaan Real Estate Plc ("Ishaan" or the "Company")
Potential sale of property interests and cash return
-- Potential sale of the Company's entire property interests to
entities associated with K Raheja Corporation
-- Intention to return 51 pence per Ordinary Share in cash to
Shareholders through a subsequent members' voluntary winding up of
the Company
The Board of Ishaan confirms that it is in advanced discussions
in relation to the disposal of the Group's entire property
interests to entities associated with K Raheja Corp Group. If
concluded, the Board expects the aggregate consideration for the
property interests to allow for a cash distribution of 51 pence per
Ordinary Share to Shareholders through a subsequent members'
voluntary winding up of the Company.
The proposed return of 51 pence per Ordinary Share represents a
discount of approximately 33.7 per cent. to the Adjusted NAV of
76.9 pence per Ordinary Share as at 30 September 2012 and a premium
of approximately:
-- 31.6 per cent. to the closing mid-market price per Ordinary
Share of 38.75 pence on 14 February 2013; and
-- 57.4 per cent. to the volume weighted average closing
mid-market price per Ordinary Share of 32.4 pence over the six
month period ended 14 February 2013.
Under Rule 15 of the AIM Rules the potential disposal would
constitute a fundamental change of business for the Company and
would therefore require approval from Shareholders representing at
least 50 per cent. of the votes cast at an extraordinary general
meeting. Under Rule 13 of the AIM Rules, the potential disposal
also constitutes a related party transaction because the disposal
would be to entities connected with Neel Raheja, a Director of the
Company, and to the Company's Investment Adviser.
Discussions are at an advanced stage although several aspects of
the potential disposal are yet to be finalised. Therefore there can
be no certainty a sale of the property interests will be agreed or
on the quantum or timing of any returns to Shareholders. A further
announcement will be made in due course, as appropriate.
15 February 2013
Enquiries:
Deutsche Bank AG London (NOMAD) College Hill
Ben Lawrence Mike Davies
Tel: +44 20 7545 8000 Tel : +44 207 457 2020
Email: ben.lawrence@db.com Email: mike.davies@collegehill.com
Deutsche Bank AG is authorised under German Banking Law
(competent authority: BaFin - Federal Financial Supervising
Authority) and authorised and subject to limited by the Financial
Services Authority. Details about the extent of Deutsche Bank AG's
authorisation and regulation by the FSA are available on
request.
Deutsche Bank AG is acting for the Company and no one else in
connection with the potential disposal and will not be responsible
to anyone other than the Company for providing the protections
afforded to clients of Deutsche Bank nor for providing advice in
connection with the potential disposal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Ishaan (LSE:ISH)
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부터 5월(5) 2024 으로 6월(6) 2024
Ishaan (LSE:ISH)
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부터 6월(6) 2023 으로 6월(6) 2024