Ishaan Real Estate PLC Result of EGM (7143Z)
11 3월 2013 - 10:47PM
UK Regulatory
TIDMISH
RNS Number : 7143Z
Ishaan Real Estate PLC
11 March 2013
11 March 2013
Ishaan Real Estate plc
("Ishaan Real Estate" or the "Company")
Results of Extraordinary General Meeting
Further to the announcement released by Ishaan Real Estate on 21
February 2013 on the proposed sale of the Company's entire Property
Interests to Chalet Hotels Private Limited, a member of the K
Raheja Corp Group, and other entities connected with K Raheja Corp
Group, for an aggregate consideration of approximately GBP70.3
million in cash (the "Disposal"), and the amendment of the
Company's investment strategy to facilitate the subsequent
distribution of the Company's Estimated Net Cash Resources
(estimated at 51 pence per Ordinary Share) to Shareholders
(together, the "Proposals"), the Company announces that the
resolutions put to Shareholders at the Extraordinary General
Meeting today to facilitate the Proposals were duly passed.
The Disposal remains conditional upon the obtaining of a nil
withholding tax certificate from the Indian tax authorities
confirming that no withholding tax is required to be deducted at
source in relation to the consideration payable to the Group for
the sale of the Property Interests. The Board has been advised that
this condition precedent to the Disposal is expected to be
satisfied by 28 March 2013. However, there can be no assurance that
the obtaining of a nil withholding tax certificate from the Indian
tax authorities will be obtained in the anticipated timeframe, or
at all. If the Indian tax authorities deem that withholding tax on
the Disposal is payable, the Share Purchase Agreements impose an
obligation upon the parties to use their reasonable endeavours to
renegotiate, for a period of 30 days, the terms of the Share
Purchase Agreements.
A further announcement will be made in due course.
Defined terms in this announcement have the same meanings as set
out in the circular sent to Shareholders on 22 February 2013.
Enquiries:
Deutsche Bank AG, London Branch (NOMAD and broker to the Company)
Ben Lawrence
John O'Driscoll
Tel: +44 20 7545 8000
College Hill (PR advisers to the Company)
Mike Davies
Tel : +44 20 7457 2020
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 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 Disposal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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