We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chapelthorpe | LSE:CPL | London | Ordinary Share | GB00B23VYS91 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCPL RNS Number : 6055X Chapelthorpe PLC 08 December 2010 Chapelthorpe plc Chapelthorpe plc (the "Company") announces that a circular (as summarised below) will today be despatched to Shareholders convening a General Meeting to seek Shareholder approval to cancel the admission of the Company's Ordinary shares, First cumulative preference shares and Second cumulative preference shares to trading on AIM. The Board has concluded that the costs and regulatory requirements associated with retaining Chapelthorpe's AIM listing are a significant burden on the Company's financial resources and outweigh the benefits gained from Admission. The General Meeting will be held at the offices of Chapelthorpe plc, Old Mills, Drighlington, Bradford, BD11 1BY commencing at 11.00 a.m. on Thursday, 13 January 2011. If approved, it is expected that Cancellation will take effect from 7.00 a.m. on Friday, 21 January 2011. 1. Reason for the Cancellation of Admission On 22 July 2010, Bronsstadet AB ("BAB") acquired 5,052,500 Ordinary shares, representing approximately 24.76% of the Ordinary share capital of the Company resulting in the Bronsstadet Group ("BAB Group") owning, in aggregate, 11,147,916 Ordinary shares, representing approximately 54.64% of the issued Ordinary share capital of the Company. As a result of this share acquisition, on 18 August 2010, BAB posted an Offer Document in accordance with Rule 9 of the Code, pursuant to which BAB made a mandatory unconditional offer for the entire issued Ordinary share capital of the Company not already owned by the BAB Group. The results of the Offer were announced on 8 September 2010 and the total number of Ordinary shares held by BAB Group at that time was 16,771,462, representing approximately 82.19% of the Company's entire issued share capital. Taking into account recent market purchases, BAB Group now owns 17,236,552 Ordinary shares, representing approximately 84.48% of the Company's entire issued share capital. The Offer Document contained the following statement with regard to the Company's cancellation of admission to AIM: "Furthermore, if BAB receives sufficient acceptances from the Company's Shareholders, and/or otherwise acquires sufficient shares, to take its shareholding to over 75% of the Company's shares, or such lesser percentage as BAB may determine, BAB intends to procure or seek to procure the making of an application by the Company to the London Stock Exchange for the cancellation of the admission of the Company's shares to trading on AIM. At least 20 Business Days' notice of cancellation will be given." On 8 September 2010, the Board received a request from BAB requesting the Board to convene an extraordinary general meeting to proceed with the Cancellation of the Ordinary shares. Having regard to the proposed resolution being passed to cancel the listing of the Ordinary shares on AIM, the Board considered the continued status of both the First cumulative preference shares and the Second cumulative preference shares and the cost of maintaining a listing on AIM for these shares. The Board did not consider this to be justifiable as it would result in a disproportionate amount of senior management time being spent in meeting AIM Rules and related regulatory requirements, including reporting, disclosure and corporate governance requirements. As such the Board has proposed a further two resolutions in order to cancel the admission of the Preference shares on AIM. 2. Effect of the Cancellation on Shareholders The principal effects of the Cancellation would be that: (a) there would no longer be a formal market mechanism enabling the Shareholders to trade their shares on AIM or any other market or trading exchange; (b) the Company would not be bound to announce material events, administrative changes or material transactions nor to announce interim or final results; (c) the Company would no longer be required to comply with any of the additional specific corporate governance requirements for companies admitted to trading on AIM; and (d) the Company will no longer be subject to the AIM Rules and Shareholders will no longer be required to vote on certain matters as provided in the AIM Rules. 3. Share dealing following the Cancellation Whilst the Board believes that the Cancellation is in the interests of Shareholders as a whole, it recognises that Cancellation will make it more difficult for Shareholders to buy and sell Ordinary shares should they so wish. Accordingly, the Board intends to set up a matched bargain arrangement, following Cancellation, to enable Shareholders to trade the Ordinary shares. Under this facility, it is intended that Shareholders or persons wishing to trade Ordinary shares will be able to leave an indication with the matched bargain facility provider that they are prepared to buy or sell at an agreed price. In the event that the matched bargain settlement facility is able to match that indication with an opposite sell or buy instruction, the matched bargain facility provider will contact both parties to affect the bargain. Shareholders who do not have their own broker may need to register with the matched bargain facility provider as a new client. This can take some time to process and, therefore, Shareholders who consider they are likely to use this facility are encouraged to commence it at the earliest opportunity. Once the facility has been arranged, details will be made available to Shareholders on the Company's website at www.chapelthorpe.com. With respect to First and Second cumulative preference shares, the Board of Directors will consider early in the New Year making an offer to acquire the preference shares. Such an offer is likely to be at a substantial discount to the par value of the shares. 4. Approving the Cancellation and General Meeting Under the AIM Rules, it is a requirement that the Cancellation must be approved by not less than 75% of the Shareholders voting in the General Meeting. Accordingly, the notice of General Meeting to be held at 11.00 a.m. on Thursday, 13 January 2011 at the offices of the Company set out at the end of this document contains special resolutions to approve the application to the London Stock Exchange for the Cancellation. If the Resolutions are approved, it is expected that the Cancellation will take effect at 7.00 a.m. on Friday, 21 January 2011 being at least 20 business days following the date of this letter and 5 clear business days following the date of the General Meeting. 5. Irrevocable Undertakings The Company has received an irrevocable undertaking from Peter Gyllenhammar, Chairman of the Company and the beneficial owner of BAB, to vote in favour of the Resolutions in respect of BAB which beneficially holds 15,221,632 Ordinary shares and The Union Discount Company of London Limited which beneficially holds 2,014,920 Ordinary shares totalling 17,236,552 Ordinary shares, representing approximately 84.48% of the current issued Ordinary share capital of the Company. 6. Circular The circular will be available on the Company's website at: www.chapelthorpe.com For further information please contact: +-------------------------------------------+-----------------+ | Chapelthorpe plc | | +-------------------------------------------+-----------------+ | Kathryn Davenport | 0113 285 9020 | +-------------------------------------------+-----------------+ | | | +-------------------------------------------+-----------------+ | Brewin Dolphin | | +-------------------------------------------+-----------------+ | Alexander Dewar | 0845 213 2076 | +-------------------------------------------+-----------------+ | Neil McDonald | 0845 213 4277 | +-------------------------------------------+-----------------+ This information is provided by RNS The company news service from the London Stock Exchange END NOEEADAPEDDEFFF
1 Year Chapelthorpe Chart |
1 Month Chapelthorpe Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions