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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Huy | LSE:HUY | London | Ordinary Share | GB00B06HJN03 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 7506H Huy PLC 07 November 2008 Huy plc (the "Company") Possible Equity Investment On 8 May 2008 shareholders approved the disposal of Blue Star Mobile Limited and Blue Star Sport Limited ("Disposal"). The Company announced at that time the following statement: "Business going forward Following the Disposal, the Company will have no trading business and therefore under the AIM rules it must seek the consent of Shareholders for the investment strategy. It is the view of the Independent Directors that going forward the only strategy for the Company is to return the sale proceeds (less the costs of sale, ongoing professional advisers' fees and the ongoing maintenance of the Company as an AIM listed plc) of the Target Companies to the shareholders. The main factors in reaching this conclusion are that there are limited financial resources and consequently time to search for or develop a new venture and that to do so may unnecessarily erode what funds remain. If the Company does not make a reverse takeover within six months of the sale of the operating companies, the Independent Directors will seek to return residual cash to shareholders through a Members' Voluntary Liquidation to be approved at an EGM. At the same time that the Company seeks shareholder approval for the Members' Voluntary Liquidation, the Company shall also seek shareholder approval for the Company's listing on AIM to be cancelled. Cancellation would be effective from the business day following the date of the EGM. If the Members' Voluntary Liquidation and cancellation of the Company's listing on AIM are not approved by Shareholders, the Company will be required to implement an investing strategy under the AIM Rules, for which the Company must seek the consent of Shareholders at an EGM to be held shortly after the previous EGM. If the Members' Voluntary Liquidation is approved by Shareholders, but cancellation of the Company's listing on AIM is not approved, the Company's listing on AIM will be suspended from the business day following the date of the EGM. The Company would remain suspended for six months, after which its listing on AIM would be cancelled. The Independent Directors of the Company do not have any experience in sourcing companies to acquire cash shells (as the Company will be classified after the Resolutions are passed) nor in looking for reverse takeover targets. They will, however, work with their advisers in trying to source potential targets." New Proposals The Company is pleased to annouce that it is in negotiations regarding an equity investment into the Company. This equity investment will be subject to shareholder approval. The Company will make a full announcement once the terms of the equity investment have been agreed. Due to the proposed equity investment the Company no longer intends to seek shareholder approval for a Members' Voluntary Liquidation. Shareholders should though be aware that under the AIM rules the Company is still deemed to be an investing company and has until 8 May 2009 to make a reverse takeover. If it does not do so by this date its shares will be suspended for a period of six months and thereafter cancelled. The Company is continuing to seek acquisition opportunities and will keep shareholders updated. Enquiries: Blue Star Mobile: David Cromwell Tel: 020 7199 0129 Seymour Pierce Ltd: John Depasquale Tel: 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END MSCILFIRLALDIIT
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