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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lewis Charles (See LSE:SPFL) | LSE:LCSS | London | Ordinary Share | GB00B0BV8078 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLCSS 10 November 2009 Lewis Charles Sofia Property Fund Limited (the "Company") Notice of EGM Change of Name Amendment of Articles The Company announces that it has today posted a circular to shareholders containing proposals to change the name of the Company and to make certain amendments to its articles of incorporation ("Articles") which would allow the Company to issue shares at a discount to the prevailing net asset value per share of the Company. The change of Company name and the amendment of the Articles is subject to the passing of special resolutions at an extraordinary general meeting ("EGM") of the shareholders of the Company. The EGM will be held at Frances House, Sir William Place, St Peter Port, Guernsey on 2 December 2009 at 10.00 a.m.(Guernsey time). Proposal to Change the Name of the Company Following the termination of the management agreement between the Company and Lewis Charles Securities Limited which became effective from 1 October 2009 the Company has been self managed and accordingly the Board considers that it is appropriate to change the Company's name to Sofia Property Fund Limited. Amendment to Articles The Company announced on 21 January 2009 the disposal and option to repurchase Black Sea Properties EOOD ("BSP"). The sole asset of BSP (referred to as Sofia Kambanite Bistritsa in the Company's accounts) is 100,713 sq meters of land close to the Sofia Business Park and near the bottom of the Vitosha mountain. As part of this arrangement, Splendid Investment S.A. ("Splendid"), a wholly owned subsidiary of the Company, was granted an option to acquire back BSP and certain loans originally held by Splendid for an aggregate exercise price of EUR4,000,000. This option must be exercised by 15 December 2009. As announced in the Company's interim report on 29 September 2009, the Company is facing a tight cash position. It has been examining means by which it may raise additional funds through either the sale of assets or through raising equity or debt financing. This would allow the Company to exercise the Bistritsa buy-back option and to provide the Company with further working capital. Since this announcement, the Board, in consultation with certain shareholders, has continued to assess the funding options available to the Company. In order to maximise the financing flexibility available to the Board, it considers it appropriate to make certain amendments to the Articles. Under the Articles, the Company is prohibited from issuing shares at a price which is a discount to the prevailing net asset value per share of the Company. The Board considers that, given the discount to net asset value per share at which the Company's shares currently trade, and have traded for some time, the Company will be unable to raise additional equity funds at this level. The proposed amendment to the Articles, set out in the attached notice of EGM, will allow the Company to issue shares at any price it deems to be in the best interest of shareholders as a whole. Article 4.3 currently states: "4.3 Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares (which special rights shall not be affected, modified or abrogated except with such consent or sanction as is provided in these Articles), any shares unissued at the date of adoption of these Articles and any shares hereafter created shall be under the control of the Board, which may issue, allot, grant option over and attach to such shares preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital or otherwise but so that no share shall be issued at a discount to its prevailing net asset value and so that the amount payable on application on each share shall be fixed by the Board." The proposed change removes the words "but so that no share shall be issued at a discount to its prevailing net asset value". The Articles do not contain any restrictions relating to the number of ordinary shares that may be issued, nor do they include any rights of pre-emption for existing shareholders. The Board wishes to stress that as yet no definite financing decisions have been made and that it continues to assess all funding options available to the Company. Extraordinary General Meeting of Shareholders Notice of a meeting of shareholders of Lewis Charles Sofia Property Fund Limited to be held at Frances House, Sir William Place, St Peter Port, Guernsey on 2 December 2009 at 10.00 a.m.(Guernsey time) (the "Notice") is set out in the Appendix to the circular posted to shareholders dated 10 November 2009 (the "Circular"). For further information contact: Lewis Charles Sofia Property Fund Limited Charles Burton Panmure Gordon (UK) Limited Dominic Morley Stuart Gledhill Tel: +44 (0) 20 7459 3600 Conduit PR Ltd Ed Portman Leesa Peters Tel: +44 (0) 20 7429 6607 / +44 (0) 77 3336 3501
1 Year Lewis Charles Sofia Prop Fund Chart |
1 Month Lewis Charles Sofia Prop Fund Chart |
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