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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mapeley | LSE:MAY | London | Ordinary Share | GB00B0BHCR03 | 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% | 200.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMAY RNS Number : 5850N Mapeley Limited 19 February 2009 Mapeley Limited Shareholder circular in connection with proposed de-listing 19 February 2009 Mapeley Limited ("Mapeley" or the "Company") publishes shareholder circular and notice of general meeting in connection with proposed de-listing from the Official List and the London Stock Exchange. Mapeley Limited is today posting a circular (the "Circular") to Shareholders in connection with the cancellation of admission of Ordinary Shares to the Official List and to trading on the London Stock Exchange's market for listed securities (the "De-listing"). Unless otherwise defined in this announcement, capitalised terms used in this announcement are as defined in the Circular. The Circular will set out the background to and reasons for, and seek Shareholders' approval of, the De-listing. A general meeting of the Company (the "General Meeting") is to be held at Regency Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WW on 18 March 2009 at 1.30 p.m. (London time) for the purposes of approving the De-listing. Mapeley's board of directors (the "Board") considers the De-listing to be in the best interests of Shareholders as a whole and unanimously recommends that Shareholders vote in favour of the De-listing at the General Meeting. The Resolution will be proposed, in accordance with the Listing Rules, as a special resolution (and will require a vote in favour of not less than 75 per cent. of the votes cast in person or by proxy at the General Meeting). Mapeley's directors intend to vote in favour of the Resolution in respect of their own beneficial holdings of, in aggregate, 391,968 Ordinary Shares, representing approximately 1.3 per cent. of the votes capable of being cast at the General Meeting. In addition (and as explained in the circular sent to Shareholders dated 24 December 2008 in connection with the Convertible Bond Issue), pursuant to the underwriting agreement entered into between the Company and Fortress in connection with the Convertible Bond Issue, Mapeley has received an irrevocable undertaking from Fortress to vote in favour of the Resolution and to take all reasonable steps to ensure the Fortress Shareholders and their Associates do the same. This irrevocable undertaking is in respect of, in aggregate, a further 19,645,341 Ordinary Shares, representing approximately 66.4 per cent. of the votes capable of being cast at the General Meeting. Expected timetable of principal events +-------------------------------------+-------------------------------------+ | Latest time and date for receipt by | 1.30 p.m. on 16 March 2009 | | Mapeley's Registrars of Forms of | | | Proxy in respect of the General | | | Meeting | | +-------------------------------------+-------------------------------------+ | General Meeting | 1.30 p.m. on 18 March 2009 | +-------------------------------------+-------------------------------------+ | Last day of dealings in Ordinary | 17 April 2009 | | Shares | | +-------------------------------------+-------------------------------------+ | Ordinary Shares cancelled from | 8.00 a.m. on 20 April 2009 | | admission to the Official List and | | | to trading on the London Stock | | | Exchange's market for listed | | | securities | | +-------------------------------------+-------------------------------------+ Notes to the expected timetable of principal events: (1) If the General Meeting is adjourned, the latest time for receipt by Mapeley's Registrars of Forms of Proxy will be 48 hours before the time appointed for the adjourned General Meeting. (2) All reference to times of day in this announcement are to London time unless otherwise stated. (3) The De-listing referred to in the above timetable following the General Meeting is conditional upon the Resolution being passed by Shareholders. A copy of the Circular will shortly be available for viewing at he Document Viewing Facility of the FSA (25 North Colonnade, London E14 5HS) and will shortly be available for inspection at Mapeley's registered office (Regency Court, Glategny Esplanade, St. Peter Port, Guernsey GY1 1WW) during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) until the General Meeting. Background to the De-listing proposal On 5 February 2009, FIG LLC, the manager of Fortress, wrote to the Company informing it of its intention to convert Fortress' holding of Convertible Bonds into Ordinary Shares on or around 31 March 2009. As a result, and assuming that no new Ordinary Shares are issued by the Company between the date of this document and the date of such conversion and that no other Bondholders convert their Convertible Bonds on or prior to such date, Fortress, together with the other Fortress Shareholders and their Associates, will hold at least 75 per cent. of the issued ordinary share capital of the Company (the "Issued Ordinary Share Capital"). In the event that all Bondholders exercise their rights to convert their holdings of Convertible Bonds at the same time and assuming that no new Ordinary Shares are issued by the Company between the date of this document and the date of such conversion, it is nevertheless expected to be the case that Fortress, together with the other Fortress Shareholders and their Associates, will hold at least 75 per cent. of the Issued Ordinary Share Capital. As was explained in the circular sent to Shareholders dated 24 December 2008 in connection with the Convertible Bond Issue, in the event that Fortress, together with the other Fortress Shareholders and their Associates, hold more than 75 per cent. of the Issued Ordinary Share Capital, the Company will request the cancellation of Listing. In addition, pursuant to the underwriting agreement entered into between the Company and Fortress in connection with the Convertible Bond Issue, Fortress undertook to the Company to vote in favour of any such resolution for the cancellation of Listing and to take all reasonable steps to ensure that the Fortress Shareholders and their Associates do the same. If the Fortress Shareholders and their Associates hold Ordinary Shares representing 75 per cent. or more of the Issued Ordinary Share Capital at the time of such meeting, their votes alone would be sufficient to pass the resolution to approve the cancellation of the Listing. As a consequence, the Directors consider it inevitable that the De-listing will occur following the conversion by Fortress of its holding of Convertible Bonds on or around 31 March 2009. Given the recent Convertible Bond Issue and the depressed nature of the market price for the Ordinary Shares, the Directors do not believe that it is likely that the Company will be able in the foreseeable future to raise funds through further issues of new Ordinary Shares or securities convertible into new Ordinary Shares. As a result, it is likely that the current small free float in the Ordinary Shares will persist and that, following Conversion, the percentage of the Issued Ordinary Share Capital held by the Fortress Shareholders will increase. Furthermore, the Directors have also considered the ongoing costs and regulatory and reporting requirements of maintaining a listing on the Official List and believe that these costs and requirements can no longer be justified in relation to the Company in the current challenging market environment. The Directors have considered delaying the De-listing until after Conversion at which point Fortress, together with the other Fortress Shareholders and their Associates, will hold more than 75 per cent. of the Issued Ordinary Share Capital. However, for the reasons outlined above, the Directors believe that it is in the best interests of the Company and the Shareholders as a whole if the De-listing occurs as soon as possible in accordance with the timetable set out in the Listing Rules and London Stock Exchange's Admission and Disclosure Standards. Enquiries: +-------------------------------------+-------------------------------------+ | Mapeley Limited | Brunswick | | Nicola Perkins, Investor Relations | Kate Holgate/ Pavla Shaw | | Tel: +44 (0)20 7788 1882 | Tel: +44 (0)20 7404 5959 | | email: IR@mapeley.com | email: Mapeley@brunswickgroup.com | +-------------------------------------+-------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCZGGMZMLGGLZM
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