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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Canton Prop | LSE:CPIL | London | Ordinary Share | VGG182601028 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 2333H Canton Property Investment Limited 31 October 2008 Canton Property Investment Limited 31 October 2008 Canton Property Investment Limited ('the Company') Results of Land and Property Title Search and Changes of interest of Director Following the announcement of 2nd October 2008, the Board of Canton Property Investment Limited (AIM: CPIL) has recently instructed its Chinese legal advisers to undertake a land and property title search of its three property assets in Guangzhou in China: Comic City; Mall of Canton and the Canton Finance Centre. The results of the search have revealed that attachment orders ("Attachment Orders") have been registered on all three property assets other than Basement Unit 201 of Comic City, which has the effect of preventing the Guangzhou Properties Records Centre from handling any further registration relating to the change or transfer of title of these property assets. While the Attachment Orders are in place, the Company is effectively unable to sell, transfer or mortgage the properties. The Attachment Orders were registered on 8 September 2008 by the Guangzhou Properties Records Centre pursuant to a letter from the Economic Crime Investigation Unit of the Public Security Bureau of Guangzhou City. The search also reveals that, other than the mortgages on Basement Unit 101 and Basement Unit 202 of Comic City referred to the Company's annual report for the year ended 31 December 2007, all the other units of Comic City, the Mall of Canton and the Canton Finance Centre are free from any mortgages. Under PRC law, the Guangzhou Properties Records Centre does not have the obligation to issue notification of the registration of the Attachment Orders and the Board has no record of the registration by the Guangzhou Properties Records Centre. The Company is urgently seeking advice on the legal implications and potential remedies. Further to the announcement on 15 August 2008, it has also come to the Board's attention that Mr Keng Wong, Chairman of the Company, has failed to complete the acquisition of 2,233,333 ordinary shares of no par value of the Company ("Ordinary Shares") pursuant to the put option agreement. Therefore, Mr Wong still holds (through his wholly owned subsidiaries) 200,902,247 Ordinary Shares representing 43.01% of the issued ordinary share capital of the Company. The Board is working hard with its professional advisers in order to clarify the position with respect to the Attachment Orders and urgently seek a resolution. In addition, the Board continues to seek suitable replacements for the positions of Chairman and Chief Financial Officer. Further announcements will be made in due course. FOR ENQUIRIES: Canton Property Investment Limited Charlie Lin, Chief Executive Officer Tel: +852 2219 9669 Libertas Capital Jakob Kinde/Sandy Jamieson Tel: +44 20 7569 9650 First City Financial Public Relations Allan Piper/Jiang Lei Tel: +44 20 7242 2666 This information is provided by RNS The company news service from the London Stock Exchange END STRFKDKDOBDDQKN
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