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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cosmedia | LSE:CGHL | London | Ordinary Share | KYG244331073 | ORD USD0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6897I Cosmedia Group Holdings Limited 21 November 2008 Cosmedia Group Holdings Limited ("Cosmedia" or the "Company") Proposed Delisting from AIM Cosmedia announces that it will hold an Extraordinary General Meeting ("EGM") on 18 December 2008 commencing at 10.30 am at 25/F, Henley Building, 5 Queen's Road Central, Hong Kong to seek approval from the shareholders of the Company (the "Shareholders") for the cancellation of the admission of the Company's ordinary fully paid shares ("Shares") to trading on the AIM market of the London Stock Exchange plc ("AIM") (the "Cancellation"). Having carefully considered the matter for some time, the board of directors of the Company (the "Board") concluded that it is no longer appropriate for the Company's Shares to continue to be admitted to trading on AIM. In December 2006, Cosmedia listed on AIM for the purpose of gaining exposure to a broader range of investors, and of enabling a wider appreciation of the value of the Company. Currently, less than fifteen per cent of the Company's Shares are held outside of Cosmedia Investments Holdings Limited ("Cosmedia Investments") and Heap Profit Investments Limited (jointly the original "Majority Shareholders" of the Company) on the AIM register, and there has been limited liquidity in the Company's Shares. In contrast to the benefits, there are high on-going costs for regulatory requirements of maintaining a quotation on AIM, and a disproportionate amount of senior management time is spent on meeting AIM listing requirements. Whilst the Board believes that the proposed cancellation is in Shareholders' interest, it recognizes that cancelling admission to trading on AIM will make it more difficult for Shareholders to transfer their Shares thereafter. Consequently, the Board intends to seek approval from the Shareholders for the adoption of new Memorandum and Articles of Association of the Company ("Articles"), subject to and following the Cancellation and the termination of the depositary interest arrangements, which will provide Shareholders with the right to require a proportion of their shares to be purchased by the purchaser of any Shares subsequently sold by the Majority Shareholders of the Company. In return the Shareholders will agree to give the Majority Shareholders the right of first refusal upon subsequent sales of their shares and to give Cosmedia Investments the right to require the other Shareholders to sell their shares alongside Cosmedia Investments upon subsequent sales of shares by Cosmedia Investments. Shareholders will at the same time be asked to approve further amendments to the Articles to remove provisions that would be inconsistent with the Company's unlisted status. The resolution to cancel admission to trading on AIM, and to adopt new Articles requires the approval of 75 per cent of those present and entitled to vote at the meeting or voting by proxy, in accordance with Rule 41 of the AIM Rules for Companies. If Shareholders wish to sell their Shares on AIM, they must do so prior to Cancellation becoming effective, and such cancellation will occur no earlier than five days after the EGM. It is expected that trading in the Shares on AIM will cease at the close of business on 30 December 2008 with Cancellation effected at 7am on 31 December 2008. The facility for shares to be represented by depositary interests is expected to terminate at the close of business on 5 January 2009. Following cancellation of admission of the Company's Shares on AIM and the withdrawal of the depositary interests facility, Shareholders will hold their Shares in certificated form and will be able to effect a transfer of Shares subject to the Company's Articles, by submission of a duly executed transfer form to the Company. There will be no dealing facilities for the Shares. The Notice of EGM is being posted to Shareholders today, and a copy of the Notice and accompanying circular explaining the arrangements in more details will be available at the Company's website shortly at: www.cosmedia.com.hk For further information, please contact: Cosmedia Group Holdings Limited Anthony Tse, Group Chief Executive Officer +852 2136 8222 Collins Stewart Europe Limited Adrian Hadden +44 (0) 20 7523 8353 ENDS This information is provided by RNS The company news service from the London Stock Exchange END MSCKGMZMFMZGRZM
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