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Delek Glbl Share Discussion Threads
Showing 1051 to 1074 of 1075 messages
|Received promptly on 2 holdings - one held personally and one via a broker.|
|Anybody had their funds yet?|
|Show me the money !!!|
|Understand that the resolution was passed.|
|Also thanks Kenny.
We just need to believe that the valuation is truly independent.|
|Here is a copy of the circular:
Extraordinary General Meeting
An extraordinary general meeting (the "Meeting") of Delek Global Real Estate pic (in liquidation) (the "Company") will be held at 10:30am on Monday, 13th June 2016 at the offices of Carey Olsen, 47 Esplanade, St Helier, Jersey, JE1 OBD.
The purpose of the Meeting is to approve certain distributions of the Company, proposed to be made in the process of its liquidation, and set out below is an explanation of the directors' rational for these distributions, followed by the Notice of Meeting.
Resolution - approval of distribution in specie
DGRE has, for a number of years, conducted a strategy of disposing of its remaining assets byway of sale, transfer or distribution, and distributing, where appropriate, available proceeds from such disposals to shareholders.
The Board has decided, in order to expedite the progress of the dissolution of DGRE and to reduce costs to its shareholders, to transfer its interest in Haleston Limited ("Haleston") (owner of freehold rights in London) , comprising 3,319 ordinary shares of £0.10 (33.19% of the issued share capital of Haleston) (the "Haleston Shares") and the benefit of a loan having a current balance (principal and interest as of end June 2016) of approximately £1,122,597 from the Company to Haleston (the "Haleston Loan", and together with the Haleston Shares, the "Haleston Interest") to Delek Belron International Limited ("DBI"), the Company's parent company (owning c. 81.3% of the Company's share capital), by way of a distribution in specie ("Distribution in Specie"). The current value of the Haleston Interest is approx. £2.4 million.
At the same time as distributing the Haleston Interest to DBI, the directors have resolved to make a cash dividend of 2.18 pence per share (the "Non-DBI Dividend") to ensure that the transfer of value from the Company to DBI and from the Company to the Company's other shareholders as a result of the Distribution in Specie is apportioned and paid pro rata according to the amounts paid up on each issued share in the Company. The value of the Non-DBI Dividend has been calculated by the directors with reference to an independent valuation of the Haleston freehold interest, carried out by Cushman and Wakefield.
The directors have come to the view that the distribution of the Haleston Interest to DBI, rather than its disposal to a third party on arm's length terms, is in the best interests of the Company and its shareholders as a whole, particularly due to the following: taking into account the relatively small value of the Haleston Interest, a disposal to a third party would unnecessarily be more complex and would result in the Company incurring substantially higher professional fees and becoming subject to contingent obligations under a sale and purchase agreement, which could potentially delay the Company's dissolution.
If you are unable to attend the Meeting or wish to register your proxy votes now in relation to the resolution proposed, you should complete the enclosed Form of Proxy and send it, together with the power of attorney or other authority (if any) under which the Form of Proxy is signed (or a notarially certified copy of such power of attorney or authority) to Capita Asset Services, PXS 1, 34 Beckenham Road, Beckenham BR3 4TU by no later than 10:30am on 11th June 2016, or appoint a proxy or proxies by utilising the CREST electronic appointment service in accordance with the procedure detailed in the "Notes" to the Notice of Meeting. The return by a member of a duly completed Form of Proxy will not preclude any such member from attending in person and voting at the Meeting should he or she decide to do so.
Your directors consider proposed resolution to be in the best interests of the Company and its shareholders as a whole. Accordingly, your directors unanimously recommend that you vote in favour of the resolution.
On behalf of the Board
Delek Global Real Estate pic (In liquidation) is a Public Company with limited liability and is registered in Jersey, Channel Islands - Registered number 73490.|
|thanks Kenny , can u post circular when you receive it please?|
|The company has given very short notice of the EGM, has not stated the address of the property or it's previous valuations or the basis of valuation e.g. current use or development.
All of the above makes me suspect that we minority shareholders are being shafted. However, in the limited time available it is impossible for a minority shareholder like myself to find out more. We will have to leave it to the big shareholders to make enquiries and vote accordingly. DBI with it's 81.3% holding is not allowed to vote so it may not take many of the big holders to vote against to stop this. I am not going to vote at all and leave it to the big holders to decide the issue.|
|Looks a bit crooked to me. How independent is the valuation of the property? I am looking into this and will comment further in the next few days.
Currently thinking of voting against the resolution.|
|what tilton boy ???|
|Nice little bonus this morning.|
|Accounts were released some months ago. No meetings.|
|thanks Kenny, any accounts ????meetings ????|
|Latest word from the company is that they expect 1-2 further (relatively small) distributions. No timescale indicated.|
|Having been "fleeced" by the liquidators of REO/Battersea, and seeing how much the Malaysians made out of that scheme, I was intrigued by this:
I have no regrets over DGRE, as they delivered wonderful returns. I could just do with it winding up before 5th April, so I can use the tax loss as well.
Any news, anyone?|
|Anybody received anything yet?|
|7 August 2015
Delek Global Real Estate plc (in liquidation)
An AGM was held on 6 August 2015 whereby it was proposed that, as part of on-going efforts to efficiently and promptly liquidate the remaining assets of the Company (which are predominantly in-active and dormant subsidiaries) (the "Companies"), a significant number of the Companies (the "Transferred Companies") will be acquired by a newly incorporated special purpose vehicle (the "S.P.V") managed by Carey Olsen, a Jersey law firm (the "Proposal"). Prior to the AGM, the board and management of the Company have been in discussions with Carey Olsen to devise a strategy to facilitate the winding-up process prior to and following the anticipated dissolution of the Company. The purpose of the S.P.V will be to complete the orderly winding-up, dissolution and striking off of the Transferred Companies (the "Group Wind-Up").
The Directors anticipate that the Group Wind-Up will generate significant cost savings for the Company. More details were provided in the AGM documents which were dispatched to the registered shareholders of the Company (including any nominee holding shares on behalf of any beneficial owner) (together, the "Shareholders") on 13 July 2015.
Following the passing of the Proposal for the Group Wind-Up at the AGM, it was determined that further information will be dispatched to Shareholders. Such information will include details of a contingent distribution undertaking to be delivered by the Company (or to procure the delivery of) to its Shareholders on or about 15 September 2015 (the "CDU Undertaking"). The CDU Undertaking, the conditions and notice provisions incorporated therein will set out conditions upon which each Shareholder may receive a pro rata proportion (if any) of any surplus proceeds that may be realised during the completion of the Group Wind-Up (the "Proceeds"). A notice will also be delivered in accordance with the terms of the CDU Undertaking to the Shareholders, requesting each Shareholder to complete and return such notice to Carey Olsen (in its capacity, amongst others, as the agent of the S.P.V.) within 14 days of receipt, detailing, inter alia, notice and account details for any Proceeds (if any) that may be distributed to Shareholders.
For more information, please contact:
Delek Global Real Estate plc (in liquidation)
Tel: +44 (0) 1534 822289
|Received the accounts. They look pretty grim but I will try and make a detailed analysis in the next few weeks, holidays etc. allowing. On first blush, there may not be much left but it is hard to tell.|
kindly let us know when the accounts are available please|
|I contacted the company today and they advised that the accounts should be signed at the end of next week and available shortly thereafter.
Personally, I do not see a quick liquidation but maybe the 2014 accounts will clarify matters.|