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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Environ Group | LSE:EVN | London | Ordinary Share | GB00B50K2P36 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0179K Europe Vision PLC 17 December 2007 Europe Vision plc ('the Company') Proposed de-listing and cancellation of Ordinary Shares on AIM and Notice of General Meeting Pursuant to the RNS announcement of interim results on 2 November 2007, Europe Vision (RNS: EVN), the AIM listed studio-to-screen European media company announces that a circular ('the Circular') has today been posted to Shareholders in relation to the proposed de-listing and cancellation of admission of Ordinary Shares to trading on AIM of Europe Vision Plc, containing a notice of General Meeting of the Company, to be held at 10.00 am on 10 January 2007. Copies of the circular will be available from the Company's website at: www.europevision.co.uk The following information has been summarised from the Circular: Introduction On 28 September 2007 within its interim results, the Company announced that your Board had decided that it may be in the best interests of the Company to de-list from the AIM market and to re-structure through a new corporate entity to be listed on the Frankfurt Stock Exchange. The Company further announced on 2 November 2007 that it had entered into preliminary arrangements to give effect to a listing in Frankfurt. The Company is today announcing that it is seeking shareholder approval to cancel the admission of the ordinary shares to trading on AIM (the 'De-listing'). This letter sets out the background to and reasons for the De-listing and why your Board believes it to be in the best interests of Shareholders as a whole, and also includes a recommendation from the Directors. De-listing In its AIM admission document the Company made no secret of its intent to use its status as a publicly traded company to attempt to acquire distribution vehicles for its product by the issue of shares as well as from cash resources. There has been very little liquidity in your Company's shares and such trading as has occurred, has seemingly been outside the market in matched buyers and sellers. Your Board has discussed these concerns with its advisors and having taken into account the AIM market situation the Board is recommending a re-structuring of the Group with a view to it being listed on the Frankfurt Stock Exchange. Your Board also believes that the on going costs and regulatory requirements of a quotation on AIM can no longer be justified in relation to the Company and that greater shareholder value will ultimately be derived by pursuing a listing of the Group on the Frankfurt Stock Exchange. Your Board has accordingly concluded that it is in the best interests of Shareholders as a whole that the De-listing be approved. Under the AIM Rules for Companies, the De-listing can only be effected by the Company after securing a special resolution of Shareholders in a general meeting, and the expiration of a period of at least twenty business days from the date on which notice of the De-listing is given. In addition, a period of at least five business days following the Shareholder approval of the De-listing is required before the De-listing may be put into effect. Following the De-listing, the Board will run the Company in the same manner, and with the same objectives, as at present. The Company will continue to keep Shareholders informed of all material developments including the proposed admission of the Company to the Frankfurt Stock Exchange. This procedure will include the circulation of the audited accounts of the Company to the 31 October 2007 in accordance with the Company's change of accounting reference date. It is expected that these audited accounts will be available prior to the De-listing. The special resolution contained in the Notice seeks Shareholder approval for the De-listing. The Company has received irrevocable undertakings from Shareholders holding Ordinary Shares, representing 71.77 percent of the current issued ordinary share capital of the Company, to vote in favour of the De-listing. Assuming that Shareholders approve this resolution, it is proposed that the De-listing will take place at 7.00 am on 18 January 2008. The Company's Nominated Adviser, KBC Peel Hunt, has been consulted with respect to the De-listing. KBC Peel Hunt has notified the Company that they will resign as Nominated Adviser with effect from 7.00 am on Friday 21 December. Pursuant to the AIM rules for Companies this will mean that while the Company will remain on AIM, and subject to its rules, trading in the Company's shares will be suspended with effect from 7.00 am on 21 December 2007. The Company does not propose to seek a replacement Nominated Adviser. Accordingly shareholders should note that the Company will either De-list by way of shareholder voluntary approval pursuant to this notice and the Resolution the Directors are recommending or its AIM listing will be cancelled under AIM Rule 1 at 7.00 am on January 21 2008, for failure to appoint a substitute nominated adviser. General Meeting Set out at the end of this document is a notice convening the General Meeting of the Company to be held at 40 Craven Street, London WC2N 5NG at 10.00 am on 10 January 2008. At this General Meeting, the Resolution will be proposed. Actions to be taken You will find enclosed with this document a Form of Proxy for use at the General Meeting. Whether or not you propose to attend the General Meeting in person you are requested to complete and return the Form of Proxy to the Registrars in accordance with the instructions printed thereon as soon as possible and, in any event, so as to be received no later than 8.00 am on 8 January 2008. Completion and return of a Form of Proxy will not preclude you from attending the General Meeting and voting in person if you wish. Recommendation The Directors consider that the De-listing is in the best interests of the Company and the Shareholders as a whole and is most likely to promote the success of the Company for the benefit of the Shareholders as a whole. The Directors unanimously recommend that you vote in favour of the Resolution. - Ends- Enquiries: Europe Vision plc David Lowe, Chairman Bell Pottinger Corporate and Financial Olly Scott 078 1234 5205 KBC Peel Hunt Ltd 020 7418 8900 Capel Irwin Richard Newman This information is provided by RNS The company news service from the London Stock Exchange END STRBDBDDGXBGGRL
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