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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Instore | LSE:INST | London | Ordinary Share | GB0001469930 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.68 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMINST 29 October 2009 INSTORE PLC ("Instore" or the "Company") PROPOSED CANCELLATION OF LISTING The Board of Instore ("Board") announces that, after careful consideration, it has concluded that it would be in the best interests of shareholders as a whole to seek to cancel the Company's listing on the Official List of the UK Listing Authority and trading on the London Stock Exchange's market for listed securities ("Delisting"). The Board has today released the interim results for the 26 week period to 29th August 2009 and has stated in those results that Crown Crest's investment in and commitment to the Company has been, and will continue to be, of vital importance. Not only is Crown Crest providing material financial support by way of loan and trade credit facilities, it is also assisting through initiatives such as joint buying and logistical support. While such assistance is provided always on a commercial and 'arm's length' basis, these are avenues of finance and credit that may well not have been available to the Company at all from traditional sources. The Board believes that even when general economic conditions improve, the Company's substantial dependence on the Crown Crest Group will continue and that the Company's interests will be best served by some or all of the Company's indebtedness to Crown Crest being converted into share capital. If approved, this would decrease further the proportion of the Company's shares in public hands and bring into question the continuing appropriateness of maintaining the Company's listing. The Board have concluded that the benefits which the Company and its shareholders are able to derive from the listing are considerably outweighed by the costs incurred by the Company as a direct result of the listing. Accordingly, the Board has come to the conclusion that it is no longer in shareholders' best interests to maintain its listing. The Board is aware that the implementation of the Delisting will restrict the ability of shareholders to realise their shareholdings in the Company, if they so wish, in the future and that not all shareholders will be able or willing to continue to own Instore shares following the Delisting. The Board has determined that following the completion of the Delisting, the Company will offer to buy back ordinary shares from qualifying shareholders, by way of a tender offer at a price of 5p per share and then seek to re-register the Company as a private limited company. The buyback of ordinary shares by way of a tender offer and the re-registration would be subject to the passing of certain resolutions at a further general meeting of the Company which will convened following the Delisting of the Company. A circular providing full detail of the proposed Delisting and convening a general meeting will be sent to shareholders shortly. The Board unanimously believes the Delisting to be in the best interests of shareholders as a whole, and is recommending that shareholders vote in favour of the resolution to implement the Delisting at the general meeting. - Ends - For further information please contact: Instore plc Ebrahim Suleman - Finance Director 01484 431444 Cattaneo LLP - Financial Advisers Charles Cattaneo 0121 616 0395 Ian Stanway =--END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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