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ISH Ishaan

49.00
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ishaan LSE:ISH London Ordinary Share IM00B1FW3316 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% 49.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ishaan Real Estate PLC Potential sale of property interests & cash return (0059Y)

15/02/2013 12:14pm

UK Regulatory


Ishaan (LSE:ISH)
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TIDMISH

RNS Number : 0059Y

Ishaan Real Estate PLC

15 February 2013

Ishaan Real Estate Plc ("Ishaan" or the "Company")

Potential sale of property interests and cash return

-- Potential sale of the Company's entire property interests to entities associated with K Raheja Corporation

-- Intention to return 51 pence per Ordinary Share in cash to Shareholders through a subsequent members' voluntary winding up of the Company

The Board of Ishaan confirms that it is in advanced discussions in relation to the disposal of the Group's entire property interests to entities associated with K Raheja Corp Group. If concluded, the Board expects the aggregate consideration for the property interests to allow for a cash distribution of 51 pence per Ordinary Share to Shareholders through a subsequent members' voluntary winding up of the Company.

The proposed return of 51 pence per Ordinary Share represents a discount of approximately 33.7 per cent. to the Adjusted NAV of 76.9 pence per Ordinary Share as at 30 September 2012 and a premium of approximately:

-- 31.6 per cent. to the closing mid-market price per Ordinary Share of 38.75 pence on 14 February 2013; and

-- 57.4 per cent. to the volume weighted average closing mid-market price per Ordinary Share of 32.4 pence over the six month period ended 14 February 2013.

Under Rule 15 of the AIM Rules the potential disposal would constitute a fundamental change of business for the Company and would therefore require approval from Shareholders representing at least 50 per cent. of the votes cast at an extraordinary general meeting. Under Rule 13 of the AIM Rules, the potential disposal also constitutes a related party transaction because the disposal would be to entities connected with Neel Raheja, a Director of the Company, and to the Company's Investment Adviser.

Discussions are at an advanced stage although several aspects of the potential disposal are yet to be finalised. Therefore there can be no certainty a sale of the property interests will be agreed or on the quantum or timing of any returns to Shareholders. A further announcement will be made in due course, as appropriate.

15 February 2013

Enquiries:

 
 Deutsche Bank AG London (NOMAD)   College Hill 
  Ben Lawrence                      Mike Davies 
  Tel: +44 20 7545 8000             Tel : +44 207 457 2020 
  Email: ben.lawrence@db.com        Email: mike.davies@collegehill.com 
 

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and authorised and subject to limited by the Financial Services Authority. Details about the extent of Deutsche Bank AG's authorisation and regulation by the FSA are available on request.

Deutsche Bank AG is acting for the Company and no one else in connection with the potential disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Deutsche Bank nor for providing advice in connection with the potential disposal.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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