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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 |
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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