Ishaan Real Estate PLC Result of EGM (7143Z)

TIDMISH

RNS Number : 7143Z

Ishaan Real Estate PLC

11 March 2013

11 March 2013

Ishaan Real Estate plc

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

Results of Extraordinary General Meeting

Further to the announcement released by Ishaan Real Estate on 21 February 2013 on the proposed sale of the Company's entire Property Interests to Chalet Hotels Private Limited, a member of the K Raheja Corp Group, and other entities connected with K Raheja Corp Group, for an aggregate consideration of approximately GBP70.3 million in cash (the "Disposal"), and the amendment of the Company's investment strategy to facilitate the subsequent distribution of the Company's Estimated Net Cash Resources (estimated at 51 pence per Ordinary Share) to Shareholders (together, the "Proposals"), the Company announces that the resolutions put to Shareholders at the Extraordinary General Meeting today to facilitate the Proposals were duly passed.

The Disposal remains conditional upon the obtaining of a nil withholding tax certificate from the Indian tax authorities confirming that no withholding tax is required to be deducted at source in relation to the consideration payable to the Group for the sale of the Property Interests. The Board has been advised that this condition precedent to the Disposal is expected to be satisfied by 28 March 2013. However, there can be no assurance that the obtaining of a nil withholding tax certificate from the Indian tax authorities will be obtained in the anticipated timeframe, or at all. If the Indian tax authorities deem that withholding tax on the Disposal is payable, the Share Purchase Agreements impose an obligation upon the parties to use their reasonable endeavours to renegotiate, for a period of 30 days, the terms of the Share Purchase Agreements.

A further announcement will be made in due course.

Defined terms in this announcement have the same meanings as set out in the circular sent to Shareholders on 22 February 2013.

Enquiries:

 
 Deutsche Bank AG, London Branch (NOMAD and broker to the Company) 
  Ben Lawrence 
  John O'Driscoll 
  Tel: [phone] 
 College Hill (PR advisers to the Company) 
  Mike Davies 
  Tel : [phone] 
  Email: [e-mail] 
 

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 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 Disposal.

This information is provided by RNS

The company news service from the London Stock Exchange

END

REGUASOROVAOAAR