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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Town | LSE:LTW | London | Ordinary Share | GB00B1HTZK10 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLTW RNS Number : 9709F London Town PLC 22 January 2010 NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION London Town PLC ("London Town" or the "Company") Proposed Delisting from AIM of the London Stock Exchange London Town (AIM: LTW) today announces that it is proposing to cancel the admission to trading on AIM of its ordinary shares (the "Delisting"). The Company has today published and sent to all holders of ordinary shares in the Company (the "Shareholders") a circular setting out further details of the Delisting and the implications for Shareholders (the "Circular"). The Circular will also contain a notice convening a general meeting on 8 February 2010 at 8:30 a.m. (the "General Meeting") at which the approval of Shareholders of the Delisting will be sought. It is anticipated that trading in the ordinary shares on AIM will cease at close of business on 18 February 2010 and cancellation of admission to trading on AIM of the Ordinary Shares will become effective at 7:00 a.m. on 19 February 2010. Reasons for the Proposed Delisting The Board has conducted a review of the benefits and disadvantages to the Company in continuing to be admitted to trading on AIM and the following factors were taken into account during their review: * the Board believes that the costs and regulatory requirements associated with maintaining the Company's admission to trading on AIM are a significant burden on the Company's financial resources and is not enjoying any of the benefits which might otherwise be expected to arise as a result of its admission to trading on AIM; and * the Board continues to have constructive discussions with the Bank to explore a number of potential solutions to the significant net asset deficiency as shown on the latest published balance sheet of the Company. However, the Board now believes that any such solution is likely to permanently erode the prospect of any future value attaching to the economic interest of the existing Ordinary Shares in the Company. The Directors strongly believe that for the reasons referred to above, the Company should seek the cancellation of the admission of its ordinary shares to trading on AIM. The Delisting Rule 41 of the AIM Rules requires an AIM company wishing the London Stock Exchange to cancel admission of its shares to trading on AIM to notify such intended cancellation and separately inform the London Stock Exchange of its preferred cancellation date at least twenty business days prior to such date. The cancellation is conditional upon consent of not less than 75 per cent. of votes cast by Shareholders at the General Meeting. Such consent will be sought at the General Meeting. The time of the General Meeting and the principal effects and timing of the cancellation are set out in the Circular. The Company has received irrevocable undertakings from shareholders together holding 20,090,757 ordinary shares, representing 68.37 per cent of the current issued ordinary share capital of the Company, to vote in favour of the De-listing. Upon the Delisting becoming effective, Cenkos Securities plc will cease to be nominated adviser to the Company and the Company will no longer be required to comply with the AIM Rules. Following the Delisting Following the Delisting, there will no longer be a formal market mechanism enabling the Shareholders to trade their shares through the AIM market and the CREST facility will be cancelled. Enquiries: Nicholas Wells/Max Hartley Cenkos Securities plc 020 7397 8900 This information is provided by RNS The company news service from the London Stock Exchange END MSCSESSAEFSSESF
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