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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Preston Nth.End | LSE:PNE | London | Ordinary Share | GB0007015182 | ORD #1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPNE RNS Number : 7196R Preston North End PLC 26 August 2010 Preston North End plc ("Preston North End" or the "Company") Proposed cancellation of admission to trading on AIM, re-registration as a private limited company and notice of general meeting As announced on 25 August 2010, following the offer made by Deepdale PNE Holdings Limited for the ordinary shares of GBP1 each in the Company ("Ordinary Shares") not already held by it, Deepdale has received valid acceptances of the offer which, together with the Ordinary Shares it already holds, represents in excess of 90% of the existing issued share capital of the Company. Deepdale has communicated to the Company a desire for it to have the admission to trading of the Ordinary Shares on AIM ("Admission") cancelled. Following careful consideration, the Directors have concluded that it is no longer in the best interests of the Company or its shareholders to maintain the Admission. In particular, the Directors believe that the Company's continued Admission would: · result in significant direct costs to the Company; · result in a disproportionate amount of management time being spent in meeting the AIM Rules requirements and related regulatory requirements including reporting, disclosure and corporate governance; and · no longer provide a realistic method of access to capital for the Company. With the above factors in mind, the Board has decided to propose cancelling Admission (the "Cancellation") to focus on reducing the ongoing trading losses of the Company and to securing the financial future of Preston North End. The Directors are also proposing that the Company be re-registered as a private limited company (the "Re-registration") The Directors are, therefore, seeking shareholder approval at a general meeting to take place at the Great Room, Sir Tom Finney Stand, Deepdale Stadium, Sir Tom Finney Way, Deepdale, Preston, Lancashire PR1 6RU on 21 September 2010 at 9.00am (the "General Meeting") for, among other things, the Cancellation and the Re-registration. In accordance with Rule 41 of the AIM Rules, the Company has notified London Stock Exchange plc of the proposed Cancellation which is conditional upon the consent of not less than 75 per cent. of votes cast by the Company's shareholders in general meeting. Subject to the relevant resolution being passed at the General Meeting, it is anticipated that trading in the Ordinary Shares on AIM will cease at close of business on 27 September 2010 with Cancellation taking effect at 7.00 am on 28 September 2010. Upon Cancellation becoming effective, WH Ireland will cease to be nominated adviser and broker to the Company and the Company will no longer be required to comply with the AIM Rules. Shareholders should note, however, that the Company will remain subject to the provisions of the City Code on Takeovers and Mergers for a period of 10 years from Cancellation. The principal effects of the Cancellation would be that: · there would no longer be a formal market mechanism enabling shareholders to trade their shares on AIM or any other market or trading exchange; · the Company would not be bound to announce material events, administrative changes or material transactions nor to announce interim or final results; · the Company would no longer be required to comply with any of the additional specific corporate governance requirements for Company's admitted to trading on AIM; and · the Company would no longer be subject to the AIM Rules and shareholders will no longer be required to vote on certain matters as provided in the AIM Rules. The Preston North End board will however continue to: · post information relating to the Company on its website at www.pnefc.net/page/companydetails; · hold general meetings in accordance with the applicable statutory requirements and the Company's articles of association; and · send shareholders copies of the Company's audited accounts in accordance with the applicable statutory requirements. The Company has today sent a circular (the "Circular") containing a notice of the General Meeting (the "Notice") to its shareholders proposing resolutions in relation to: · the Cancellation · the Re-registration · a capital reorganisation; and · some consequential amendments to the Company's articles of association. A copy of the Circular containing the Notice will be available on the Company's website at www.pnefc.net/page/companydetails from the date of this announcement. For further information please contact: +------------------------------+------------------------------+ | Kevin Abbott, Preston North | Tel: 0844 856 1964 | | End plc | | +------------------------------+------------------------------+ | Katy Mitchell, WH Ireland | Tel: 0161 832 2174 | | Limited | | +------------------------------+------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCUNAVRRBAWUAR
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1 Month Preston Nth.End Chart |
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