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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sceptre | LSE:SCEL | London | Ordinary Share | GB00B3BNQD36 | 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% | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSCEL
RNS Number : 0229D
Sceptre Leisure PLC
10 May 2012
Sceptre Leisure Plc
("Sceptre" or the "Company")
Announcement of Proposed Cancellation of Admission to Trading on AIM
Following a review of the continued admission of the Company's ordinary shares ("Shares") to trading on AIM, the Directors have concluded that a proposal to cancel the admission should be made to shareholders at an extraordinary general meeting ("EGM"). The Directors have taken the following factors into account in coming to this conclusion:
-- in the Directors' opinion, the trading price of the Shares does not reflect the true value of the Company;
-- given the overall market conditions for small listed companies, the Directors are of the opinion that it is (and will continue to be) difficult for the Company to attract substantial equity investment through its listing on AIM;
-- the AIM listing of the Shares does not, in itself, offer investors the opportunity to trade in meaningful volumes or with frequency within an active market. With little trading volume, the Company's share price can move up or down significantly following trades of small numbers of shares; and
-- the Directors estimate that annual direct and indirect costs of the Shares' AIM listing are at least GBP250,000. This estimate includes advisory, legal and audit fees related to the AIM listing
Following careful consideration, the Board believes that it is in the best interests of the Company and shareholders to seek the proposed AIM cancellation at the earliest opportunity. The AIM cancellation is conditional, pursuant to Rule 41 of the AIM Rules, upon the approval of not less than 75 per cent of the votes cast by shareholders (whether present in person or by proxy) at an EGM. A circular and notice of EGM will therefore be published shortly, to convene an EGM to be held on 20 June 2012.
The Directors consider the AIM cancellation to be in the best interests of the Company and shareholders as a whole. Accordingly, the Directors unanimously recommend that shareholders vote in favour of the AIM cancellation as they intend to do (or to procure that others do) in respect of their own direct or indirect legal or beneficial interests representing, in aggregate, 38.45 per cent of the issued Shares.
The Company has separately notified the London Stock Exchange of the proposed AIM cancellation (subject to the passing of the resolution at the EGM). If shareholders approve the proposed cancellation, it is anticipated that the last day of dealings in the Shares will be 27 June 2012 and the effective date of the AIM cancellation will be 28 June 2012.
Principal effects of the proposed AIM cancellation
The principal effects of the proposed AIM cancellation would include (amongst others):
-- there would be no public stock market on which shareholders can trade their Shares. While the Company intends to put in place a third party trading facility, there can be no assurance that a shareholder would be able to purchase or sell any Shares following the proposed AIM cancellation;
-- no price would be publicly quoted for the Shares;
-- although the Shares will remain transferable they will cease to be transferable through CREST. Instead shareholders who hold shares in uncertificated form prior to the proposed AIM cancellation, will receive share certificates;
-- the Company will no longer be subject to the AIM Rules and, accordingly, it will not be required to retain a nominated adviser or to comply with the requirements of AIM in relation, amongst other things, to annual accounts, half-yearly reports and the disclosure of price-sensitive information. It is the Board's intention, however, to keep shareholders up-to-date through regular information releases on the Company's website: www.sceptreleisureplc.co.uk
Transactions in the Shares following the proposed AIM Cancellation
The Board is aware that the proposed AIM cancellation, should it be approved by shareholders, would make it more difficult for shareholders to buy and sell Shares should they wish to do so.
The Company therefore intends to put in place a third party trading facility to assist shareholders to trade in the Shares. Under this third party facility, shareholders or persons wishing to acquire or dispose of Shares would be able to leave an indication with the third party facility provider that they are prepared to buy or sell at an agreed price. In the event that the third party facility provider is able to match that order with an opposite sell or buy instruction, it would contact both parties and then effect the bargain. When such arrangements are set up by the Company, details will be made available to Shareholders on the Company's website at www.sceptreleisureplc.co.uk.
If shareholders wish to buy or sell Shares on AIM they must do so prior to the proposed AIM cancellation becoming effective. As noted above, in the event that shareholders approve the proposed AIM cancellation, it is anticipated that the last day of dealings in the Shares on AIM will be 27 June 2012 and that the effective date of the AIM cancellation will be 28 June 2012.
Expected Timetable of Principal Events
Publication of Circular, Notice of EGM and Form of Proxy: 22 May 2012
EGM: 20 June 2012
Last day of dealings of Shares on AIM and in CREST: 27 June 2012
Proposed cancellation of admission to trading on AIM: 28 June 2012
Current Trading
Whilst Sceptre is not in a position formally to announce its results for the year ended 30 April 2012, the Directors expect that results will be in line with market consensus for the year.
Sceptre continues to renew contracts with existing customers, and indeed has increased its share of business with several customers as part of that process.
10 May 2012
Enquiries
Sceptre Leisure plc Ken Turner Mark White +44 (0) 1772 694242 Panmure Gordon (NOMAD) Andrew Burnett Adam Pollock Dominic Morley +44 (0) 20 7459 3600 College Hill Matthew Smallwood Jamie Ramsay +44 (0) 20 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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