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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
ST.David It | LSE:SDA | London | Ordinary Share | GB0007218281 | 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% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
ST. DAVID'S INVESTMENT TRUST PLC (the "Company", "St. David's") APPOINTMENT OF ADMINISTRATIVE RECEIVERS On 14 April 2004 St. David's announced that the Shareholder meetings convened in respect of the proposals to restructure the Company's share capital and amend the Articles of Association of the Company (the "Proposals") had been adjourned. The adjournments resulted from the Company receiving objections from a minority of Shareholders advised by Class Law LLP, claiming that the Proposals were unfairly prejudicial to some Shareholders including their clients. Class Law threatened to petition the court under section 459 of the Companies Act 1985 to prevent the Proposals being implemented. Since 14 April 2004 the Board and its advisers have attempted to resolve the objections of Class Law and their clients to the Proposals whilst also maintaining the continuing support of the Company's lending bank, The Royal Bank of Scotland ("RBS", the "Bank"). Unfortunately, despite negotiations with Class Law, their clients have refused to withdraw their threat to petition the court under section 459 if the Board were to proceed with the Proposals. Legal counsel has advised the Board that the Company should not seek to implement the Proposals without an undertaking from Class Law and their clients not to proceed under section 459. The Board stressed, in the circular dated 19 March 2004 setting out the Proposals, that if they were "not implemented the Board believes it may seriously jeopardise its efforts to realise value for Shareholders. At the very least, failure to implement the Proposals is likely to hamper the Board's ability to realise the optimal market value for the Company's investment losses." It was further emphasised to Class Law and their clients that in frustrating the implementation of the Proposals they were greatly increasing the risk of the Company not surviving. In addition, the Bank was unfortunately not prepared to contemplate the proposed means of addressing the concerns of Class Law arising from the restructuring. As a result of these circumstances, the Board has today invited RBS to appoint administrative receivers. Accordingly, Tom Burton and Patrick Brazzill of Ernst & Young LLP have been appointed joint administrative receivers of the Company. From today therefore all classes of the Company's securities (including its Combination Preference Packages) have been suspended from trading on The London Stock Exchange and from the Official List of the UK Listing Authority. The Board is extremely disappointed that after more than two years of trying to re-establish the long-term financial survival of the Company, its efforts to recover at least some value for Shareholders have been frustrated. All Shareholder enquiries should now be made directly to the administrative receivers, the contact details for whom are set out below. Contacts: Ernst & Young LLP Ten George Street Edinburgh EH2 2DZ Telephone: 0131 777 2000 Fax: 0131 777 2213 A copy of this announcement will be sent to all Shareholders. 17 June 2004
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