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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trust Property | LSE:TPM | London | Ordinary Share | GB00B1NXMT53 | 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% | 2.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TRUST PROPERTY MANAGEMENT GROUP PLC NOTICE OF GENERAL MEETING Trust Property Management Group plc (the "Company") has posted a circular to shareholders convening a general meeting, to be held at the Company's registered office on 15 December 2008. The circular contains proposals to cancel the admission of the Company's shares to AIM under AIM Rule 41. If shareholder approval is granted, it is expected that cancellation of dealings will take effect on or around 16 January 2009. Such cancellation requires the consent of not less than 75 per cent. of votes cast by shareholders in a general meeting. The Company has received irrevocable undertakings to vote in favour of the proposals totalling 27,794,637 ordinary shares representing approximately 73.7 per cent. of the Company's ordinary shares. The Company was admitted to trading on AIM on 21 March 2007 with a market capitalisation of approximately £2.9m and a share price of 10p. The reasons for admission were, inter alia, to offer potential vendors of businesses whose businesses were acquired by the Company tradeable securities as consideration, to raise the profile of the Company and to provide the Company with the ability to raise additional funding as and when required and to incentivise key staff. Since the Autumn of 2007 the credit crunch has taken hold and conditions in the Company's key markets have deteriorated considerably. Given these conditions, the Company has been taking steps to save costs wherever possible. The Directors consider that the cost of being an AIM listed company, which they estimate amounts to £150,000 per annum, does not provide the Company with any significant benefit and given the limited liquidity in the trading of its shares, the Board has decided that the Company would benefit from the flexibility of being unquoted. Shareholder approval is now being sought to cancel the Company's AIM admission in accordance with AIM Rule 41. The Company will endeavour to continue to provide a number of the same facilities and services to shareholders which are currently enjoyed as shareholders of an AIM company. These include: * issue to shareholders of report and accounts annually; * maintenance of a website to keep shareholders informed of developments and * provision of a matched bargain share dealing service to shareholders; the Company is currently investigating such a dealing service and will endeavour to ensure that it is in place at the time of delisting from AIM, to enable those shareholders who wish to buy or sell shares to do so, albeit in a less liquid environment than that on AIM. Copies of the circular are available from the Company's registered office at Trust House, Unit 2 Colindale Business Centre, 126 Colindale Avenue, London NW9 5HD and can be downloaded from the Company's website, www.tpmgroupplc.co.uk. For further information please contact: Julian Finegold, Director Tel: 020 8358 6530 Trust Property Management Group Plc Liam Murray/Aaron Smyth, Nominated Adviser Tel: 020 7492 4777 Dowgate Capital Advisers Limited David Morgan Tel: 020 7747 7400 IAF Securities Limited Isabel Crossley / Susie Callear Tel: 020 7236 1177 St Brides Media and Finance Ltd Note to Editors: Trust Property Management Group plc, which floated on AIM in March 2007, is a provider of professional property management and chartered surveying services, with over 14,000 residential and commercial units under management. The management believe that the Company is well positioned to take advantage of the fragmented property management and surveying market through the consolidation of its four key subsidiaries: Trust Property Management Limited, which undertakes residential property management services; Dexter Brown Limited which sources and manages commercial investment property; Trust Credit Services Limited, which is a licensed credit facilities provider enabling tenants to spread cost of ground rents and service charges; and Skylon Limited, which provides a wide range of chartered surveying services. The Company has a highly experienced management team including David Glass, the founder of David Glass Associates which floated on AIM in November 1995; Benjamin Mire, a Chairman of the Leasehold Valuation Tribunal and former Director at Lee Baron Commercial Limited; Dr Julian Finegold, co-founder of Trust Property Management Limited and former business and sales manager at IBM UK; Larry Lipman, a well-known entrepreneur in the property sector and Trevor Brown, founder of niche commercial property management company Dexter Brown Limited, which was acquired by the Company in October 2007. END
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