West Pioneer Properties Limited Result of General Meeting (2585D)

TIDMWPR

RNS Number : 2585D

West Pioneer Properties Limited

25 April 2013

 
Press release  25 April 2013 
 

West Pioneer Properties Ltd.

("West Pioneer" or the "Company")

Result of General Meeting

West Pioneer Properties Limited (AIM: WPR), a leading developer and operator of shopping centres and mixed use developments in west and south India, announces that all resolutions put to shareholders at the Company's General Meeting held today were duly passed.

This included a special resolution to approve the cancellation of admission of the Company's Ordinary Shares to trading on AIM (the "Cancellation").

Cancellation of the Company's AIM listing

It is expected that the last day of dealings in the Ordinary Shares on AIM will be close of business on 10 May 2013 and the effective date of the Cancellation is expected to be 7.00am on 13 May 2013.

Bridgewell Proposal

Those Shareholders who do not wish to retain all or part of their holding in the Company can sell their Ordinary Shares at a price of 11 pence per Ordinary Share to the Bridgewell Parties under the Bridgewell Proposal. Bridgewell is a shareholder of Winmore, the Company's majority Shareholder, and is considered to be acting in concert with Winmore. The Bridgewell Parties have committed to acquiring Ordinary Shares from Shareholders wishing to sell up until 10 May 2013. Further details of the Bridgewell Proposal are set out in the Circular posted to shareholders on 26 March 2013

If you wish to accept the Bridgewell Proposal from the Bridgewell Parties to purchase your Ordinary Shares, you should direct your broker to contact the Bridgewell Parties' brokers, Tony Tharian or Naseer Dean of Eden Financial at 88 Wood Street, London, E2 7QR, United Kingdom or on 0207 523 8000.

Effect of cancellation

Following the Delisting, there will be no market facility for dealing in the Ordinary Shares and no price will be publicly quoted for the Ordinary Shares. As such, holdings of Ordinary Shares are unlikely to be capable of sale and will be difficult to value.

However, while there can be no guarantee of any Shareholders being able to purchase or sell any Ordinary Shares, any Shareholder seeking to do so should contact the Company Secretary in writing at the Registered Office at CCS Management Limited, Sea Meadow House, Blackburne Highway, Road Town, Tortola, BVI.

- Ends -

For further information:

 
 West Pioneer Properties Limited 
 Nitin Dattani, Executive Director   Tel: [phone] 
                                      0690 
 
 Shore Capital & Corporate Limited 
 Anita Ghanekar / Edward Mansfield   Tel: [phone] 
                                      4090 
 

Media enquiries:

 
 Abchurch Communications 
 Sarah Hollins / Joanne Shears      Tel: [phone] 
                                     7709 
 [e-mail]   www.abchurch-group.com 
 

Notes to Editors

West Pioneer Properties Limited (AIM:WPR) is a leading developer and operator of retail-led, mixed use developments in west and southern India, primarily in Tier II cities. West Pioneer was established to capitalise on the virtually unpenetrated organised retail environment in India, the rapidly increasing middle class, greater transparency in the property market, and improved infrastructure development which provides access to the market.

The retail side to West Pioneer acquires the land and then develops, leases and manages the shopping malls. The residential development segment develops and sells residential property. West Pioneer currently has three developments in Kalyan, Aurangabad and Nashik.

This information is provided by RNS

The company news service from the London Stock Exchange

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