ALSL Alternative Liq

TIDMALSL

RNS Number : 1633Q

Alternative Liquidity Solutions Ltd

02 November 2012

 
 For Immediate Release   2 November 2012 
 
 

Alternative Liquidity Solutions Limited

(the "Company")

Update on proposed Placing

In connection with the proposed placing announced to the market on 10 October 2012 and elsewhere, the Company has previously indicated that a condition of the Placing was that the net asset value attributable to the Ordinary Shares immediately following completion of the Placing must be in excess of GBP35 million. The Company has also previously announced that the latest time and date for receipt of placing commitments was 1 November 2012.

Unfortunately the level of Placing commitments received has been insufficient to ensure that the net asset value attributable to the Ordinary Shares would attain this level and therefore the Placing will not proceed.

In view of this outcome the Board intends to review the options available to the Company to determine whether there is a realistic prospect of raising sufficient new share capital by 31 December 2012. In the event that it concludes that there is no such prospect, it will make a further announcement to that effect, at which time the Company's existing Ordinary Shares will automatically be converted into Run-Off Shares, which will not be listed, and application will be made for the Company's Ordinary Shares to be delisted from the Official List and their admission to trading on the Main Market of the London Stock Exchange cancelled.

The Board has previously announced that the return of cash to Run-Off Shareholders will be effected through compulsory redemption of Run-Off Shares on a pro rata basis and that it is anticipated that the first redemption of a proportion of the Run-Off Shares will occur by 30 November 2012. In the event that the Board determines that there is no realistic prospect of raising sufficient additional share capital by 31 December 2012, as currently seems probable, it will announce this in sufficient time to enable all shareholders to participate in the first redemption.

Enquiries:

 
 Saltus Partners LLP          020 7499 0200 
 Ben Money-Coutts 
 
 Canaccord Genuity Limited    020 7523 8000 
 Will Barnett 
 David Yovichic 
 
 FTI Consulting               020 7269 7141 
 Harry Stein 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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