DIL Damille Inv

TIDMDIL

RNS Number : 7265N

Damille Investments Limited

11 September 2013

11 September 2013

Damille Investments Limited

(the "Company")

Notification of the proposed cancellation of listing of Ordinary Shares on the Channel Islands Stock Exchange, LBG Official List ("CISX") and of the proposed cancellation of admission of Ordinary Shares to trading on the Specialist Fund Market of the London Stock Exchange ("SFM")

Damille Investments Limited (LSE: DIL and CISX: DAI), a Guernsey incorporated, authorised closed-ended investment company, announces that the Company intends to make an application to the CISX for the cancellation of the listing of its Ordinary Shares (ISIN: GG00B3RJKL13; SEDOL: B3RJKL1) on the CISX and to the London Stock Exchange for the cancellation of admission of its Ordinary Shares to trading on the SFM (the "Delisting").

The background to and reasons for the Delisting are set out below.

It is expected that the Delisting will take effect at 7 a.m. on 15 October 2013.

Background to and Reasons for the Delisting

The Board has decided that the Company no longer requires the Ordinary Shares to be admitted to listing on the CISX or admitted to trading on the SFM for the following key reasons:

To date the Company has returned, or announced returns, of 120p per Ordinary Share to its Shareholders. The remaining NAV per Ordinary Share, based on the latest reported NAV as at 31 August 2013 as adjusted for the 9.5p per Ordinary Share capital return announced on 6 September 2013 amounts to 0.58p per Ordinary Share of which cash less liabilities comprises approximately 42 per cent of the NAV. Apart from cash which the Company is holding to pay running costs and for working capital, the Company only has three remaining investments, one of which has been suspended, one of which has delisted and one of which has announced an intention to delist and will soon be going into voluntary liquidation. These three investments were carried at GBP88,300 in the latest NAV.

Accordingly the Board has decided to approve the Delisting as the value of the Company's investments is now so small that the costs associated with remaining listed are disproportionate to the remaining asset value. Furthermore, the Company intends to dispose of the remaining investments (which were carried at GBP88,300 in the latest reported NAV) at the best available price in the next couple of months and it is then intended that the Company will enter into a members voluntary liquidation, with the possibility of a small final distribution being paid to Shareholders.

Immediately upon Delisting, and in order to save costs and maximise returns to Shareholders, Brett Miller, Mark Tucker and Richard Prosser will resign as Directors. The Board has concluded that there will be no further need for two executive Directors and the Board will then be comprised of David Copperwaite as non-executive chairman and Rhys Davies as sole executive Director, pending voluntary liquidation.

The Board will write to Shareholders again at the time of any final distribution and entering into voluntary liquidation which is expected to be within the next 2-3 months.

If you are in any doubt about your tax position following the above action you should consult an appropriate independent professional adviser. You should note that following the Delisting, the Company's Ordinary Shares will no longer be quoted on the CISX or the SFM.

-Ends-

For further information

 
 Administrative Enquiries: 
 
  Anson Fund Managers Limited 
  Tel: +44 (0) 1481 722 260 
 
  Shareholder Enquiries: 
 
  Nimrod Capital LLP info@nimrodcapital.com 
 Tel: +44 (0) 20 3355 6855 
 
 
 

About the Company

The Company is a Guernsey incorporated, authorised closed-ended investment company.

The investment objective of the Company is to invest in a concentrated portfolio of mainly closed-ended investment funds and investment companies with an equity market capitalisation of below GBP100 million and that the Company believes would benefit from the implementation of certain measures to optimise their balance sheets and align management and shareholder interests.

The Company will have a fixed life of four years from 30 March 2010 (the date of admission to listing on the CISX and to trading on the LSE) and it firmly intends to return to shareholders the net capital proceeds of all material profitable realisations from its investments promptly following their receipt.

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRGGUMPBUPWURG

Damille Inv (LSE:DIL)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Damille Inv (LSE:DIL)
Historical Stock Chart
Von Jun 2023 bis Jun 2024