GMO Gmo

 

TIDMGMO 
 
RNS Number : 8710Q 
GMO Limited 
21 April 2009 
 

 
 
 
 
 
 
GMO Limited 
 
 
("GMO" or the "Company") 
 
 
Proposed cancellation of admission of shares to AIM, share buy back and summary 
winding up of GMO Limited 
 
 
The Company (AIM: GMO) announces that, following an internal review and 
consultation with advisers, its board of directors has decided to propose that, 
amongst other things, the Company cancels the admission of its shares to trading 
on AIM ("Cancellation"). 
 
 
GMO has continued to incur significant costs and expenses relating to the 
listing of its shares on AIM. The Company's directors believe that, in light of 
these costs, and given the low liquidity of trading in the Company's shares and 
the poor performance of the Company's share price since listing in September 
2006, the proposed Cancellation is in the best interests of the Company. 
 
 
In order to accommodate shareholders who do not want to hold unlisted shares, 
GMO intends to offer existing shareholders the opportunity to sell their shares 
back to the Company, conditional on the Cancellation occurring ("Share Buy 
Back"). The provisions of the UK Takeover Code do not apply to the Share Buy 
Back. 
 
 
Following the Cancellation and the Share Buy Back, it is proposed that: 
 
 
  *  GMO's shares in Wisdom Choice Investments Ltd will be transferred to GMO Global 
  Limited, both companies registered in the British Virgin Islands; and 
  *  upon completion of the transfer, GMO will commence a summary winding up and 
  during its winding up will make an in specie distribution of its remaining asset 
  which comprises shares in GMO Global Limited to the remaining shareholders in 
  the Company. 
 
 
 
Following this in specie distribution, GMO will have no further assets and it is 
intended that GMO will be dissolved. 
 
 
The Share Buy Back is proposed to be conducted at a price of 0.5 pence per 
share, up to a limit of 10,100,000 ordinary shares, applied on a first come, 
first served basis. The Company has received irrevocable undertakings from 
four major shareholders not to participate in the Share Buy Back in respect of 
an aggregate holding of 183,614,481 ordinary shares representing 94.8% of the 
total shares outstanding. 
 
 
A circular containing the background to the proposed Cancellation and the 
details of the proposed Share Buy Back, transfer of shares, in specie 
distribution and summary winding up of the Company will be sent to the 
shareholders shortly and will be made available on the Company's website, 
www.gmoglobal.com. 
 
 
Under the AIM Rules, it is a requirement that any company seeking to cancel its 
admission to AIM must seek shareholders' approval, comprising not less than 75 
per cent of the votes cast by shareholders (whether present in person or by 
proxy) in a general meeting.  The Share Buy Back, in specie distribution and 
summary winding up will also be subject to shareholder approval. The Company 
intends to convene an extraordinary general meeting ("EGM") for 5 p.m (Malaysian 
time) on 20 May 2009 at Auditorium, 11th Floor, Packet Hub, 159 Jalan Templer, 
46050 Petaling Jaya, Selangor Darul Ehsan, Malaysia at which resolutions to 
approve the Cancellation and Share Buy Back will be proposed. If the 
resolutions are passed, it is expected that the Cancellation will take effect 
from 8.00 a.m on 21 May 2009. Subject to the approval of the Cancellation and 
Share Buyback, the Company then intends to convene a further extraordinary 
general meeting as soon as is reasonably practicable following the EGM for the 
purposes of proposing resolutions for the winding up of the Company and the in 
specie distribution. 
 
 
 
 
For further information please visit www.gmoglobal.com or contact: 
 
 
 
 
 
 
+----------------------------------------------+-------------------------+ 
| GMO Limited                                  |           +65 9690 0099 | 
| Eugene Goh                                   |                         | 
| eugene@gmoglobal.com                         |                         | 
|                                              |                         | 
+----------------------------------------------+-------------------------+ 
| Blue Oar Securities Plc                      |         +61 3 8637 1537 | 
| Justin Lewis                                 |        +44 20 7448 4400 | 
| Shane Gallwey                                |                         | 
+----------------------------------------------+-------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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