LKI Landkom

TIDMLKI

RNS Number : 4390V

Landkom International Plc

12 January 2012

12 January 2012

Landkom International PLC

Update on the recommended acquisition by Alpcot Agro

Landkom International PLC (AIM: LKI, "Landkom" or "the Company"), the Ukrainian producer of agricultural commodities, provides an update to shareholders on the proposed acquisition of Landkom by Alpcot Agro AB ("Alpcot").

The Board is pleased to note the announcement made by Alpcot that, on 9 January 2012, Alpcot shareholders approved the acquisition and authorised the issue of new shares and other matters at an Extraordinary General Meeting in Stockholm.

As previously announced, the Scheme Circular describing the recommended acquisition by Alpcot was posted to Landkom's Shareholders on 29 December 2011. This document is necessarily comprehensive and sets out, amongst other matters, the rationale for the recommended acquisition, how Shareholders are able to vote and hold Alpcot shares until Alpcot seek a listing on the Main Market of the London Stock Exchange later this year.

The acquisition is subject to the approval of Landkom's Shareholders and the sanction of the High Court of Justice of the Isle of Man on 23 January 2012 and the Anti-monopolies Commission of Ukraine.

Neil Balfour, Landkom's Chairman said

"The Board believes that the Acquisition by Alpcot achieves many objectives.

"It secures a transaction before the end of January, by which time Landkom needed to arrange new bank credit facilities and finalise extended repayment of its outstanding payables particularly with Amako Ukraine LLC (Amako). There was no certainty that this could be achieved by Landkom operating alone.

"Alpcot's shareholders have approved the acquisition and the issue of new shares to raise US$20m, which, following completion, will be used to repay Amako US$15.7m owed by Landkom and will use the balance to provide urgently needed working capital for the business and pay transaction costs.

"The Acquisition, based on respective Alpcot and Landkom adjusted net asset values, represents an attractive opportunity to combine the two companies in an Enlarged Group with 155,000 ha of planted land in Ukraine and Russia. The interests of Landkom's Shareholders are safeguarded by being part of an Enlarged Group listed on an international stock exchange which requires companies to adopt recognised corporate governance practices. Alpcot have committed to obtaining a listing on the London Stock Exchange during 2012 and it is hoped that this will lead to a re-rating of the share price to the benefit of shareholders.

"For these and the other reasons stated in the Scheme Circular, which the Board believe are compelling, I encourage Landkom's Shareholders to vote in favour of the Acquisition and complete and return the Blue and White Forms of Proxy as requested."

For further information:

 
 Landkom International Plc (www.landkominternational.com) 
                                                                  +44 (0) 20 7199 
 Neil Balfour, Chairman                                                      3222 
  Vitaliy Skotsyk, Chief Executive                                +380 50352 5029 
 John Mapplebeck, Finance Director                            +44 (0)20 7726 2690 
 
 Liberum Capital 
 Simon Atkinson/Tim Graham                                    +44 (0)20 3100 2000 
 
 College Hill 
 Adrian Duffield/Rozi Morris                                  +44 (0)20 7457 2020 
 
                                                                    0871 664 0321 
 Capita - Shareholder Helpline                                +44 (0)20 8639 3399 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQBTMRTMBMBMAT

Landkom (LSE:LKI)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Landkom (LSE:LKI)
Historical Stock Chart
Von Jun 2023 bis Jun 2024