South African Property Opps PLC Further re voluntary winding-up (9137L)
24 April 2018 - 11:00AM
UK Regulatory
TIDMSAPO
RNS Number : 9137L
South African Property Opps PLC
24 April 2018
Legal Entity Identifier: 213800MCRBNG3UHI1A31
24 April 2018
South African Property Opportunities plc
(incorporated and registered in the Isle of Man under the Isle
of Man Companies Act 2006
with registered number 006491V)
(the "Company")
Further re voluntary winding-up
The Board has received through its advisers an email from
Michael Meyers, who has recently acquired 29.9 per cent. of the
entire issued share capital of the Company. The email requests the
board of directors cancel or agree to adjourn the EGM to be held on
2nd May and states that "both resolutions will be rejected by
holders of approximately 81% of the equity".
The email states that Mr Meyers has been informed of the voting
intentions of two other shareholders, "John McKeon holding 26.6% of
the equity & Peterhouse Corporate Finance acting for Flare
Capital with 24.9% of the equity", but that the shareholders are
not acting in concert. The Board notes that all three shareholders
have only recently acquired shares in the Company.
The email suggests that the board of directors should resign and
appoint Mr Meyers and nominees of the other two shareholders as
directors, as well as suggesting a possible independent director,
"if you felt that this was necessary."
The email concludes, "In view of the price having risen
substantially today I think action is necessary without delay."
The extraordinary general meeting of the Company's shareholders
is due to be held at 11:00 a.m. on 2 May 2018 in order to approve
the proposals, following which a further announcement will be
made.
For further information contact:
Panmure Gordon & Co (Nominated adviser and broker)
Paul Fincham/Jonathan Becher/Rob Naylor +44 20 7886 2500
Galileo Fund Services Limited (Registrar and administrator)
Ian Dungate/Suzanne Jones + 44 (0) 1624 692600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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