Result of EGM
09 November 2010 - 12:50PM
UK Regulatory
TIDMSFT
RNS Number : 8730V
Sinosoft Technology plc
09 November 2010
SINOSOFT TECHNOLOGY PLC
("Sinosoft" or "the Company")
RESULTS OF GENERAL MEETING
1. Background to Tender Offer
On 1 October 2010 the Company posted a circular to shareholders (the "Circular")
regarding a tender offer (the "Tender Offer") for the Company's Ordinary Shares,
the cancellation of admission of the Ordinary Shares to trading on AIM
("De-listing") and other related matters, including a capital reduction
("Capital Reduction") and amendment of the articles of association of the
Company ("Articles").
The Circular contained full details of the Tender Offer and included a notice of
a general meeting convened to authorise the Company's purchase of its Ordinary
Shares under the Tender Offer, the De-listing, the Capital Reduction and the
amendment of the Articles ("General Meeting").
2. General Meeting
The Board of the Company announces that at the General Meeting held earlier
today, all four special resolutions set out in the notice of general meeting
were duly passed by shareholders.
The completion of the Tender Offer is conditional upon the hearing by the Court
to confirm the Capital Reduction, which is expected to take place on 1 December
2010. It is expected that the De-Listing will become effective by 3 December
2010.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
+----------------------------------------+----------------------+
| | 2010 |
+----------------------------------------+----------------------+
| Tender Offer opens | 1 October |
+----------------------------------------+----------------------+
| Latest time for receipt of Tender | by 1.00 p.m. on 22 |
| Forms for certificated shares | October |
+----------------------------------------+----------------------+
| Latest time for receipt of TTE | by 1.00 p.m. on 22 |
| Instructions for uncertificated shares | October |
+----------------------------------------+----------------------+
| Record Date for the Tender Offer | 5.00p.m. on 22 |
| | October |
+----------------------------------------+----------------------+
| Announcement of results of the Tender | 25 October |
| Offer | |
+----------------------------------------+----------------------+
| Purchase Contract available for | from 25 October |
| inspection | until 9 November |
+----------------------------------------+----------------------+
| Latest time for receipt of Forms of | 7 November at 11.00 |
| Proxy and Proxy Instructions | a.m. |
+----------------------------------------+----------------------+
| General Meeting | 9 November at 11.00 |
| | a.m. |
+----------------------------------------+----------------------+
| Announcements of results of General | 9 November |
| Meeting | |
+----------------------------------------+----------------------+
| Expected suspension of trading on AIM | from 7.30 a.m. on 1 |
| of Ordinary Shares | December |
+----------------------------------------+----------------------+
| Court hearing to confirm Capital | 1 December |
| Reduction* | |
+----------------------------------------+----------------------+
| Effective Date for Capital Reduction* | By 1 December |
+----------------------------------------+----------------------+
| Purchase of Tender Offer Shares under | 1 December |
| the Tender Offer** | |
+----------------------------------------+----------------------+
| CREST Account credited with Tender | 2 December |
| Offer proceeds** | |
+----------------------------------------+----------------------+
| Dispatch of cheques for Tender Offer | 2 December |
| proceeds** | |
+----------------------------------------+----------------------+
| Ordinary Shares delisted from AIM | By 3 December |
+----------------------------------------+----------------------+
| CREST facilities for Ordinary Shares | By 3 December |
| cancelled** | |
+----------------------------------------+----------------------+
* These dates are dependent on, inter alia, the date upon which the Court
confirms the Capital Reduction. The Court hearing may be subject to postponement
by the Court.
** The Capital Reduction is subject to the approval of the Court and will not
take place if Court approval is not obtained. If the Capital Reduction is not
approved by the Court, the Tender Offer will not be completed. If scaling down
of entitlements under the Tender Offer is required, as described under "Effect
of the Capital Reduction" in Part 1 of the Circular, these actions will be
delayed by about seven days.
If any of the above times and/or dates change, the revised times and/or dates
will be notified to Shareholders by announcement through a Regulatory
Information Service of the London Stock Exchange.
All references to times in this announcement are to London (UK) time unless
otherwise stated.
For further information please contact:
+--------------------+--------------------+--------------------------------+
| Sinosoft | Mr. Yifa Yu | +86 025 84815959 |
| Technology plc | | yuyifa@sinosoft-technology.com |
+--------------------+--------------------+--------------------------------+
| Westhouse | Tim Metcalfe / | 020 7601 6100 |
| Securities | Richard Baty | |
| | | |
+--------------------+--------------------+--------------------------------+
| Tavistock | Simon Compton | 020 7920 3150 |
| Communications | | |
+--------------------+--------------------+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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