Notice of GM, AIM Cancellatio

RNS Number : 4048Y

Adalta Real PLC

22 December 2010

 



FOR IMMEDIATE RELEASE                                                                              22 December 2010

Adalta Real PLC ("Adalta Real" or "the Company")

Notice of General Meeting ("the Notice")

Cancellation of admission to trading on AIM

Admission to trading on PLUS

Change of Broker and Appointment of PLUS Corporate Adviser

Since the sale of the Company's sole subsidiary, DawMed International Limited, in August 2009, the Company has been carrying on a commercial property agency and consultancy business in accordance with the first stage of its Investing Policy approved by Shareholders at a general meeting held on 30 July 2009.

AIM have ruled that the Company has failed to sufficiently implement the Investing Policy in accordance with Rule 15 of the AIM Rules and the Company has until 9 February 2011 to make further investments or undertake a reverse takeover (as defined by the AIM Rules) to avoid the admission of its share capital to trading on AIM being cancelled.

The Board consider that it is not feasible to make further investments within the timeframe and that undertaking a reverse takeover would not be the best use of the Company's resources and so have decided that the Company's best course of action is to cancel the admission of the Shares to trading on AIM and for its share capital to be admitted instead to trading on PLUS Markets. This will ensure that Shareholders have a ready market on which to buy or sell Shares in the same way as on AIM.

The Cancellation is conditional upon a special resolution being passed at a General Meeting of Shareholders on 14 January 2011 and this is explained in greater detail in the circular to Shareholders being posted today and available on the Company's website: www.adaltareal.com.   Set out below is an expected timetable of principal events.  

Record date	20 December 2010
Latest time for receipt of proxies for the meeting convened for 14 January 2011	12.05 pm on 12 January 2011
General Meeting for the purpose of approving the Cancellation	12.05 pm on 14 January 2011
Cancellation of AIM admission	7.00a.m. on 24 January 2011
Admission to PLUS effective	7.00a.m. on 24 January 2011

Notes:

1.       References to time are to London time.

2.       lf any of the above times or dates should change, the revised times and/or dates will be notified to Shareholders by an announcement on a Registered Information Service.

3.     All events in the above timetable following the General Meeting are conditional upon approval by Shareholders of the Resolution to be proposed at the GM.

Change of Broker and Appointment of PLUS Corporate Adviser

The Company have appointed Rivington Street Corporate Finance Ltd ("RSCF") as broker to Adalta Real with immediate effect. 

Under the terms of the PLUS Rules the Company must appoint a Corporate Adviser to act on its behalf in respect of the admission of its share capital to trading on PLUS. 

The Company has therefore entered into an agreement with Rivington Street Corporate Finance Ltd ("RSCF") (which is conditional upon the Cancellation (of trading on AIM) and the admission of the Shares to trading on PLUS) under which RSCF has agreed to act as the Company's Corporate Adviser for the purposes of the PLUS Rules.

Contact:            Adalta Real Plc                                                  Tel: [phone]

                        Kevin Gilmore                                                    Mob: [phone]

                        Beaumont Cornish Limited                                  Tel: [phone]

                        Roland Cornish

Rivington Street Corporate Finance Limited          Tel: [phone]

                        Eran Zucker

 

END

 

 

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