Update on Proposals

RNS Number : 1779O

Aseana Properties Limited

08 October 2012

 



8 October 2012

Aseana Properties Limited

(the "Company")

Update on Proposed Return of Capital and Reorganisation

On 2 July 2012, the board of directors (the "Board") of Aseana Properties Limited (LSE: ASPL) announced details of proposals for a return of capital to its shareholders ("Shareholders") and the reorganisation of the Company and its management arrangements (the "Proposals"). 

In formulating the Proposals, which would provide an accelerated return of capital to Shareholders while also providing for the Company to continue beyond 2015, the Board sought to draw a balance between the competing views of Shareholders which range from a desire for the Company to continue its operations beyond 2015 to an early return of capital and winding up of the Company.

Since the publication of the Proposals, the Board has taken active steps to canvass the views of Shareholders representing in excess of 90% of the Company's shares. The feedback from Shareholders has been diverse with firmly held opinions on both sides.  In so far as practical, the Board would want to receive the support of as many Shareholders as possible for the Proposals. At this time, this is not the case. 

The Board has therefore decided to consider the feedback and review the Proposals in order to secure wider support amongst Shareholders, and will therefore postpone the publication of its Circular during this review. As such, the Company will not at this time be proceeding with the Tender Offer previously anticipated to take place in December 2012.

As advised in the announcement of 2 July 2012, the timing of the Tender Offer is also dependent upon the timing of the realisation of the Company's assets, which the Manager is actively pursuing in difficult market conditions.

The Board will continue to keep Shareholders updated.

For further information:

Aseana Properties Limited	Tel: [phone]
Chan Chee Kian	Email: [e-mail]
Murphy Richards Capital LLP	Tel: [phone]
Paul Richards / Rachel Rees	Email: [e-mail]
Singer Capital Markets Limited	Tel: [phone]
James Maxwell (Corporate Finance)/Sam Greatrex (Sales)
Tavistock Communications	Tel: [phone]
Jeremy Carey / James Verstringhe	Email: [e-mail]

 

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