Result of EGM & Court Meeting

RNS Number : 1787N

China Real Estate Opportunities PLC

07 June 2010

 



CHINA REAL ESTATE OPPORTUNITIES PLC

Scheme of Arrangement update: results of shareholder meetings

Further to the announcement by China Real Estate Opportunities plc ("CREO" or the "Company") on 21 May 2010 regarding the posting of the circular in relation to the listing of a Singapore Business Trust, to be known as Treasury China Trust ("TCT") of which CREO would become a 100% owned subsidiary, the associated admission of TCT to the Official List of the Singapore Stock Exchange ("SGX") and cancellation of the admission of CREO ordinary shares to AIM ("Scheme Document"), the Company is pleased to announce that at the Court Meeting and Extraordinary General Meeting held earlier today to approve the Scheme and associated matters, all resolutions were passed.

As described in the announcement made by the Company on 26 April 2010, the move to Singapore and consequent cancellation of its AIM listing, to be effected by the Scheme, is intended to position the Company closer to its asset base and facilitate demand from Asian investors.

At the Court Meeting, the required majority in number of those Scheme Shareholders present and voting, either in person or by proxy, representing  100 per cent. of the voting rights of all Scheme Shares in respect of which votes were cast, voted in favour of the Scheme.  The voting of those Scheme Shareholders who cast votes either in person or by proxy at the Court Meeting was as follows:

	Total Votes		Votes for the Scheme		Votes against the Scheme
	No. of Scheme Shareholders	No. of Scheme Shares Represented	No. of Scheme Shareholders (and %)	No. of Scheme Shares Represented (and %)	No. of Scheme Shareholders (and %)	No. of Scheme Shares Represented (and %)
Totals in person and by proxy	n/a	n/a	n/a	n/a	n/a	n/a
	329	28,077,788	329(100%)	28,077,788 (100%)	0 (0%)	0 (0%)

At the EGM, all of the resolutions required to implement the Scheme and certain other connected matters were passed on a poll.

In order to become operative in accordance with its terms, the Royal Court of Jersey must now sanction the Scheme at the Court Hearing.  This hearing is scheduled to take place on 16 June 2010.  As set out in the announcement made on 21 May 2010, trading in the CREO ordinary shares on AIM will therefore be suspended at 7.00 a.m (London time) on 16 June 2010.  If the Scheme is sanctioned by the Court and becomes operative in accordance with its terms, the admission of the CREO ordinary shares to trading on AIM will be cancelled.  Due to the period required to process the exchange mechanics for issuing the units in TCT, the Scheme will not become operative until 21 June 2010.  On the Scheme becoming operative, CREO shareholders will receive 5 units in TCT for every one CREO share held.  

It is currently expected that the units in TCT will be listed and begin trading on the Main Board of the SGX on 21 June 2010.  The admission of the CREO ordinary shares to trading on AIM is therefore expected to be cancelled at 7.00 a.m. (London time) on 21 June 2010. CREO shareholders will not have to pay anything for their units in TCT.

In the event that there are any changes to the timetable, CREO will give notice of such changes by issuing an announcement to the London Stock Exchange and by notice on its website.

The Court Hearing will be heard at 9.00 a.m. (London time) on 16 June 2010 at the Royal Court of Jersey, Royal Court House, Royal Court Square, St Helier, Jersey, at which all CREO shareholders are entitled to attend in person or through Jersey advocates to support or oppose the sanctioning of the Scheme. 

Terms defined in the Scheme Document shall have the same meaning(s) when used in this announcement.

Enquiries to:

CREO

Ray Horney, Chairman                                            Tel: + 44 (0) 1273 775 225

Sarah Moriarty, Investor Relations                            Tel: + 353 1 618 9455

Matrix Corporate Capital LLP                              Tel: + 44 (0) 20 3206 7000

Paul Fincham, Rob Naylor

Davy

Des Carville                                                            Tel: + 353 1 679 6363

Citigate Dewe Rodgerson Limited                       Tel: + 44 (0) 20 7638 9571

Tom Baldock

Murray Consultants

Ed Micheau                                                           Tel: + 353 1 498 0300

 

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