Posting of Circular

RNS Number : 2534H

Longships PLC

09 July 2012

 



9 July 2012

LONGSHIPS PLC

("Longships or the "Company")

Posting of Circular to Shareholders

Issue of Shares

Posting of Circular

Further to its announcement on 4 July 2012, Longships is pleased to announce that it has today despatched a circular (the "Circular") to shareholders of the Company containing, inter alia, details of:-

(a)      the proposed subscription by the Company of £2,308,100 in cash for 4,616,200 new ordinary shares in Praetorian Resources Limited (with 2,308,100 subscription shares in Praetorian Resources Limited attached) (the "Subscription"); and

(b)      the proposed transfer, following completion of the Subscription, to shareholders of the Company of all of the Company's holding of such shares in Praetorian Resources Limited ("Praetorian Resources Securities") by way of a return of capital involving an issue of B Shares which will then (subject to approval of the High Court) be cancelled in exchange for the Company transferring to shareholders its holding of such Praetorian Resources Securities (the "B Share Scheme").

The Circular also contains notice of the general meeting of the Company convened to be held at 10:00 a.m. on Friday, 27 July 2012 (the "General Meeting"), including resolutions to approve the Subscription, the B Share Scheme, the Company's ongoing investing policy and ongoing share capital authorities for the Directors.

A copy of the Circular is available on the Company's website at www.longshipsplc.com.

Unless the context otherwise requires, terms defined in the Circular have the same meanings in this announcement.

Timetable

The following indicative timetable sets out expected dates for completion of the Subscription and implementation of the B Share Scheme:-

Event	Time and/or date
Admission of Praetorian Resources Ordinary Shares and Praetorian Resources Subscription Shares to trading on AIM	8.00 a.m. on 9 July 2012
Despatch of Circular to shareholders of the Company	9 July 2012
Latest time for receipt of Forms of Proxy for the General Meeting	10.00 a.m. on 25 July 2012
Date and time of the General Meeting	10.00 a.m. on 27 July 2012
Completion of Subscription	27 July 2012
High Court directions hearing	9 August 2012
Record Time for entitlement to B Shares	6.00 p.m. on 16 August 2012
B Shares issued	21 August 2012
High Court hearing to confirm Capital Reduction	22 August 2012
Effective date of cancellation of B Shares	23 August 2012
Effective date of transfer of Praetorian Resources Securities from the Company into the names of Shareholders	23 August]2012
Crediting of CREST accounts of Shareholders in respect of Praetorian Resources Securities to be held in uncertificated form	23 August 2012
Despatch of share certificates in names of Shareholders for Praetorian Resources Securities to be held in certificated form	by 30 August 2012

AIM Admission of Praetorian Resources Limited

As anticipated in the Company's announcement on 4 July 2012, all of the issued ordinary shares and subscription shares of Praetorian Resources Limited were admitted to trading on AIM at 8:00 a.m. today.  Completion of the Company's own subscription for the 4,616,200 new ordinary shares in Praetorian Resources Limited (with the 2,308,100 new subscription shares in Praetorian Resources Limited attached) is now subject only to the approval of the Subscription by the independent shareholders of the Company at the General Meeting.

Further information on Praetorian Resources Limited, including its AIM Admission document, is available on Praetorian Resources Limited's website www.praetorianresources.com.

Issue of Ordinary Shares

For the purpose of facilitating the B Share Scheme, 98 ordinary shares of £0.01 have today been allotted and issued to the Company secretary (Ross Ainger) at 13 pence per share in cash.  The total number of ordinary shares of the Company in issue is therefore now 23,080,100.

Enquiries:

Longships PLC	[phone]
Nathan Steinberg, Director
Westhouse Securities (Nominated Adviser)	[phone]
Richard Baty / Petre Norton

 

END

 

 

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