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Eredene Capital PLC (ERE)

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Thursday 12 September, 2013

Eredene Capital PLC

Result of AGM and General Meeting

RNS Number : 8811N
Eredene Capital PLC
12 September 2013

Date:                           12 September 2013

On behalf of:              Eredene Capital PLC ("Eredene" or the "Company")

                                     For immediate release



Eredene Capital PLC


Result of AGM and General Meeting


Eredene Capital PLC (AIM:ERE), the AIM quoted investor in Indian infrastructure, announces that all resolutions proposed at the Company's Annual General Meeting (AGM), held at noon today, were duly passed.


Struan Robertson, Chairman of Eredene updated shareholders on the changing economic environment in India commenting: "Since the Company's Final Results were announced on 16 July 2013, the Indian Rupee has weakened from 89.6 Rupees to the Pound to historic lows in excess of 106.5 Rupees as recently as the first week of September 2013. The Company's investments are denominated in Rupees and so this volatility has reduced the Sterling value of Eredene's investments by almost 20%.  In addition, the growth rate of the India economy has fallen again to 4.4% p.a for the quarter ending 30 June 2013.


"Faced with both an adverse foreign exchange movement and reduced growth in India, the Board has decided to conduct a strategic review in order to determine the optimum realisation strategy for the Company's investments, including the stakes in Matheran Realty and Gopi Resorts. In addition the Company will seek to reduce costs as appropriate. It is anticipated that the results of that strategic review will be released in November along with the Company's Interim Results for the six month period ended 30 September 2013."


The Board is also pleased to announce that at the General Meeting of the Company held at 12.30pm today, the Resolutions set out in the circular to shareholders dated 16 August 2013 (the "Circular") to approve the proposed tender offer were duly passed. 


The Tender Offer is still conditional on the Reduction of Capital which is described in the Circular and which also requires Court approval. If the Court approves the Reduction of Capital at the final hearing scheduled for 9 October 2013, it is expected that the results of the Tender Offer will be announced on 14 October 2013.



Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.



Expected timetable of principal events


Preliminary Court Hearing in relation to the Reduction of Capital

26 September 2013

Final Court Hearing to approve the Reduction of Capital

09 October 2013

Latest time and date for receipt of Tender Forms

1.00 p.m. on 11 October 2013

from Shareholders in respect of the Tender Offer

Record Date for participation in the Tender Offer

close of business on 11 October 2013

Results of the Tender Offer announced

14 October 2013

Settlement date - cheques despatched and CREST accounts

15 October 2013

credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares

Balance certificates despatched in respect of certificates tendered

week commencing 14 October 2013





Eredene Capital PLC                                                                                         

Alastair King (Chief Executive) / Gary Varley (Finance Director)                Tel: +44 20 7448 8000


Eredene Capital Advisors Private Limited

Ranveer Sharma (Managing Director)                                                              Tel: +91 22 6737 7373

[email protected]


Numis Securities Limited (Nominated adviser & broker)

Heraclis Economides (Nominated Adviser) / David Benda                          Tel: +44 20 7260 1000


Redleaf Polhill (Financial PR)

Henry Columbine / David Ison / Hannah Fensome                                        Tel: +44 20 7382 4720

[email protected] 


This information is provided by RNS
The company news service from the London Stock Exchange

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