Brookwell Limited Update and proposed members' voluntary liquidation (7055G)
June 10 2013 - 12:00PM
UK Regulatory
TIDMBKWD
RNS Number : 7055G
Brookwell Limited
10 June 2013
Brookwell Limited ("Brookwell" or the "Company")
Update and proposed members' voluntary liquidation
As at 7 June 2013, the Company had five remaining investments,
two of which have been delisted and are carried at nil value. The
Directors and the Investment Manager expect that the realisation of
the remaining investments may take up to June 2014. Given the level
of the on-going costs in comparison to the net asset value, the
Directors and the Investment Manager consider that the best outcome
for shareholders will be achieved through a managed realisation as
part of a solvent liquidation.
Accordingly the Board will be putting forward proposals for the
Company to be put into a members' voluntary liquidation and for the
cancellation of the D Shares from admission to trading on AIM. The
proposals will require the approval of shareholders. On the basis
that shareholder approval is given, the Board expects the
liquidation of the Company to commence by early August 2013. The
Investment Manager would be appointed by the liquidator on a
realisation basis to assist in realising value from the
investments. It is expected that the proposals will save the
Company more than GBP100,000 in annual costs, after allowing for
the costs of the proposals and the costs of the liquidator.
The Company's unaudited net assets as at 7 June 2013 before
provision for liquidation costs amount to GBP3.5 million,
equivalent to 51.50p per D Share as announced earlier today. The
Board now considers it appropriate to provide on the Company's
balance sheet for the remaining estimated costs of liquidating the
Company and of running the Company until the appointment of the
liquidator. In order to provide shareholders with relevant
information future announcements of the Company's net asset value
will be made on this basis.
The Board expects that a circular will be sent to shareholders
shortly to convene an extraordinary general meeting.
For further information please contact:
Brookwell Limited
Tom Lancaster-King Tel: 01481 726 034
Progressive AIM Realisation Limited (Investment manager)
Robert Legget Tel: 020 7566 5550
Deloitte Corporate Finance (Nominated adviser)
James Lewis / Paul Zimmerman Tel: 020 7936 3000
Marshall Securities Limited (Broker)
John Webb Tel: 020 7490 3788
10 June 2013
Website: www.brookwelllimited.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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