3rd April 2018
Candover Investments plc
Candover Investments plc (‘Candover’ or the ‘Company’) is today
posting a circular (the ‘Circular’) to shareholders of the company
(‘Shareholders’) to convene a general meeting at 12.00 noon on
19th April 2018 (the ‘General
Meeting’) to commence the members’ voluntary liquidation in
relation to Candover (‘Members’ Voluntary Liquidation’) and approve
the appointment of the Liquidators with effect from 19th April 2018.
The Company has been in run-off since late 2010 and has now
disposed of the majority of its investments enabling the repayment
of all of its debts. As a result, the Directors have concluded that
the most appropriate method of returning value to Shareholders is
through a Members’ Voluntary Liquidation. It is not possible to
determine how long this process might take and the value returned
to Shareholders may in aggregate be higher or lower than the
existing unaudited Net Asset Value of the Company, which as at
28th March 2018 (being the latest
practicable date prior to the publication of the Circular) was
£27.2 million or 124p per Ordinary Share.
As at 28th March 2018 (being the
latest practicable date prior to the publication of the Circular)
approximately 43 per cent. of the Company’s unaudited net assets
comprised cash or near cash investments and 53 per cent. was made
up of the holding of listed shares in Parques Reunidos (‘Parques’).
The Company is currently undertaking the realisation of its Parques
shares and this disposal process will continue until the holding is
fully realised, in an orderly manner. The Liquidators plan to
continue with the orderly realisation strategy if any Parques
shares remain unsold at the time the Company enters into Members’
Voluntary Liquidation.
During the latter part of the run-off process the Board also
explored whether the Company's accumulated income tax losses could
constitute a realisable asset but could not find a viable option to
achieve any value.
The winding up of the Company will complete the return of value
to Shareholders. Further details in respect of such
arrangements are included in the Circular.
Application will be made to the UKLA for suspension of listing
of the Ordinary Shares on the Official List of the UKLA and
application will be made to the London Stock Exchange for
suspension of trading in the Ordinary Shares at 7.30 a.m. on 19th April
2018. The Company will also make an application, conditional
upon the resolution being passed at the General Meeting, for the
cancellation of the admission of the Ordinary Shares to listing on
the Official List and to trading on the Main Market immediately
following the General Meeting with the cancellation expected to
take effect at 8.00 a.m. on
31st May 2018.
A copy of the Circular will be submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/nsm.
A copy of the Circular is now available to view on the Company’s
website at: www.candoverinvestments.com.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Circular.
Ends.
For further information, please contact:
Candover Investments plc
Malcolm Fallen,
CEO +44 20 7489 9848