Mirland Development Corporation PLC Update: AIM Cancellation/TASE Admission timetable (0228R)
December 06 2016 - 2:00AM
UK Regulatory
TIDMMLD
RNS Number : 0228R
Mirland Development Corporation PLC
06 December 2016
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE
OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), AUSTRALIA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of the Company or other evaluation of any securities of the
Company or any other entity and should not be considered as a
recommendation that any investor should subscribe for or purchase
any such securities.
6 December 2016
MirLand Development Corporation PLC
(the "Company")
Update to AIM Cancellation and TASE Admission timetable
Further to the announcement by the Company on 17 November 2016
in relation to the Settlement Plan, the Company announces that TASE
Admission and AIM Cancellation will now become effective on 22
December 2016, instead of 21 December as previously notified.
The expected timetable is outlined below:
Latest time for splitting Application Forms (to satisfy bona fide market 3.00 p.m. on 6 December 2016
claims only)
Latest time for lodging Forms of Instruction for the General Meeting 8.00 a.m. on 6 December 2016
Latest time for lodging Forms of Proxy for the General Meeting 8.00 a.m. on 7 December 2016
Voting record time 5.00 p.m. on 7 December 2016
Latest time for receipt of completed Application Forms and payment in 11.00 a.m. on 8 December 2016
full under the Open
Offer or settlement of relevant CREST instructions (as appropriate)
General Meeting 10.00 a.m. (Cypriot time) on 9 December 2016
Expected date for announcement of results of the General Meeting and the 9 December 2016
result of the Subscription
and Open Offer
Admission of the Subscription Shares and the Open Offer Shares to 8.00 a.m. 19 December 2016
trading on AIM
Expected date by which CREST stock accounts are to be credited for New 19 December 2016
Ordinary Shares in
uncertificated form
Consolidation Record Date 6.00 p.m. on 19 December 2016
Adoption of the Amended Articles 6.00 p.m. on 19 December 2016
Termination of the Depository Interest structure 6.00 p.m. on 19 December 2016
Expected time and date of the Share Consolidation 7.00 p.m. on 19 December 2016
Expected date of suspension of trading on AIM 7.30 a.m. on 20 December 2016
Expected date of admission of the Enlarged Share Capital on TASE and 22 December 2016
commencement of dealings
in the Company's shares on TASE
Effective date of the Settlement Plan 22 December 2016
Expected date of cancellation of trading on AIM 22 December 2016
Each of the times and dates in the above timetable is subject to
change. If any of the above times and/or dates change, the revised
times and/or dates will be notified to Shareholders by announcement
through a Regulatory Information Service. References to time in
this document are to GMT unless otherwise stated.
Excess Application Facility
The Company further clarifies that applications by Qualifying
Shareholders for Excess Shares under the Excess Application
Facility will be limited to a maximum number of Excess Shares equal
to three times the Basic Entitlement of such Qualifying
Shareholders at the Record Date.
Extraordinary General Meeting
The circular sent to shareholders in the Company on 17 November
2016 included a notice convening an Extraordinary General Meeting
to be held at 10.00 a.m. (Cypriot time) on 9 December 2016 at
Office 606, 6th floor, Nicolaou Pentadromos Centre, Thessalonikis
Street, 3025 Limassol, Cyprus.
Importance of vote
The Settlement Plan is subject to a number of conditions
precedent. Should any of these conditions not be satisfied in full
or be waived by the Bondholders, the Settlement Plan may not become
effective in accordance with its terms, therefore, as the company
will be in default under the terms of the debentures, the
Bondholders may commence insolvency proceedings against the
Company.
As stated above, it is critical that Shareholders vote in favour
of the Resolutions such that, assuming the other conditions are
satisfied, the Settlement Plan and the Subscription and the Open
Offer can proceed.
All capitalised terms used in this announcement are as set out
in the circular posted to Shareholders on 17 November 2016.
For further information please contact:
MirLand Development Corporation
plc
Yevgeny Steklov
+357 (25) 871
Yevgeny@mirland-development.com 785
FTI Consulting
Dido Laurimore / Ellie Sweeney
/ Tom Gough +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect" and words of similar meaning, include all
matters that are not historical facts. These forward-looking
statements involve risks, assumptions and uncertainties that could
cause the actual results of operations, financial condition,
liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from
the impression created by the forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Given
those risks and uncertainties, prospective investors are cautioned
not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date of such
statements and, except as required by the FCA, the London Stock
Exchange, the AIM Rules or applicable law, the Company undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investec Bank plc ("Investec"), which is authorised and
regulated by the Financial Conduct Authority, is acting only for
the Company in connection with the matters described in this
announcement and is not acting for or advising any other person, or
treating any other person as its client, in relation thereto and
will not be responsible for providing the regulatory protection
afforded to clients of Investec or advice to any other person in
relation to the matters contained herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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