PANC Panceltica

 

TIDMPANC 
 
RNS Number : 5516U 
Panceltica Holdings Limited 
26 June 2009 
 

 
 
+--------------------------------------+--------------------------------------+ 
| For immediate release                |                         26 June 2009 | 
+--------------------------------------+--------------------------------------+ 
 
 
Panceltica Holdings Limited (the "Company") 
Circular to Shareholders - Trading Update 
The Company is today posting a letter to its shareholders (the "Circular") in 
advance of its AGM, which has been convened for Thursday 9 July.  In the 
Circular the Company notes that due to the unsatisfactory situation regarding 
the completion of its major construction project in Qatar, the lack of 
anticipated future revenue for the Company and consequent financial 
uncertainty, the Board is considering the sale of Scottsdale Holdings Limited 
("the Scottsdale Group") (the New Zealand based manufacturer of steel roll 
forming machines purchased in 2008). This is in addition to and separate from 
the potential sale or closure of the Company's Qatar trading subsidiary, with 
regards to which it is in discussions with Barwa Real Estate Investment Company 
("Barwa"). 
 
 
The Board does not believe that there will be sufficient cash for a distribution 
to be made to its shareholders following any sale of the Scottsdale Group, the 
sale or disposal of the Company's Qatar trading subsidiary and the payment of 
creditors. Furthermore the Board notes that following such disposals (which will 
be subject to the provisions of AIM rule 15 and require shareholder approval) 
the Company would not be in a position to continue as an independent business 
and the Board would seek to arrange a sale of the Company and in the absence of 
which would proceed with winding up the Company. 
 
Copies of the Circular 
are available from the Company's registrars and will shortly be available from 
the Company's website (www.panceltica.com). 
 
 
David Ball, CEO                                                            Tel: 
+974 431 1751 
Patrick Mitchell, Company Secretary 
 
Blomfield Corporate Finance Limited, Nominated Adviser    Tel: +44 (0)207 489 
4500 
Toby Howell / Peter Trevelyan-Clark 
 
Religare Hichens, Harrison & Co. plc, Broker                        Tel: +44 
(0)20 7382 4450 
Daniel Briggs / Nicholas Malins-Smith 
 
Buchanan Communications                                                  Tel: 
+44 (0) 20 7466 5000 
Mark Edwards / Jeremy Garcia 
 
 
Computershare, Registrars                                   Tel: +44 1534 825230 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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