Notice of EGM
February 16 2009 - 10:24AM
UK Regulatory
TIDMWSPH
RNS Number : 3944N
White Star Property Holdings PLC
16 February 2009
White Star Property Holdings Plc
("White Star" or the "Company")
Notice of Extraordinary General Meeting
Proposed change of name to White Star Energy Plc
Proposed Capital Reorganisation
Proposed increase in Authorised Ordinary Share Capital and Directors' Share
Capital Authorities
White Star is pleased to announce that it has today posted a circular (the
"Circular") to Shareholders convening an extraordinary general meeting of the
Company ("EGM").
The purpose of the EGM is to seek Shareholder approval for a proposed change in
Company name to White Star Energy Plc, a proposed Capital Reorganisation and a
proposed increase in both its Authorised Share Capital and the Directors'
authority to issue shares.
On 30 July 2008, the Company's board of directors (the "Board") announced that
it would evaluate investment opportunities which could provide above average
returns to Shareholders. The Board has evaluated several opportunities since
this date and is currently in advanced discussions regarding a potential
transaction in the energy sector. If the potential transaction was to proceed it
would likely involve a placing of the Company's Ordinary Shares.
In order to enable the Board to respond quickly to any opportunities which may
become available, the Board is seeking the approval of Shareholders for, inter
alia, a Capital Reorganisation of the Company's Authorised Share Capital. The
Board considers that the Capital Reorganisation, the details of which are
included in the Circular sent to Shareholders today and available on the
Company's website, will make the Company's Ordinary Shares a more attractive
proposition to potential investors and facilitate the raising of any further
funding required in connection with any investment opportunities identified by
the Board.
Following implementation of the Capital Reorganisation , the New Ordinary Shares
will have identical rights to those currently held by the existing Ordinary
Shares, including their ranking for dividends.
The Board is also seeking Shareholder approval at the EGM to increase the
Company's Authorised Share Capital, to renew the Directors' authority to allot
shares pursuant to section 80 of the Act, to disapply section 89(1) of the Act,
replace the Company's Articles of Association and change the Company's name to
White Star Energy Plc.
The EGM will be held at 11.00am on Tuesday 10 March 2009 at the offices of
Strand Partners Limited, 26 Mount Row, London, W1K 3SQ. Pursuant to the AIM
Rules, a copy of the Circular incorporating notice of EGM will shortly be
available to download from the Company's website at
http://www.whitestarproperty.com/.
The expected timetable of principal events is summarised below:
+-----------------------------------------------+------------------------------+
| Latest time and date for receipt of forms of | 11.00 am on 8 March 2009 |
| proxy for the EGM | |
+-----------------------------------------------+------------------------------+
| EGM | 11.00 am on 10 March 2009 |
+-----------------------------------------------+------------------------------+
| Latest date for dealings in Ordinary Shares | Close of business on 10 |
| and for registration of transfers | March 2009 |
+-----------------------------------------------+------------------------------+
| Record date for Capital Reorganisation | Close of business on 10 |
| | March 2009 |
+-----------------------------------------------+------------------------------+
| Admission effective and dealings in the New | 11 March 2009 |
| Ordinary Shares expected to commence on AIM | |
+-----------------------------------------------+------------------------------+
| Expected date on which CREST accounts are to | 11 March 2009 |
| be credited with New Ordinary Shares | |
+-----------------------------------------------+------------------------------+
| Expected date new share certificates will be | 25 March 2009 |
| despatched | |
+-----------------------------------------------+------------------------------+
| Expected date by which cheques for Fractional | 25 March 2009 |
| Entitlement are to be despatched (where | |
| applicable) | |
+-----------------------------------------------+------------------------------+
| Expected date on which CREST accounts are to | 25 March 2009 |
| be credited with payment for Fractional | |
| Entitlement (where applicable) | |
+-----------------------------------------------+------------------------------+
Subject to the approval of the resolutions contained within the Circular, the
new ordinary shares of GBP0.01 each will commence trading under the new
ISIN GB00B55K9809, with effect from 11 March 2009.
Application will be made for the admission of these Ordinary Shares to trading
on AIM. It is expected that admission will take place and that dealings in the
New Ordinary Shares will commence at 8.00 am on 11 March 2009.
Unless the context otherwise requires, defined terms in this announcement shall
have the meanings given to them in the Circular to shareholders of the Company
dated 16 February 2009.
Enquiries
White Star Property Holdings Plc
Luca Tenuta
Tel: +44 (0)20 7748 2215
Strand Partners Limited
Nominated Advisor
Simon Raggett
Paul Cocker
Tel: +44 (0)20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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