Proposed Cancellation and Notice of GM
November 25 2008 - 8:55AM
UK Regulatory
For immediate release: 25 November 2008
Equity Special Situations Limited
("ESS" or the "Company")
Proposed Cancellation of Admission to Trading on AIM and Notice of General
Meeting
The Directors of Equity Special Situations Limited (AIM: EQS) announce that
they have resolved to seek shareholder approval to cancel the admission of the
ordinary shares in the Company to trading on AIM (the "Cancellation").
A circular will be dispatched to shareholders today, which provides the
background to and details of the proposed Cancellation. The main points are set
out below:
* On 10 October 2008 the Board announced that ESS had been granted an interim
injunction against Landsbanki and its agents, under which Landsbanki was
prohibited from attempting to sell certain shares owned by ESS which were
held at Landsbanki as security for a long term loan facility with ESS. The
Company subsequently filed a legal claim against Landsbanki on 24 October
2008 and has been in discussions with certain creditors and other debt
providers;
* Unfortunately, the Board has not yet been able to clarify the status of
assets held by Landsbanki and the Board does not believe that this
situation is likely to be resolved in the short term, although steps are
being taken to recover the assets;
* The proposed Cancellation forms part of the Board's strategy of focusing on
maximising the Company's cash realisation to ensure that the Company meets
its obligations to its creditors and to maximise potential returns for
Shareholders. The Board believes this can best be achieved by continuing
the Company's claims against Landsbanki and others and by disposing of the
Company's investments in a timely manner rather than on a forced timetable;
and
* The Board believes that the Company will be best positioned to pursue its
strategy as an unquoted company.
The Board of the Company has accordingly convened a General Meeting to be held
at 10 a.m. on 9 December 2008 at Martello Court, Admiral Park, St Peter Port,
Guernsey GY1 3HB at which Shareholders will be asked to consider a Special
Resolution to approve the application by the Company to the London Stock
Exchange plc for the Cancellation.
If approved by the Company's Shareholders at the General Meeting, the expected
date of the Cancellation will be 24 December 2008.
Following the Cancellation all Ordinary Shares will still be capable of being
held and transferred in CREST.
A copy of the circular will be available to download at the Company's website:
www.equityspecialsituations.com.
Trading in the Company's shares will remain suspended pending clarification of
the status of certain of its investments.
- Ends -
Further information:
Equity Special Situations Ltd
Peter Griffin +44 (0)1481 751000
Evolution Securities Limited
Jeremy Ellis +44 (0) 20 7071 4300
GTH Communications
Toby Hall +44 (0)20 7153 8039
END
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