Global Fixed Income Realisation Ltd Notice of Delisting (9849K)
December 19 2018 - 5:09AM
UK Regulatory
TIDMGFIR
RNS Number : 9849K
Global Fixed Income Realisation Ltd
19 December 2018
19 December 2018
GLOBAL FIXED INCOME REALISATION LIMITED
(a closed-ended investment company incorporated in Guernsey with
registration number 45717)
NOTICE OF DELISTING AND INTENTION TO PROPOSE THE APPOINTMENT OF
JOINT LIQUIDATORS
The Board of Global Fixed Income Realisation Limited (the
"Company") wish to announce that it has applied to:
-- the Irish Stock Exchange plc trading as Euronext Dublin
("Euronext Dublin") to delist the Company's Ordinary Shares of nil
par value (the "Shares", ISIN: GG00B1GJQ984) from the Official List
and from trading on the Main Securities Market of Euronext Dublin;
and
-- the London Stock Exchange plc to cease trading in the Shares on its Main Market.
Euronext Dublin and the London Stock Exchange have agreed that
the Shares be delisted and that trading in the Shares be ceased
with effect from 31 December 2018. The Board believes that the cost
savings achieved through the delisting will outweigh the benefits
of the Shares remaining listed and admitted to trading.
During the first quarter of 2019, the Board intends to:
- Distribute by way of an Ordinary Share dividend all of the
Company's surplus capital having made necessary provision for
working capital purposes and the requirements of the applicable
solvency regime under The Companies (Guernsey) Law, 2008 solvency
regime.
- The amount of the dividend declared will be determined by the
Board at the time and will be dependent inter alia on the receipt
of any further liquidity from the two remaining portfolio
positions. The Company held cash of GBP1.38 million as at the close
of business on 17 December 2018.
- Convene a general meeting for the purposes of proposing an
ordinary resolution that Joint Liquidators be appointed and the
Company be subject to a voluntary winding-up.
It is expected that two residual asssets will be carried into
the winding-up, being Autonomy Rochavera Limited and South Asian
Real Estate ("SARE"). The process of realising these assets is
expected to be managed by the Joint Liquidators with contracted
input from the Investment Manager,LumX Asset Management (UK)
Limited.
With regards to SARE, the Board announces that a general meeting
of that company has been convened for 17 January 2019 for the
purposes of appointing new directors. While there can be no
assurance as to the outcome of this meeting or of the SARE
investment ultimately, the Board is pleased that it and the
Investment Manager have been able to instigate this process,
working with other SARE shareholders, with a view to improving the
corporate governance.
Enquiries
Numis Securities Limited
Nathan Brown, Corporate Broking and Advisory
Tel. +44 (0) 20 7260 1426
Email: n.brown@numis.com
Praxis Fund Services Limited
Gwendolyn Norman
Tel. +44 (0)1481 737 600
Email: gwen.norman@praxisifm.com
This announcement has been issued through the Companies
Announcement Service of Euronext Dublin.
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END
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