Ishaan Real Estate PLC Completion of disposal (4695E)
May 10 2013 - 8:32AM
UK Regulatory
TIDMISH
RNS Number : 4695E
Ishaan Real Estate PLC
10 May 2013
10 May 2013
Ishaan Real Estate Plc
("Ishaan Real Estate" or the "Company")
Completion of the disposal of the Company's entire Property
Interests
On 21 February 2013, Ishaan Real Estate announced the proposed
sale of the Company's entire Property Interests to Chalet Hotels
Private Limited, a member of the K Raheja Corp Group, and other
entities connected with K Raheja Corp Group, for an aggregate
consideration of approximately GBP70.3 million in cash (the
"Disposal"). The Disposal was subsequently approved by Shareholders
on 11 March 2013. Further to its announcement on 30 April 2013, the
Company is pleased to announce that the Disposal has now
completed.
In accordance with the announcement on 21 February 2013, the
Investment Advisory Agreement between the Mauritian Holdco and the
Investment Adviser automatically terminated on completion of the
Disposal. Following Shareholder approval on 11 March 2013, the
Company's investment strategy was amended to be the proposed
members' voluntary winding up of the Company and its subsidiaries
and the cancellation of the admission of the Company's Ordinary
Shares to trading on AIM and (the actual implementation of such
investment strategy being subject to formal approval by
Shareholders of the Company at a future extraordinary general
meeting).
As announced on 30 April 2013, the Investment Adviser, or an
affiliate of the Investment Adviser, has committed to acquire,
subsequent to the Initial Distribution, the Mauritian SPVs owned by
the Mauritian Holdco for an expected consideration of approximately
GBP700,000. In addition, the Company is in discussions whereby the
Investment Adviser, or an affiliate of the Investment Adviser, may
acquire some of the trademarks in respect of the Ishaan Real Estate
brand name. It is anticipated that this sale of trademarks could
raise cash proceeds of up to GBP250,000. The proceeds from the sale
of the Mauritian SPVs and the Ishaan Real Estate trademarks would
be available for distribution to Shareholders. Negotiations in
relation to the sale of the Mauritian SPVs and the Ishaan Real
Estate trademarks are ongoing and an update will be provided in due
course.
A circular to Shareholders calling an extraordinary general
meeting of the Company and setting out the necessary resolutions to
approve the members' voluntary winding up of the Company and the
cancellation of its listing on AIM will follow in due course.
The Board continues to target the Initial Distribution being
made in July 2013, subject to the matters outlined in the circular
to Shareholders dated 22 February 2013.
Terms used but not defined in this announcement shall have the
meaning given to them in the circular to Shareholders dated 22
February 2013.
Enquiries:
Deutsche Bank AG, London Branch (NOMAD and broker to the Company)
Ben Lawrence
John O'Driscoll
Tel: +44 20 7545 8000
College Hill (PR advisers to the Company)
Mike Davies
Tel : +44 20 7457 2020
Email: mike.davies@collegehill.com
Deutsche Bank AG is authorised under German Banking Law
(competent authority: BaFin - Federal Financial Supervising
Authority) and authorised and subject to limited by the Financial
Conduct Authority (the "FCA"). Details about the extent of Deutsche
Bank AG's authorisation and regulation by the FCA are available on
request.
Deutsche Bank AG is acting for the Company and no one else in
connection with the Disposal and will not be responsible to anyone
other than the Company for providing the protections afforded to
clients of Deutsche Bank nor for providing advice in connection
with the Disposal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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