Cancellation of Admission (7945D)
May 22 2012 - 1:00AM
UK Regulatory
TIDMNLD
RNS Number : 7945D
Nordic Land PLC
22 May 2012
Nordic Land plc (in Liquidation) (the "Company" and, together
with its subsidiaries, the "Group")
Cancellation of Admission, Second Capital Distribution and
Liquidation Timetable
Suspension of Listing Timetable
Nordic Land plc (in Liquidation) announces that, as announced
previously, the admission to AIM of the Company's shares will be
cancelled with effect from 7.30 a.m. on 29 May 2012.
Second Capital Distribution
Following the release of the escrow and retention amounts, the
full proceeds of the sale of the Group's properties have now been
received by the Group. The Board confirms that Nordic Land expects
to make a second capital distribution (the "Distribution") to its
shareholders by 30 June 2012.
Following an adverse movement in the GBP: SEK exchange rate (the
"Exchange Rate"), the Distribution may now be slightly less than
the 12 pence per share which had been previously indicated. The
Board is currently exploring the possibility of converting Swedish
Krona into Sterling in the short term so as to limit the impact of
further adverse movements in the Exchange Rate on the amount of the
Distribution. Further announcements will be made in due course.
The shares will continue to be eligible to be held in CREST
until after the payment of the Distribution.
Liquidation timetable
Following the payment of the Distribution to shareholders, the
process of liquidating the Group will commence. The winding up of
the Group is expected to conclude during the second quarter of
2013. Any funds remaining at the end of the liquidation process
will be distributed to shareholders at that stage.
For further information please contact:
Nordic Land plc
Ray Horney +44 (0) 1273 775225
SP Angel Corporate Finance LLP
Robert Wooldridge/ Tercel Moore +44 (0) 20 3463 2260
Matrix Corporate Capital LLP
Stephen Mischler +44 (0) 20 3206 7000
Bankside Consultants
Simon Rothschild +44 (0) 20 7367 8888
This information is provided by RNS
The company news service from the London Stock Exchange
END
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