Proposed cancellation of admission to AIM
March 29 2010 - 5:22AM
UK Regulatory
TIDMORPK
RNS Number : 3321J
Orpak Systems Ltd
29 March 2010
29 March 2010
Orpak Systems Ltd
("Orpak" or "the Company")
Proposed cancellation of admission of Ordinary Shares to AIM
The Board of Orpak announces its intention to apply for the cancellation of
admission to trading on AIM of the Ordinary Shares (of nominal value NIS 0.02
each) in the share capital of the Company, subject to shareholder approval at a
Special Meeting. It is anticipated that the effective date of the cancellation
will be 30 April 2010 following the Special Meeting to be held on 22 April 2010.
Rationale for the Cancellation
In arriving at this decision, the Board has considered (1) the significant
ongoing costs associated with maintaining a listing on AIM, (2) the relative
inactivity, in Ordinary Share trading volume terms, of the AIM market, and (3)
the lighter regulatory burden which would be faced by the Company following the
cancellation.
The cancellation should, therefore, result in the Company reducing its
administrative cost burden. Accordingly, the Board unanimously believes that it
is in the best interests of the shareholders to seek cancellation at the
earliest opportunity.
The Board has received undertakings to vote in favour of the resolution to be
proposed at the Special Meeting to effect the cancellation from shareholders
holding shares representing, in aggregate, 86 per cent. of the issued share
capital of the Company.
Effect of Cancellation
Following cancellation, the Ordinary Shares will not be listed on any publicly
quoted market in the UK or elsewhere. Should the cancellation be approved, the
Company intends to act in an appropriate manner befitting a company that no
longer trades through a public market.
The principal effects of cancellation will be:
· there will no longer be a formal market mechanism enabling the shareholders
to trade their shares through the AIM Market. The Company's Depositary Interest
and CREST facility will be cancelled and the volume of trading in the Ordinary
Shares is likely to be severely reduced
· the Company will not be bound to announce material events, nor announce
interim or final results (although annual accounts will still be sent to
shareholders prior to an AGM being held, in accordance with the Company's
articles of association)
· the Company will no longer be required to comply with any of the corporate
governance requirements for companies trading on AIM
A circular providing further details on the proposed cancellation and Special
Meeting is being posted to shareholders today. The circular is also available on
the Company's website: www.orpak.com.
Enquiries
Orpak Systems Ltd
Hayim Kohen, CEO +972 3 577 6868
Hemi Shtral, CFO
Libertas Capital
Sandy Jamieson +44 20
7569 9650
Corfin Communications
Harry Chathli, Claire Norbury +44 20 7977 0020
This information is provided by RNS
The company news service from the London Stock Exchange
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