Notice of AGM and Proposed Cancellation (2192B)
February 15 2011 - 1:01AM
UK Regulatory
TIDMTBI
RNS Number : 2192B
Trans Balkan Investments Ltd
15 February 2011
Trans Balkan Investments Limited
Trans Balkan Investments Limited
Notice of AGM
Trans Balkan Investments Limited
15 February 2011
Trans Balkan Investments Limited (the "Company" or "TBIL")
Notice of AGM and proposed cancellation of admission to trading
on AIM
Trans Balkan Investments Limited will shortly post a circular to
shareholders setting out the Notice of the Annual General Meeting
to be held on Tuesday 15 March 2011 at 11.00 a.m. at First Floor,
19 Victoria Street, Douglas, Isle of Man, IM1 2LW (the
"Notice").
Amongst the resolutions that make up the normal business of the
Annual General Meeting, the Notice includes a resolution for
shareholders to approve the cancellation of the admission of the
Company's Ordinary Shares to trading on the Alternative Investment
Market ("AIM") (the 'Resolution').
Background to the proposed cancellation of admission to trading
on AIM
Having carefully considered the matter for some time and having
consulted with the Company's major shareholders, the Board has
concluded that it is no longer appropriate for the Company's
Ordinary Shares ("Ordinary Shares") to continue to be admitted to
trading on AIM. The Board believes that the cancellation of the
admission of the Ordinary Shares to trading on AIM would create the
following potential benefits to the Company and all its
Shareholders:
-- It will allow the management team to increase its focus on
the business with a reduction in the regulatory, reporting and
filing requirements;
-- It will decrease the high administrative costs, management
time and regulatory compliance associated with maintaining an AIM
listing;
-- It will reduce the risk that sensitive information of
potential value to the Company's competitors will have to be
disclosed in accordance with the AIM Rules.
In addition, a disproportionate amount of senior management time
is spent on meeting AIM requirements considering the extremely low
level of trading activity in the shares of TBIL. Following
cancellation of the admission to trading on AIM, senior management
will be better able to focus on the orderly rationalisation of its
existing business activities including the intended sale of its
holding in TMD.
Although the Board believes that the proposed cancellation is in
the Shareholders' best interests overall, it recognises that
cancelling admission to trading on AIM will make it more difficult
for Shareholders to sell or buy Ordinary Shares should they so
wish. Accordingly, while there can be no guarantee that
Shareholders or Depositary Interest Holders will be able to sell
any Shares or Depositary Interests, any Shareholder or Depositary
Interest Holder seeking to do so following the cancellation of
admission to trading on AIM becoming effective should contact the
Company's Secretariat in writing at c/o Investment Services EOOD,
361 Tsarigradsko shousse, Sofia 1138, Bulgaria. The Company's
Secretariat will then be able to advise as to whether the Board is
aware of any prospective buyers for any Ordinary Shares or
Depositary Interests which the holder thereof wishes to sell at
that time.
The Board also intends that, following the cancellation of
admission to trading on AIM, the Company will continue to comply
with all accounting and regulatory requirements expected of a
company of this status and the Board will continue to update
shareholders as appropriate but at least quarterly on the Company's
progress and trading performance.
Subject to changes in legislation, there is no requirement to
alter or amend the Company's current memorandum and articles of
association in order to achieve cancellation of admission to
trading on AIM.
The Resolution to cancel admission to trading on AIM requires
the approval of 75 per cent. of those present and entitled to vote
at the meeting or voting by proxy. If approved, it is anticipated
that trading in the Ordinary Shares on AIM will cease at close of
business on 22 March 2011, with cancellation on AIM taking effect
at 7.00 a.m. on 23 March 2011.
Recommendation
The Board consider that the proposal to cancel the Company's
shares from admission to AIM is in the best interests of the
Company and its shareholders as a whole and unanimously recommends
shareholders to vote in favour of the Resolution to be proposed at
the Annual General Meeting.
Copies of the Notice of Annual General Meeting will shortly be
available on the Company's website at
www.transbalkaninvestmentslimited.com
For further information please contact:
Trans Balkan Investments Ian Schmiegelow Tel: + 44 20 7630
Limited Natalie Weedon 3350
Collins Stewart - Nomad Stewart Wallace Tel: +44 20 7523
8322
Peel Hunt LLP Capel Irwin Tel: +44 20 7418
8900
Financial Dynamics - PR Ed Gascoigne-Pees Tel: +44 20 7269
adviser David Cranmer 7132
Nick Henderson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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