FIRE Finance Ireland

    RNS Number : 1496V
  Finance Ireland PLC
  23 May 2008
   


    23 May 2008

    Finance Ireland PLC
    Proposed Delisting from AIM

    Finance Ireland PLC (the "Company") announces that it intends to seek the approval of shareholders to de-list its ordinary shares on AIM
and IEX.  

    In February 2008, the Company announced its temporary withdrawal from the Lifetime Mortgage business due to ongoing difficulties in the
mortgage securitisation and wholesale funding markets.  In response, the Company has dramatically reduced its overhead costs to a level
commensurate with the ongoing management of its Lifetime Mortgage and Reversionary portfolios.  

    In the meantime, the costs and regulatory requirements associated with maintaining listings on AIM and IEX are a significant burden on a
company of this size and totalled some EUR300,000 in 2007.

    The Company continues to seek opportunities in niche financial services and has examined a number of possible acquisitions to increase
shareholder value.  The Directors believe that the proposed cancellation of listing on AIM and IEX will not interfere with or inhibit in any
way the resumption of the Company's existing business or its consideration of acquisition opportunities. The Directors may consider a
re-listing when market conditions improve.

    The Directors consider that the medium-term outlook for the Irish economy is very positive. The Economic and Social Research Institute
(ESRI) is forecasting a return to a steady growth phase from 2010, with average growth of 3.75% per annum up to 2015.  The Directors believe
the Company will be in a good position to re-enter the Lifetime Mortgage market once the wholesale lending market returns to equilibrium.  

    After careful consideration, the Directors have concluded that there is little prospect of raising material funds through AIM or IEX in
current markets.  They also believe that the ongoing cost and administrative burden of maintaining the listings outweighs any potential
benefits that may accrue.  The Directors have therefore concluded that it is in the best interests of the Company and the shareholders if
the listings on AIM and IEX are cancelled.

    Accordingly, the Directors of the Company announce their intention to seek the approval of shareholders of the Company to have the
admission of its shares to AIM and IEX cancelled. The Board intends to write to shareholders on this date (Friday, May 23rd 2008) to convene
a general meeting at which a special resolution will be proposed to effect the cancellation.  Under the AIM rules, it is a requirement that
any delisting from AIM must be approved by not less than 75 per cent of shareholders voting in general meeting.  The date of the general
meeting is set for Tuesday June 24th, 2008. Subject to approval the Company's ordinary shares will be de-listed on Wednesday 2nd July 2008. 
The circular containing details of the delisting will also be available from the Company's website www.financeireland.ie.  In addition, the
Company will attempt to match buyers and sellers of the shares.

    Enquiries:

    Billy Kane, Chairman
    Finance Ireland PLC                                     Tel: +353 1 634 7800

    Sunil Sanikop
    Dawnay, Day Corporate Finance Limited      Tel: +44 (0)207 509 4570

    Brian Corr
    Davy                                                             Tel: +353 1 679 7788

This information is provided by RNS
The company news service from the London Stock Exchange
 
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