NBNK Nbnk Invest

TIDMNBNK

RNS Number : 9339Y

NBNK Investments PLC

23 May 2016

23 May 2016

NBNK Investments plc

Notice of Cancellation from Trading on AIM

NBNK Investments plc ("NBNK" or the "Company") announces its intention to cancel the admission of its ordinary shares (the "Ordinary Shares") to trading on AIM with effect from 7:00 a.m. on 22 June 2016 (the "Cancellation Date").

The Company announced on 11 April 2016 that it was unable to progress any of the discussions with target companies which, if one or more of the targets had been acquired, would have fulfilled the Company's investing policy. It was also announced that the Directors had resolved that it was appropriate to return unused funds to shareholders and/or to wind up the Company. Consequently, the Directors have determined that it is appropriate to recommend that the Company enters into a members' voluntary liquidation (the "liquidation") and consequently that the Company cancels its admission to AIM.

A notice of General Meeting to be held on 21 June 2016 will be sent to shareholders on or around 26 May to approve the resolutions required for the liquidation process and for the cancellation to trading on AIM (together, the "Resolutions").

Cancellation of admission to trading on AIM

Subject to the passing of the Resolutions by the requisite majority, admission of the Ordinary Shares to trading on AIM will be cancelled with effect from 7.00 a.m. on 22 June 2016, following which the Company's ordinary shares will no longer be tradeable.

The Ordinary Shares will be suspended from trading at 7.30 a.m. on 21 June 2016 in advance of the General Meeting, as the commencement of the liquidation process will render the Company inappropriate for admission to trading on AIM. No mechanism to enable Ordinary Shares to be traded following cancellation will be made available to shareholders and the Ordinary Shares will not be transferable once the Company enters liquidation without the consent of the liquidators. In addition, on the winding-up of the Company, the Warrants will lapse in accordance with the terms of the Warrant Instruments.

Dealings and settlement

The Ordinary Shares will be disabled in CREST immediately following the appointment of the liquidators at the General Meeting.

Following completion of the liquidation process, any existing certificates in respect of Ordinary Shares will cease to have any value and any existing credit of Ordinary Shares in any stock account of CREST will become redundant.

Distribution to Shareholders

The Board anticipates that, subject to the passing of the Resolutions, the liquidators will make a first distribution to shareholders on or around 9 August 2016. It is expected that the liquidators will reserve an amount as a provision against the Company's liabilities and contingent liabilities, which includes a provision for taxation and the costs of implementing the liquidation.

Once all claims have been settled, and tax clearances have been received from HM Revenue & Customs the liquidators will then make a final distribution to shareholders, following which they will convene a final meeting of shareholders and conclude the liquidation by filing a final return at Companies House. The second and final distribution to shareholders will be made prior to the final meeting of Shareholders. Cheques (rounded down to the nearest penny) will be sent to shareholders in respect of their entitlements in the distributions pursuant to the liquidation. The actual date and amount of all distributions will be determined by the liquidators.

Enquiries

For further information contact:

 
 Cenkos Securities plc 
  (Nominated adviser and broker) 
  Ian Soanes 
  Ivonne Cantu                               +44 207 397 8900 
 Law Debenture Corporate Services Limited 
  (Company Secretary) 
  Ian Bowden                                 +44 207 696 5285 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 23, 2016 02:00 ET (06:00 GMT)

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