Result of EGM/Cancellation of Admission (7233Z)
January 19 2011 - 4:01AM
UK Regulatory
TIDMKEN
RNS Number : 7233Z
Kenetics Group Limited
19 January 2011
Kenetics Group PLC
("Kenetics", the "Company" or the "Group")
Result of EGM / Cancellation of Admission to Trading on AIM /
Unsolicited Approach
Further to the Company's announcement on 22 December 2010 and
the circular sent to shareholders, the Company announces that at
its extraordinary general meeting ("EGM") held yesterday at the
offices of Stephenson Harwood, One St. Paul's Churchyard, London,
EC4M 8SH, shareholders of the Company ("Shareholders") approved the
cancellation of the admission of the Company's ordinary fully paid
shares (the "Shares") to trading on the AIM market ("AIM") (the
"Cancellation"). 79% of Ordinary Shares were voted in favour of the
resolutions. The Cancellation will be effective on and from 28
January 2011 and trading in the Company's shares on AIM will cease
at the close of business on 28 January 2011.
The Board intends to set up a matched bargain arrangement,
provided by SVS Securities, to enable Shareholders to trade the
Ordinary Shares. Under this facility, it is intended that
Shareholders or persons wishing to trade Ordinary Shares will be
able to leave an indication with SVS Securities that they are
prepared to buy or sell at an agreed price. In the event that the
matched bargain settlement facility is able to match that
indication with an opposite sell or buy instruction, SVS Securities
will contact both parties to effect the bargain. Shareholders who
do not have their own broker may need to register with SVS
Securities as a new client. This can take some time to process and
therefore Shareholders who consider they are likely to use this
facility are encouraged to commence it at the earliest opportunity.
Once the facility has been arranged, details will be made available
to Shareholders on the Company's website at
www.kenetics-group.com.
Within the last three days the Board has received an unsolicited
approach from a third party for the possible sale of part of the
Group which the Board believes is unlikely to result in an offer
that would be in the best interests of all the shareholders.
-ends-
For further information, please contact:
Ken Wong, Chairman and CEO Dominique Doussot
Kenetics Group Limited ZAI Corporate Finance
(Nominated Advisor)
Tel: +65 6749 0083 Tel: +44 207 060 1760
Alex Mattey / Ian Callaway Jeremy Carey / Andrew Dunn
SVS Securities Tavistock Communications
(Broker)
Tel: +44 207 638 5600 Tel: +44 207 920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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