West Pioneer Properties Limited Result of General Meeting (2585D)
April 25 2013 - 9:30AM
UK Regulatory
TIDMWPR
RNS Number : 2585D
West Pioneer Properties Limited
25 April 2013
Press release 25 April 2013
West Pioneer Properties Ltd.
("West Pioneer" or the "Company")
Result of General Meeting
West Pioneer Properties Limited (AIM: WPR), a leading developer
and operator of shopping centres and mixed use developments in west
and south India, announces that all resolutions put to shareholders
at the Company's General Meeting held today were duly passed.
This included a special resolution to approve the cancellation
of admission of the Company's Ordinary Shares to trading on AIM
(the "Cancellation").
Cancellation of the Company's AIM listing
It is expected that the last day of dealings in the Ordinary
Shares on AIM will be close of business on 10 May 2013 and the
effective date of the Cancellation is expected to be 7.00am on 13
May 2013.
Bridgewell Proposal
Those Shareholders who do not wish to retain all or part of
their holding in the Company can sell their Ordinary Shares at a
price of 11 pence per Ordinary Share to the Bridgewell Parties
under the Bridgewell Proposal. Bridgewell is a shareholder of
Winmore, the Company's majority Shareholder, and is considered to
be acting in concert with Winmore. The Bridgewell Parties have
committed to acquiring Ordinary Shares from Shareholders wishing to
sell up until 10 May 2013. Further details of the Bridgewell
Proposal are set out in the Circular posted to shareholders on 26
March 2013
If you wish to accept the Bridgewell Proposal from the
Bridgewell Parties to purchase your Ordinary Shares, you should
direct your broker to contact the Bridgewell Parties' brokers, Tony
Tharian or Naseer Dean of Eden Financial at 88 Wood Street, London,
E2 7QR, United Kingdom or on 0207 523 8000.
Effect of cancellation
Following the Delisting, there will be no market facility for
dealing in the Ordinary Shares and no price will be publicly quoted
for the Ordinary Shares. As such, holdings of Ordinary Shares are
unlikely to be capable of sale and will be difficult to value.
However, while there can be no guarantee of any Shareholders
being able to purchase or sell any Ordinary Shares, any Shareholder
seeking to do so should contact the Company Secretary in writing at
the Registered Office at CCS Management Limited, Sea Meadow House,
Blackburne Highway, Road Town, Tortola, BVI.
- Ends -
For further information:
West Pioneer Properties Limited
Nitin Dattani, Executive Director Tel: +44 (0) 20 8424
0690
Shore Capital & Corporate Limited
Anita Ghanekar / Edward Mansfield Tel: +44 (0) 20 7408
4090
Media enquiries:
Abchurch Communications
Sarah Hollins / Joanne Shears Tel: +44 (0) 20 7398
7709
joanne.shears@abchurch-group.com www.abchurch-group.com
Notes to Editors
West Pioneer Properties Limited (AIM:WPR) is a leading developer
and operator of retail-led, mixed use developments in west and
southern India, primarily in Tier II cities. West Pioneer was
established to capitalise on the virtually unpenetrated organised
retail environment in India, the rapidly increasing middle class,
greater transparency in the property market, and improved
infrastructure development which provides access to the market.
The retail side to West Pioneer acquires the land and then
develops, leases and manages the shopping malls. The residential
development segment develops and sells residential property. West
Pioneer currently has three developments in Kalyan, Aurangabad and
Nashik.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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