Business
Proposals regarding the future of the Company
Proposals regarding the future of the Company.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 9773N Aseana Properties Limited 22 May 2015 \n\n22 May 2015\n \nAseana Properties Limited\n(\"Aseana\" or the \"Company\")\n \nProposals regarding the future of the Company - posting of EGM Circular, 2014 Annual Report and Notice of AGM\nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam, listed on the Main Market of the London Stock Exchange, announces that it has today posted to the Company's shareholders (\"Shareholders\") a circular (the \"EGM Circular\") putting forward recommended Proposals regarding the future of the Company to be considered at an Extraordinary General Meeting to be held immediately prior to the 2015 Annual General Meeting, together with its 2014 Annual Report and a letter to Shareholders containing the notice of Annual General Meeting.\nThe Extraordinary General Meeting and the Annual General Meeting will be held at 12 Castle Street, St. Helier, Jersey, JE2 3RT, Channel Islands on Monday, 22 June 2015 at 9.00 a.m. and 9.30 a.m. respectively.\n1. Introduction and background to the Proposals\nAs highlighted in the Chairman's statement in the Company's 2014 Annual Report & Accounts, when the Company was launched in 2007 the Board considered it desirable that Shareholders should have an opportunity to review the future of the Company at appropriate intervals. Accordingly, and as required under the Company's Articles, at the Company's 2015 Annual General Meeting the Company must propose an ordinary resolution for it to cease trading as presently constituted (the \"Discontinuation Resolution\").\nHowever, the Board firmly believes that ceasing to trade and placing the Company in liquidation at this time would have a significant adverse effect upon Shareholder value. Whilst the Board is obliged to put forward the Discontinuation Resolution at the AGM, it does not consider that ceasing to trade at this time is in the best interests of Shareholders. Instead, the Board believes that a policy of orderly realisation of the Company's assets over a period of up to three years is a more appropriate approach in order to maximise the value of the Company's assets and returns to Shareholders, both up to and upon eventual liquidation of the Company. \nAccordingly, in the letter to Shareholders containing the notice of the AGM, which has been...