Business
Proposed Return of Capital and Reorganisation
Proposed Return of Capital and Reorganisation.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 6166G Aseana Properties Limited 02 July 2012 \n \n\n02 July 2012\nAseana Properties Limited\n(\"Aseana\" or the \"Company\")\n \nProposed Return of Capital and Reorganisation\n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, is pleased to announce proposals regarding the return of capital to its shareholders (\"Shareholders\") and the reorganisation of the Company and its management arrangements.\n \n1. Introduction\n \nOn 25 April 2012, the Company's board of directors (the \"Board\") announced that it was looking at ways to return capital to Shareholders and was considering the management arrangements and future direction of the Company. Shortly thereafter, the Board instructed its advisers to consult with Shareholders to seek their views on the Company's future direction and management arrangements. \n \nOf the Shareholders who participated in the consultation process, holding in aggregate c. 80% of the Company's shares, there were a number of differing and competing views, ranging from a desire for the Company to continue its operations beyond 2015 to an early return of capital and winding up of the Company. \n \nGiven there was no clear consensus among Shareholders, in putting forward the proposals the Board has sought to draw an appropriate balance of Shareholder views by providing an accelerated return of capital while also providing for the Company to continue beyond 2015. \n \nIn the event that the proposals do not receive sufficient Shareholder support, it is the Board's intention that the Company will continue in its current form until the annual general meeting in 2015 (the \"2015 AGM\") at which Shareholders will vote on the Company's continuation as presently constituted, in accordance with the Company's articles of association (the \"Articles\"). Should Shareholders approve proposals for the winding up of the Company at the 2015 AGM and subsequent extraordinary general meeting, it is the Board's intention to seek to maximise Shareholder value through an orderly disposal of the Company's assets. Subject to market conditions at such time, this may involve a bulk sale of some or all of the Company's portfolio, and/or the completion and s...