Business
Shareholder update and publication of presentation
Shareholder update and publication of presentation.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 7088C Aseana Properties Limited 24 January 2018 \n\nAseana Properties Limited \n(\"Aseana\" or the \"Company\")\n \n \nUpdate on shareholder consultation process and publication of Shareholder Consultation Presentation\n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces, that further to the announcement made on 24 November 2017, it has today published a Shareholder's Consultation Presentation, a copy of which can be obtained from the Company's website at: http://www.aseanaproperties.com/corporatepresentation.htm. The presentation provides an update on the Company's progress in executing its divestment policy, and details the alternative proposals to the discontinuation resolution, on which the Board is seeking feedback from shareholders ahead of the 2018 AGM.\n \nIntroduction and Background\n \nAt an extraordinary general meeting held on 22 June 2015, shareholders voted in favour of the Board's proposals to amend the Company's investment policy to enable a realisation of the Company's assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments. As part of that vote, the Company committed to dispose of all its assets by June 2018 and to propose an ordinary resolution for it to cease trading as presently constituted (the \"Discontinuation Resolution\") at its 2018 AGM (\"2018 AGM\"). If the Discontinuation Resolution is passed, the Board is required, within 4 months, to convene an EGM of the Company at which a special resolution shall be proposed requiring the Company to be re-organised, re-constructed or wound up voluntarily.\n \nWhilst discussions continue to be held on the sale of most of the Company's remaining assets, the Directors do not expect that these discussions will be successfully concluded by June 2018. The Company therefore announced on 24 November 2017 that the Directors would consult with Shareholders to establish whether alternative proposals to the discontinuation resolution should also be put forward at the next AGM, in the interests of maximising value for Shareholders.\n \nProgress since 2015 extraordin...