Business
Notice of GM
Notice of GM.
About this update from Associated British Engineering Plc
[{"type":"text","content":"\n \n \n RNS Number : 3645T\n Associated British Engineering PLC\n 17 July 2020\n \n \n \n \n Associated British Engineering Plc \n \n \n (registered in England no. 1100663) \n \n \n 9 High Street, Little Eversden, Cambridge, CB23 1HE\n \n \n 14th July 2020\n \n \n Dear Shareholder\n \n \n Extraordinary General Meeting of Associated British Engineering Plc. to be held on the 3rd August 2020.\n \n \n On the 8th June this year the company made the following public announcement to the Stock Exchange\n \n \n \n \n \n \"The Board of Associated British Engineering Plc (ABE) announces that they have signed two interconnected agreements one for the reorganisation of the group's \"assets for resale\" and the other for the disposal of all its remaining interest in the principal operating subsidiary British Polar Engines Ltd (BPE). The disposal of BPE is subject to shareholder approval at a General Meeting unless the Financial Conduct Authority allows an exemption. The reorganisation is not subject to shareholder consent and resulted in 60% of the \"assets held for resale\" being transferred to the Pension Fund in settlement of its debt and the remaining 40% the subject of an intragroup transfer to ABE at cost. \n \n \n The British Polar Engines Ltd on-going trading business in marine diesels, together with the fixed assets held by BPE and all its liabilities, will be sold as part of the arrangements. This specifically excludes the shares held by BPE for resale as mentioned above and as shown in the last published unaudited interim accounts. \n \n \n The gross assets of BPE being disposed of amount to GBP1,553,000 as in the last published accounts for the six months ended 30 September 2019 and BPE reported a loss before taxation of GBP234,000 for that period. The value of the assets being transferred to MEWA Industrial Holdings Limited under the deal amounts to the shares in BPE valued at GBP1 and the value of the loans to BPE from ABE being transferred to Mr Marks amount with a nominal value of cGBP1.3m for a cash payment of GBP100,000. The liability for the British Polar Engines Ltd section of the pension fund in the March 2019 audited Interim Accounts amounted to GBP3,471,000. \n \n \n The purchaser is MEWA Industrial Holdings Ltd (MEWA) and Nicholas Marks bo...