Business
Compulsory Partial Redemption
Compulsory Partial Redemption.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n RNS Number : 0870L Off-Plan Fund Limited (The) 30 April 2010 \n \n\n\n\n\n\n\n\n\n30 April 2010\n\n\n\n\n \n \nTHE OFF-PLAN FUND LIMITED\n(the \"Company\" or the \"Fund\")\n \nNotice of Compulsory Partial Redemption of Participating Shares\n \nThe Company hereby announces that it has today posted a circular to shareholders (\"Members\") of the Company detailing proposals to redeem, on a pro rata basis, up to 3,345,931 shares (\"Participating Shares\"), equivalent to 60 per cent. of its entire issued share capital, for cancellation in accordance with the relevant provisions of the Companies (Jersey) Law 1991. The Participating Shares will be redeemed on 14 May 2010 (the \"Redemption Date\") pursuant to Article 36.00 of the Fund's Articles (the \"Redemption\") to those Members that are registered holders on the Redemption Date at a price of £0.63 per Participating Share.\n \nThe Redemption will take place on a pro rata basis such that each Member of the Fund will have redeemed three Participating Shares for every five Participating Shares held at £0.63 per share, so that each Member has the same proportion of their holding of Participating Shares redeemed (save that the number of Participating Shares to be redeemed held by any Member may be rounded down to the nearest whole Participating Share to avoid any Member holding a fraction of a Participating Share as a result of the Redemption).\n \nBackground to the Redemption\nAs stated in the Fund's Preliminary Results for the year ended 30 September 2009, announced on 31 March 2010 (\"Preliminary Announcement\"), following the sale of units in Walton and Leicester for a total aggregate cash consideration of £1,770,500 (as announced on 3 February 2010 and 23 February 2010, respectively) the Board has resolved to return, on a pro rata basis, approximately £2,100,000 to Members, such cash being surplus to the Fund's current working capital and solvency requirements.\n \nIn determining the level of the redemption the Directors have considered the ongoing running costs of the Fund for the next 12 months, together with a suitable contingency, to allow them to continue the orderly winding down of the activities of the Fund.\n \nMechanics of the Redemption\nThe Directors have sought legal and other professional advice in respect of the potentia...