Business
Proposed Change of Investing
Proposed Change of Investing.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n RNS Number : 7370C Off-Plan Fund Limited (The) 19 November 2009 \n \n\n\n\n\n\n\n\n19 November 2009\n\n\n\n\n\nTHE OFF-PLAN FUND LIMITED\n(the \"Company\" or \"Fund\")\n\nProposed Change of Investing Policy\n\nThe Company announces that it has today posted a circular to Members of the Company (the \"Circular\") detailing a proposal to vary the investing policy of the Fund so as to authorise and permit the Directors to undertake an orderly disposal of the remaining properties, investments and other assets of the Fund, on such terms as the Directors consider to be necessary or desirable, in order to achieve a systematic winding down of the activities of the Fund (the \"Orderly Winding Down\"). \n\nSave where the context requires otherwise, defined terms used in this announcement shall have the same meaning as given in the Articles of Associations of the Fund (the \"Articles\").\n\nBackground to the proposal\nIn light of recent discussions with a number of significant shareholders and further to the return of capital announced on 26 October 2009, the Directors have resolved, subject to approval of the Members, to commence the Orderly Winding Down. \n\nThe Directors of the Fund are of the view that a disposal of the remaining properties, investments and other assets of the Fund in anything other than an orderly manner will significantly reduce the level of potential returns of cash to Members. In effecting the Orderly Winding Down, the Directors will actively consider all offers for the remaining property units on an individual or group basis, in relation to their prevailing Red Book (the standard valuation manual of the Royal Institution of Chartered Surveyors) valuations, in order to seek to maximise the potential return of cash to Members. Whilst the Fund will always seek to achieve the best possible price in the market for its properties, depending on prevailing market conditions there is no certainty that any of the Fund's properties can be sold at their Red Book valuations. In addition, as property is an illiquid asset, the Orderly Winding Down may take some time to be completed and there is a risk that acceptable purchasers may not be found in the immediate term. As announced on 26 October 2009, the Fund will also pursue the recovery of £1.1 million in deposits, which...