Business
Cancellation of admission to
Cancellation of admission to.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n RNS Number : 1786E Clean Energy Brazil PLC 15 December 2009 \n \n15 December 2009\n\nClean Energy Brazil PLC\n(\"CEB\" or the \"Company\")\n\nCancellation of admission to AIM\n\nClean Energy Brazil announces that following the mandatory cash offer made by Global Investors Acquisition LLC (\"GIA\") for the Company being declared wholly unconditional on 20 November 2009, the Board has concluded that with the Company's reduced size and revenues, the ongoing costs and regulatory requirements of a quotation on AIM can no longer be justified, and that greater shareholder value will ultimately be derived by operating the Company's business without these burdens. Additionally, it is unlikely that the Company could raise money through a new share issue, removing one of the key attractions of maintaining a quotation on AIM. The Board has accordingly concluded that it is in the best interests of holders (the \"Shareholders\") of ordinary shares in the Company (\"the Ordinary Shares\") and holders (\"the Warrant holders\") of warrants to subscribe for Ordinary Shares (\"the Warrants\") as a whole that the admission of the Ordinary Shares and Warrants to trading on AIM be cancelled (\"the Delisting\").\n\nThe Board is proposing to convene an extraordinary general meeting (\"the Extraordinary General Meeting\") of the Shareholders and a meeting (\"the General Meeting\") of the Warrant holders to put to Shareholders a special resolution and to put to the Warrant holders an extraordinary resolution to cancel admission of the Ordinary Shares and Warrants to trading on AIM, respectively.\n\nThe Company has received indications from Shareholders representing approximately 59.01 per cent. of the issued share capital of the Company that they intend to vote in favour of the resolution to be proposed at the Extraordinary General Meeting.\n\nAssuming that Shareholders pass the resolution to cancel the admission of the Ordinary Shares to trading on AIM, it is proposed that the delisting of the Ordinary Shares would take place on 20 January 2010. Assuming that Warrant holders pass the resolution to cancel the admission of the Warrants to trading on AIM, it is proposed that the&...