Business
Update on Proposed Asian List
Update on Proposed Asian List.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n RNS Number : 7380K China Real Estate Opportunities PLC 26 April 2010 \n \n\n \n \nCHINA REAL ESTATE OPPORTUNITIES PLC\n \nUpdate on Proposed Asian Listing\n \nCredit Approval secured for CC1 Refinance\n \n \nChina Real Estate Opportunities plc (\"CREO\" or the \"Company\"), is an AIM-listed company established to acquire investment and development properties in China.\n \nIn March 2010, the Company made a non-binding submission to Singapore Exchange Securities Trading Limited (\"SGX\") to secure approval for admission to Singapore's internationally recognised main board as a Business Trust so as to position the Company closer to its asset base and to potentially re-rate the shares in line with CREO's peer group listed in Asia. The proposed conversion to a Singapore Business Trust would be effected by way of a scheme of arrangement under Jersey law, which would be subject to the approval of both shareholders and the Jersey court, and a listing by introduction in Singapore. This will not involve the raising of fresh capital, but would also result in the Company being delisted from AIM. \n \nThe SGX has today confirmed its approval of a conditional \"Eligibility to List\" application for the listing of a Business Trust (\"Treasury China Trust\" or \"TCT\") on the Singapore main board, subject to the court-approved acquisition by this entity of 100% of the shares of CREO by way of a one for five swap for TCT units. The trading currency of the new units will be Singapore Dollars (SGD).\n \nThis will result in a total of 240,180,020 units being issued in exchange for the 48,036,004 CREO shares in issue currently. Based on the closing price of CREO shares on Friday 23 April 2009 of GBP4.46 per share, this will equate to a TCT price of SGD1.91 per unit.\n \nA consultation process will now be undertaken with CREO shareholders and an Introductory Document, prepared for the purposes of the Singapore listing, is expected to be made available to shareholders in due course. Key attributes of this transaction are:\n \nØ The CREO corporate structure does not change other than by the insertion of Treasury China Trust as the new parent of the group\nØ Treasury Holdings Real Estate Pte. Limited, a Singapore domiciled entity and 100% subsidiary of the Treasury Holdings group,...