Business
Posting of Circular and Notic
Posting of Circular and Notic.
About this update from Rome Resources Plc
[{"type":"text","content":"\n RNS Number : 3861C Pathfinder Properties PLC 29 August 2008 \n \n\nFOR IMMEDIATE RELEASE \n \n29 August 2008 \n\nPATHFINDER PROPERTIES PLC\n('Pathfinder' or the 'Company')\n\nPosting of Shareholder Circular and Notice of EGM\n\n\nThe Company announces today that it has sent a Circular to Shareholders setting out the proposals to dispose of the Ilford development site for £3,500,000 in cash and the Victorian Brewery at the Newark development site for £500,000 in cash plus an undertaking to complete the brewery development to acquisition vehicle(s) of Gerard Lee, a director and 16.6% shareholder of the Company. The Ilford site has recently been independently valued at £2,500,000 and the Victorian Brewery has recently been independently valued at £513,000.\n\nThe Disposals will constitute 'related party transactions' under AIM Rule 13 and 'disposals resulting in a fundamental change of business' under AIM Rule 15, although the Company will continue as a property development company holding its remaining sites. In addition, the Disposals will also constitute 'substantial property transactions' requiring shareholder approval under section 190 Companies Act 2006. \nAs stated above, the Disposals are classified as 'related party transactions' under AIM Rule 13. Accordingly, the Directors, other than Mr Lee who is interested in the transaction, (the 'Independent Directors'), have consulted with Beaumont Cornish Limited and consider the terms of the transaction to be fair and reasonable insofar as the shareholders of the ...