Business
Posting of Shareholder Circul
Posting of Shareholder Circul.
About this update from Rome Resources Plc
[{"type":"text","content":"\n RNS Number : 2371D Pathfinder Properties PLC 30 November 2009 \n \n\nFOR IMMEDIATE RELEASE 30 November 2009 \n\nPATHFINDER PROPERTIES PLC\n(\"Pathfinder\" or the \"Company\")\n\nPosting of Shareholder Circular and Notice of AGM and GM\n\n\nThe Company announces today that it has sent a Circular to Shareholders setting out the full details of the proposed Proposals. Extracts of the Circular are set out below:\n\n- Introduction\n\nFollowing the disposal of the Ilford site and the Brewery site in Newark as announced on 22 May 2009, the Group has been left with a single development at the Newark development site, being the River Edge and the Road Frontage. This development has been progressed to a position whereby the Group can no longer fund any further development from its existing resources and the Directors believe that it is not worthwhile progressing with further development of this site in the current economic climate. As a result, the Company effectively has no sustainable business to justify its status as an AIM traded entity. Accordingly, the Directors believe that it is in Shareholders' interests to dispose of its property and, at the same time, release the Group from the liability for the associated bank financing on the Newark site, in order to establish a new investing policy in an area in which the Directors' believe could best provide the basis for establishing Shareholder value. The Company has been approached by a group of investors involved in mining proposals and who have the ability to attract investors. The Directors unanimously believe that the proposed change of direction is in the best interests of the Company and its Shareholders. The proposed establishment of a new investing policy will be supported by the provision to the Company of £506,000 of Convertible Loan monies and this allows the Company to publish its Annual Report and Accounts for the year ended 31 December 2008 and its interims to 30 June 2009. This will allow trading in the Company's Existing Ordinary Shares on AIM to recommence with effect from 30 November 2009.\n\n\n- Proposed Disposal of River Edge and Road Frontage sites at the Newark&nbs...