Shareholder Circular & Notice of GM

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \nRNS Number : 6633J Aisi Realty Public Limited 04 July 2011  \n\n4 July 2011\nAisi Realty Public Limited\n \nAisi Realty Public Limited (\"Aisi\" or the \"Company\"), the closed-ended investment company incorporated in Cyprus admitted to trading on AIM, today announces that a circular was sent to shareholders after the market closed on 1 July 2011 detailing a subscription, capital reorganisation, the convening of two extraordinary general meetings, a related party transaction and the appointment of a new director (the \"Circular\").  \n \nIntroduction\nOn 15 March 2011, the Company announced that the Board was in discussions with (i) certain existing Shareholders; and (ii) an independent third party investor group to provide a working capital facility, or other cash injection, to meet the short term funding requirements of the Group. Due to these discussions taking longer than anticipated, on 1 June 2011 the Company made a further announcement that it had requested that trading in the Existing Ordinary Shares on AIM be suspended until such time that it had secured all necessary funding to enable to it to carry on as a going concern. \nThe above mentioned discussions with an independent third party investor group, namely South East Continent Unique Real Estate (SECURE) Management (\"Secure Management\"), have now been concluded and the Board is pleased to announce that the Company has entered into a Subscription Agreement with the Investor, a member of the Secure Management group, conditional on, inter alia, the Proposed Investment Resolutions being passed by Shareholders at the First EGM and completion of due diligence to the satisfaction of the Investor, following which the Investor proposes to make a substantial investment in the Company (the \"Proposed Investment\"). \nThe Board is also convening the Second EGM to put forward the Capital Reorganisation Resolutions for Shareholder approval.  The Capital Reorganisation Resolutions will enable the Company to restructure its share capital from Existing Ordinary Shares to New Ordinary Shares for the reasons set out below.  The requisite notice period under the Act for the Capital Reorganisation Resolutions is longer than the Proposed Investment Resolutions. Accordingly, the Company is proposing the Capital Reorganisation Resolutions at the Second ...

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