Business
Interim Results and Refinancing
Interim Results and Refinancing.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 6172S Sarantel Group PLC 08 November 2013 \n\nFor immediate release\n8 November 2013\n \nSarantel Group Plc\n(\"Sarantel\" or the \"Company\")\nProposed Subscription of 500,000,000 A Ordinary Shares of 0.03p each\nProposed Capital Reorganisation\nProposed adoption of Investing Policy\nNotice of General Meeting\nInterim Results\n \nThe Board of Sarantel announces that it has today posted a circular to Shareholders setting out details of a proposed refinancing of the Company, a capital reorganisation and proposed adoption of an Investing Policy (the \"Proposals\").\n \nAs previously announced on 4 October 2013, the Company was informed by PricewaterhouseCoopers LLP (\"PWC\") that on 2 October 2013 PWC had entered into a sale agreement for the sale of Sarantel Limited's business and assets for an undisclosed sum (the \"Sale\"). The Sale resulted in the disposal of the Company's entire Operating Business and, as such, constituted a fundamental change of business of the Company under Rule 15 of the AIM Rules, resulting in the Company becoming an Investing Company under the AIM Rules. Furthermore, Rule 15 of the AIM Rules requires the Company to state its Investing Policy and to obtain approval from the Shareholders of that Investing Policy going forward. \n \nTrading in the Ordinary Shares on AIM has been suspended since 29 May 2013 pending clarification of the financial position of the Company. The Proposals are, in the opinion of the Directors, the only realistic chance of enabling the Company's Ordinary Shares to recommence trading on AIM prior to 29 November 2013, failing which trading in the Company's Ordinary Shares on AIM would be cancelled. Assuming the Resolutions are passed to implement the Proposals, and following the publication of the interim results for the six months ended 31 March 2012 as set out in Appendix III below, it is expected that trading in the New Ordinary Shares will recommence on 26 November 2013. The Company will be then required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its Investing Policy to the satisfaction of the London Stock Exchange within 12 months of 4 October 2013, the date on which PWC entered into the sale agreement for the sale of Sarantel's business and assets, ...