Public Service Properties Investments Limited (“PSPI” or the "Company"), formerly a specialist real estate investment and financing company is organised under the laws of the British Virgin Islands.
On 7 July 2016 the Company announced that, as a result of the sale of its remaining properties which was announced on 10 March 2016 and completed on 22 April 2016, and which constituted a fundamental change of business pursuant to Rule 15 and Note 5.6 for Investing Companies of the AIM Rules for Companies, the Company had 12 months from that date to implement its investing policy, or trading in the Company’s shares on AIM would be suspended. At a General Meeting on 13 April 2017 it was resolved to cancel the admission of the Company's shares to trade on AIM and the cancellation took effect on 24 April 2017.
The Company's share capital now comprises 227,655 ordinary shares of $0.01 each in issue.
The Company has outstanding contingent liabilities related to the sale of its German assets in 2015 and 2016 and is in the process of securing default insurance in respect of these warranties. When such insurance is in place, it is the Company's intention to complete a final return of capital and then propose the appointment of a liquidator.