The completion of the sale of the Company’s remaining properties on 22 April 2016 constituted a fundamental change of business pursuant to Rule 15 and Note 5.6 for Investing Companies of the AIM Rules for Companies and, thus, the Company had twelve months from that date to implement an investing policy or trading in its shares on AIM would be suspended.
At a General Meeting of shareholders on 13 April 2017 a special resolution to approve the cancellation of the admission of the shares to trade on AIM was passed and, as a result, the Company's shares were delisted with effect from 7.00am on 24 April 2017.
CREST, Settlement and Dealings
CREST is a UK computerised paperless share transfer and settlement procedure which allows shares and other securities, including depository interests, to be held in electronic rather than paper form and which enables transfer otherwise than by a written instrument. Securities issued by non-UK registered companies, such as the Company, cannot be held or transferred in the CREST system. However, to enable investors to settle such securities through the CREST system, a depository or custodian can hold the relevant securities and issue depository interests representing the underlying securities which are held on trust for the holders of depository interests. The Company, through its UK Depositary, Computershare, has established such a facility which is being done pursuant to a deed poll executed by Computershare, acting as depository. The Depository Interests, representing shares, have been admitted to CREST. Accordingly, settlement of transactions in shares may take place within the CREST system if the relevant shareholders so wish. Transfer of depositary interests in CREST will be subject to stamp duty reserve tax.
CREST is a voluntary system and holders of shares who wish to receive and retain share certificates will be able to do so. Shareholders who wish to hold their shares in uncertificated form through the depository interest facility will be bound by the terms of a deed poll, the form of which is available by request to the Company.