Validity of EGM Requisition (3284F)
14 Giugno 2012 - 8:00AM
UK Regulatory
TIDMABL
RNS Number : 3284F
Ablon Group Limited
14 June 2012
14 June 2012
ABLON Group Limited
Validity of EGM Requisition
ABLON Group Limited ("ABLON" or "the Company") announces that
further to its announcement dated 11 June 2012 (the "Initial
Announcement") regarding the proposed requisition of an
extraordinary general meeting of the Company (the "EGM") by a
substantial shareholder of the Company (the "Requisition") it has
taken legal advice as to the validity or otherwise of the
Requisition.
The Requisition proposes that certain resolutions (as detailed
in the Initial Announcement) (the "Proposed Resolutions") should be
put to shareholders at the EGM as ordinary resolutions. Each of the
Proposed Resolutions would, if passed, require the Board to
undertake certain actions as to the management and direction of the
business of the Company.
The Company has been advised by legal counsel that the Proposed
Resolutions may not be properly moved as ordinary resolutions and
would, if passed as ordinary resolutions, be ineffective as a
matter of Guernsey law. The Company has been advised that the
Proposed Resolutions would only be effective if passed as special
resolutions. As a result, the totality of the business of the
proposed meeting is ineffective.
The Company has discussed the Requisition with the
requisitioning party and has advised such shareholder that it
considers the Proposed Resolutions as proposed to be passed to be
invalid under the Companies Law. The Company will continue its
discussions with such shareholder and shall ask the requisitioning
party to withdraw the Requisition as proposed given its
invalidity.
Unless the Requisition is withdrawn the Company will convene an
EGM to consider the Proposed Resolutions but proposing such
resolutions in a form that can be properly moved and will serve a
notice to convene the EGM within 21 days after the receipt of the
Requisition, treating the Requisition as being effective only for
the purposes of convening an EGM.
The Company will make a further announcement in due course.
For further information, please contact:
ABLON Group Limited Kristof Skwarek Tel. +36 1 225 6600
Arden Partners plc
Adrian Trimmings / Justine Waldisberg Tel. +44 (0)20 7614 5900
Newgate Threadneedle (Financial PR)
Graham Herring Tel. +44 (0) 20 7653 9858
Terry Garrett Tel. +44 (0) 20 7653 9845
NOTES TO EDITORS
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 34
locations, of which there are 15 completed projects, one project in
the construction phase and 23 development projects in Budapest,
Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a
diversified mix of office, residential, retail, logistics and hotel
developments valued at EUR484 million by external independent
appraiser (GVA), as at 31 December 2011. The ABLON Group had, as at
31 December 2011, 202,000 square metres of existing and income
generating office, residential, hotel, retail and logistics assets
(at 15 locations) in Budapest and Prague, with a significant
development land bank comprising a further 1,236,300 square metres
(at 24 locations) in Budapest, Prague, Bucharest, Warsaw and
Gdansk. ABLON's shares are traded on the Main Market of the London
Stock Exchange under the ticker 'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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