GNE Gne Grp

 

TIDMGNE 
 
RNS Number : 3951Q 
GNE Group PLC 
08 April 2009 
 

 
 
 
 
 
 
GNE Group plc 
 
 
('GNE or 'the Company') 
 
 
Notification of delisting 
Consolidation of Ordinary Shares 
Annual Report and Accounts 
 
 
GNE Group plc (AIM:GNE) announces that the Group's 2008 Annual Report and 
Accounts, including the Notice of Annual General Meeting has been posted to 
shareholders and is available on the Group's website:  www.gnegroup.co.uk. 
 
 
The Group also gives notice hereby that its Annual General Meeting will be held 
at the offices of Seymour Pierce Limited on 1 May 2009 at 11 a.m. 
 
 
Delisting 
At the Annual General Meeting a resolution requiring the consent of 75 per cent. 
of the votes cast will be put to shareholders for the cancellation of admission 
to trading on AIM of the ordinary shares of the Company. The Company wishes to 
notify that the notice period of not less than 20 business days prior to 
cancellation referred to in Rule 41 of the AIM Rules has commenced today. It is 
anticipated that, conditional upon shareholders passing the resolution to cancel 
admission to trading on AIM of the ordinary shares of the Company, cancellation 
of admission to trading will take effect at 7.00am on 12 May 2009. Accordingly, 
if approved, 11 May 2009 will be the last day of trading on AIM of the New 
Ordinary Shares.  Following the cancellation the ordinary shares of the Company 
will not be traded on any public market. 
 
 
Share Consolidation 
The Notice of Annual General Meeting proposes a resolution to consolidate each 
1,000 issued ordinary shares of 25p in the capital of the Company into 1 
ordinary share of GBP250, ("New Ordinary Share") to carry the rights and subject 
to the restrictions set out in the articles of association of the Company. No 
shareholder shall be entitled to a fraction of a share and all fractional 
entitlements resulting from the consolidation shall be aggregated into whole 
shares and shall be sold on behalf of the shareholders by the Company's brokers 
and the net proceeds of sale shall be distributed in due proportion, rounded 
down to the nearest whole penny, amongst such shareholders who would otherwise 
be entitled to fractional entitlements save to the extent where the entitlement 
would be valued at less than GBP5.Norcliffe Investments Limited has given an 
undertaking to the Company's brokers to seek to acquire, or procure that the 
Company will seek to acquire, each New Ordinary Share resulting from the 
consolidation of the fractional entitlements and sold in the market at a price 
of GBP1,900. 
 
 
If the resolution is passed and not withdrawn the following timetable will apply 
in respect of the share consolidation: 
+----------------------------------------------------------------+--------------+ 
| Last day of trading for 25p ordinary shares                    |   1 May 2009 | 
+----------------------------------------------------------------+--------------+ 
| Annual General Meeting                                         |   1 May 2009 | 
+----------------------------------------------------------------+--------------+ 
| Record Date for the consolidation                              |   1 May 2009 | 
+----------------------------------------------------------------+--------------+ 
| Admission effective and dealings commence in New Ordinary      |   5 May 2009 | 
| Shares                                                         |              | 
+----------------------------------------------------------------+--------------+ 
| Expected date of delivery of New Ordinary Shares into CREST    |   5 May 2009 | 
| accounts                                                       |              | 
+----------------------------------------------------------------+--------------+ 
| Expected date of dispatch of share certificates in respect of  |  15 May 2009 | 
| New Ordinary Shares to be held in certificated form            |              | 
+----------------------------------------------------------------+--------------+ 
| Expected date of dispatch of net proceeds of sale of           | 22 May 2009* | 
| fractional entitlements amongst shareholders who would         |              | 
| otherwise be entitled to fractional entitlements               |              | 
+----------------------------------------------------------------+--------------+ 
 
 
* this is anticipated to be no more than 14 days following the sale of 
fractional entitlements. 
 
 
Should the current offer for the shares in the Company remain open on 1 May 2009 
the Board will propose to the meeting to withdraw the resolution proposing the 
consolidation and Norcliffe Investments Limited has agreed that it will vote in 
favour of withdrawing the resolution.  The above timetable only applies if the 
share consolidation resolution is passed. 
- Ends - 
For further information: 
+------------------------------------------+----------------------------+ 
| GNE Group plc                            |                            | 
+------------------------------------------+----------------------------+ 
| David Port, Non-Executive Chairman       |  Tel: +44 (0) 20 7398 7712 | 
+------------------------------------------+----------------------------+ 
|                                          |                            | 
+------------------------------------------+----------------------------+ 
 
 
+------------------------------------------+----------------------------+ 
| Seymour Pierce                           |                            | 
+------------------------------------------+----------------------------+ 
| Richard Feigen / Sarah Jacobs            |  Tel: +44 (0) 20 7107 8000 | 
+------------------------------------------+----------------------------+ 
|                                          |      www.seymourpierce.com | 
+------------------------------------------+----------------------------+ 
 
 
Media enquiries: 
+------------------------------------------+----------------------------+ 
| Abchurch                                 |                            | 
+------------------------------------------+----------------------------+ 
| Henry Harrison-Topham / Monique Tsang    |  Tel: +44 (0) 20 7398 7712 | 
+------------------------------------------+----------------------------+ 
| monique.tsang@abchurch-group.com         |     www.abchurch-group.com | 
+------------------------------------------+----------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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