Ishaan Real Estate PLC Extension of Disposal Long Stop Date (9222A)
26 Marzo 2013 - 3:29PM
UK Regulatory
TIDMISH
RNS Number : 9222A
Ishaan Real Estate PLC
26 March 2013
26 March 2013
Ishaan Real Estate plc
("Ishaan Real Estate" or the "Company")
Extension of Disposal Long Stop Date
On 21 February 2013, Ishaan Real Estate announced the proposed
sale of the Company's entire Property Interests to Chalet Hotels
Private Limited, a member of the K Raheja Corp Group, and other
entities connected with K Raheja Corp Group, for an aggregate
consideration of approximately GBP70.3 million in cash (the
"Disposal"). The Disposal was subsequently approved by Shareholders
on 11 March 2013.
The Disposal remains conditional upon the obtaining of a nil
withholding tax certificate from the Indian tax authorities
confirming that no withholding tax is required to be deducted at
source in relation to the consideration payable to the Group for
the sale of the Property Interests. At the time of the original
announcement on 21 February 2013, it was expected that this
condition precedent to the Disposal would be satisfied by 28 March
2013. However, while progress continues to be made towards
obtaining the nil withholding tax certificate, the Board has been
advised that it is now expected that this process will be completed
by the end of April 2013. As a result, the Board has agreed to
extend the long stop date for the satisfaction of this condition
precedent to 30 April 2013. All the other terms and conditions of
the Disposal remain as set out in the circular sent to Shareholders
on 22 February 2013 (the "Circular").
It is now expected that the initial shareholder distribution
will be made in June 2013.
A further announcement will be made in due course.
Defined terms in this announcement have the same meanings as set
out in the Circular.
Enquiries:
Deutsche Bank AG, London Branch (NOMAD and broker to the Company)
Ben Lawrence
John O'Driscoll
Tel: +44 20 7545 8000
College Hill (PR advisers to the Company)
Mike Davies
Tel : +44 20 7457 2020
Email: mike.davies@collegehill.com
Deutsche Bank AG is authorised under German Banking Law
(competent authority: BaFin - Federal Financial Supervising
Authority) and authorised and subject to limited by the Financial
Services Authority. Details about the extent of Deutsche Bank AG's
authorisation and regulation by the FSA are available on
request.
Deutsche Bank AG is acting for the Company and no one else in
connection with the Disposal and will not be responsible to anyone
other than the Company for providing the protections afforded to
clients of Deutsche Bank nor for providing advice in connection
with the Disposal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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