ISH Ishaan

TIDMISH

RNS Number : 4695E

Ishaan Real Estate PLC

10 May 2013

10 May 2013

Ishaan Real Estate Plc

("Ishaan Real Estate" or the "Company")

Completion of the disposal of the Company's entire Property Interests

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. Further to its announcement on 30 April 2013, the Company is pleased to announce that the Disposal has now completed.

In accordance with the announcement on 21 February 2013, the Investment Advisory Agreement between the Mauritian Holdco and the Investment Adviser automatically terminated on completion of the Disposal. Following Shareholder approval on 11 March 2013, the Company's investment strategy was amended to be the proposed members' voluntary winding up of the Company and its subsidiaries and the cancellation of the admission of the Company's Ordinary Shares to trading on AIM and (the actual implementation of such investment strategy being subject to formal approval by Shareholders of the Company at a future extraordinary general meeting).

As announced on 30 April 2013, the Investment Adviser, or an affiliate of the Investment Adviser, has committed to acquire, subsequent to the Initial Distribution, the Mauritian SPVs owned by the Mauritian Holdco for an expected consideration of approximately GBP700,000. In addition, the Company is in discussions whereby the Investment Adviser, or an affiliate of the Investment Adviser, may acquire some of the trademarks in respect of the Ishaan Real Estate brand name. It is anticipated that this sale of trademarks could raise cash proceeds of up to GBP250,000. The proceeds from the sale of the Mauritian SPVs and the Ishaan Real Estate trademarks would be available for distribution to Shareholders. Negotiations in relation to the sale of the Mauritian SPVs and the Ishaan Real Estate trademarks are ongoing and an update will be provided in due course.

A circular to Shareholders calling an extraordinary general meeting of the Company and setting out the necessary resolutions to approve the members' voluntary winding up of the Company and the cancellation of its listing on AIM will follow in due course.

The Board continues to target the Initial Distribution being made in July 2013, subject to the matters outlined in the circular to Shareholders dated 22 February 2013.

Terms used but not defined in this announcement shall have the meaning given to them in the circular to Shareholders dated 22 February 2013.

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 Conduct Authority (the "FCA"). Details about the extent of Deutsche Bank AG's authorisation and regulation by the FCA 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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