WYK Wyndham York

 

TIDMWYK 
 
RNS Number : 7249M 
Wyndham York PLC 
03 February 2009 
 

3 February 2009 
 
 
Wyndham York plc ("the Company") 
 
 
Notice of Extraordinary General Meeting ("EGM") and proposed Cancellation of 
Admission to trading on AIM 
The Company announces that a circular will today be despatched to Shareholders 
convening an EGM to seek Shareholder approval to (i) re-register the Company as 
a private company (the "Re-registration"); (ii) amend the Company's memorandum 
of association; (iii) adopt new articles of association appropriate to a private 
company and (iv) cancel the admission of the Company's ordinary shares to 
trading on AIM (the "Cancellation"). 
The Company was established in 2005 to trade in off-plan and new build 
residential property. In March 2007 the directors wrote to Shareholders, having 
decided to expand the scope of the Company's activities within the residential 
property sector so as to act as an investor in and manager of residential 
property funds. In order to facilitate these activities, Harvey Shulman, 
Managing Director, agreed to subscribe GBP1,000,000 at 67 pence per share. As a 
result, Harvey Shulman owns approximately 57.07 per cent of the share capital of 
the Company. 
It was intended that the first use of the funds subscribed by Mr. Shulman would 
be to invest in and underwrite the launch of a residential property unit trust 
based in Jersey, and to provide management services to such unit trust: in 
addition the Company intended to seek other similar opportunities. 
Despite receiving regulatory approval from the Jersey authorities, the Company 
has so far been unable to effect a successful launch of the residential property 
unit trust, due to adverse market conditions affecting the residential property 
market and investor confidence. 
In the light of the current state of both the UK economy and the outlook for the 
residential property market in particular, the Board has been considering the 
prospects for the Company. 
The Board has extensively analysed the prospects of generating the types of 
returns originally hoped for and has concluded that in view of the current 
economic conditions there is no realistic prospect of generating satisfactory 
returns at the present time or in the medium term either from the Company's 
original business of trading in new residential property, or in promoting and 
managing residential property funds. The Board has therefore considered 
alternatives for the Company and has concluded that it will benefit Shareholders 
as a whole to make arrangements whereby the net surplus cash of the Company can 
be returned to Shareholders. 
Accordingly and as a first step in these arrangements, Shareholder approval for 
the Cancellation and for the Re-registration is being sought at the EGM to be 
held on 25 February 2009 at 10.00 a.m. at 8 Canfield Place, London NW6 3BT. It 
is expected that, subject to Shareholder approval at the EGM, the Cancellation 
will take effect from 7.00 a.m. on 25 March 2009.  Once the Company has been 
re-registered as a private company, the Board would, as soon as practicable, 
propose to send out a further circular to Shareholders in order to implement the 
capital reduction which would create the necessary reserves to return net 
surplus cash to Shareholders. 
The Cancellation requires the approval of 75 per cent of those present and 
entitled to vote at the meeting or voting by proxy, in accordance with Rule 41 
of the AIM Rules for Companies. 
Following the Cancellation, there will be no market facility for dealing in the 
ordinary shares and no price will be publicly quoted for the ordinary shares. As 
such, holdings of ordinary shares are unlikely to be capable of sale and will be 
difficult to value. In the event that Shareholders wished to and were able 
to transfer ordinary shares, this would need to be done by submission to the 
company secretary of a duly executed and stamped stock transfer form and the 
register of members of the Company would be updated accordingly. 
The Notice of EGM is being posted to Shareholders today, and a copy of the 
notice and accompanying circular explaining the arrangements in more detail will 
be available at the Company's website shortly at: www.wyndhamyorkplc.com 
For further information: 
 
 
+------------------------------------+------------------------------------+ 
| Wyndham York plc                   | Tel: 020 7908 7700                 | 
| Chris Phillips (Chairman)          | Tel: 020 8349 8842                 | 
| Harvey Shulman (Managing Director) | Tel: 020 8349 8842                 | 
|                                    |                                    | 
| Jose Gonsalves (Finance Director)  |                                    | 
+------------------------------------+------------------------------------+ 
| Smith & Williamson Corporate       | Tel: 020 71314000                  | 
| Finance Limited                    |                                    | 
| Dr Azhic Basirov                   |                                    | 
| Joanne Royden-Turner               |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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