-3x Short China Share Price (SCHE)

So its a total loss? company gone completely?

there goes 9k in the toilet.

The Company is proposing to place the Company into a Solvent Liquidation. Important Information & Other Key Dates: The Board has announced that as part of it's restructuring proposals, it is intending to effect a disposal of the Company's assets and to place the Company into a Solvent Liquidation. The United Kingdom Listing Authority has granted the Company a waiver in respect of the requirement to prepare a circular and obtain shareholder approval for the restructuring and the Board has been advised that in light of the serious financial position of the Company ,there would be no value left for distribution to the Company's Shareholders. Therefore it is expected that no distributions will be made. It has not yet been confirmed who will be appointed as the Liquidators of the Company, or on what date they will be appointed. The Board do however hope to have completed all disposals by early November 2011 and expects all such disposals will have been completed by the end of 2011. We will update you on receipt of any further information from the Company or its Liquidators. Should you wish to find more information about the Liquidation, please visit the Southern Cross website, http://investors.schealthcare.co.uk/.

Mr Taylor is a Managing Director of Alix Partners and is a restructuring specialist, with extensive experience of multi party situations. Mr Taylor will continue to fulfil the role of Chairman of the Company's Restructuring Committee. Jamie Buchan, Chief Executive of Southern Cross, commented: "I would like to thank Christopher for his unwavering support. Having accepted the role of Chairman when the Company was already in crisis, he has displayed real courage together with a conviction to see the challenge through. "Stephen Taylor's appointment further aligns the interests of the Company and its creditors as it enters the process of solvent wind down and I am confident that his experience of complex restructuring will prove beneficial." Christopher Fisher said: "Now that the transfer of homes has commenced, I consider my role complete. While the last year has thrown up many difficult issues, I very much appreciate the widespread support and effort which, allowing for the circumstances, has secured this outcome."

Southern Cross announces that: · business purchase agreements covering approximately 70% of the Group's care homes have been entered into and are unconditional; and · 3% of its care homes (250 by number) have transitioned to new operators following approval by the relevant Care Regulator and completion of care home staff consultation. The transfer of this wave of homes is the first significant step in implementing the restructuring. Further transfers will follow in October and November. As previously indicated, the Company confirms today the resignation of its chairman, Christopher Fisher, from the Board of Southern Cross, and the appointment of Stephen Taylor as a director. Mr Fisher stepped up to become Chairman in April 2011 and has led the Board through the subsequent restructuring process. Mr Taylor is a Managing Director of Alix Partners and is a restructuring specialist, with extensive experience of multi party situations. Mr Taylor will continue to fulfil the role of Chairman of the Company's Restructuring Committee.