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Posts: 12,284
[ASTR] With the majority of financial pundits echoing the sentiments of Ministers that the economy is out of intensive care. Now might be a splendid time to cash in on the expected growth in Corporate ipo and takeover activity expected next year. There are a lot of cash rich private investment funds out there itching to take advantage of the low capitalisation of some very strong corporate outfits that, with an out of touch banking system, are itching to fill the capital investment void. With Amara Dhari the investment vehicle of the Middle Eastern and North African corporate advisory business on the prowl to tap the London Stock Exchange pool of liquidity, already having taken a 26% stake in [DAN]. [ASTR] [DAN] Well worth taking a position at current levels before interest really takes a hold.
Posts: 12,284
This investment bank and stockbroker [ASTR], today announces its interim results for the six months ended 30 June 2009.Highlights Significant restructuring programme essentially completed Acquisition of complementary businesses, Dowgate Capital Plc and Ruegg & Co Limited June 2009 was the first profitable month for fifteen months Group rebranded under the well established Astaire name Group retained net cash remains strong at £9.1 million. Associated report EVOL today announces its interim results for the six months ended 30 June 2009 which incorporate the results for its principal operating subsidiary, Astaire Group Plc.Highlights Restructuring of Astaire Group largely completed.Underlying loss before tax * of £2.4 million (2008 loss of £4,000), reflecting the acquisition of Astaire Group.
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[ASTR] [EVOL] The stated policy of Astaire has, since 11 February 2011, been to realise assets with a view to returning cash to shareholders when possible. All of the operating businesses of Astaire were sold by 8 March 2011, but the Board was not able to distribute cash to shareholders pending the resolution of major litigation with Izodia plc. Astaire announced on 24 June 2011 that the Izodia litigation had been settled, but that Evolve Capital Plc ("Evolve"), the holding company of Astaire Group PLC ("Astaire"), had recently notified Astaire that it was considering the strategy for Astaire with the option that Astaire become a more active investing company, rather than returning cash to shareholders. Evolve owns 110,067,610 ordinary shares in Astaire representing 53.6% of the current issued share capital of Astaire. The Board of Astaire recognises that a number of its shareholders would prefer the company to return cash rather than retaining their Astaire shares and participating in any future investment returns. Particular concern has been expressed, in addition, that Astaire's proposed de-listing would be very unattractive in the absence of this cash return. Proposed course of action The Boards of Astaire and Evolve have now discussed the options and concluded that it would be in the best interests of shareholders to put forward a proposal whereby Astaire Shares are redeemed under a Scheme of Arrangement with each Astaire shareholder having a choice of receiving new Evolve Shares, which will be quoted on AIM, or a cash alternative.
Posts: 12,284
[ASTR] cancellation of all Astaire Shares not held by Evolve Capital PLC ("Scheme Document") was posted on 14 September 2011. Under the Scheme, Astaire shareholders may elect to receive consideration of 2p per Astaire Ordinary Share in cash, failing which they will receive 7 New Evolve Shares for every 5 Astaire Ordinary Shares held if all the conditions of the Scheme are satisfied. In order to align the interests of shareholders holding Astaire Shares in uncertificated form (i.e. in CREST) with those of the shareholders holding Astaire Shares in certificated form, the following paragraph is being added as paragraph 2.11 of the Scheme in order that a Cash Election made by way of an Electronic Election may extend to Astaire Shares acquired after the Election Return Time (being 5.00 p.m. on 7 October 2011): "Without prejudice to any other provision of this paragraph or the Form of Election or otherwise, Astaire and Evolve shall be entitled to treat as valid in whole or in part any election for the Cash Alternative which is not entirely in order." In addition, the latest date for making or withdrawing elections for cash consideration has been extended for all Scheme Shareholders (ie both certificated and uncertificated) to 6.00pm on 25 October 2011 (or if the date of the Court Hearing is rearranged, such later date as is one week prior to the Court Hearing). Words and expressions in this announcement have the same meanings as in the Scheme Document which is available at http://www.astairegroup.co.uk/documents.asp