(Alliance News) - Dragon-Ukrainian Properties & Development PLC on Friday said Dragon Capital Investments Ltd now holds a big enough stake in the company to ensure the upcoming cancellation resolution will pass.
On Monday last week, Dragon-Ukrainian said it had determined the cancellation of its AIM shares to be "in the best interest of the company" with majority shareholder Dragon Capital on board. Dragon Capital agreed to buy all Dragon-Ukrainian shares it did not already own at 10 pence each.
At present, having acquired another 25.8 million shares, Dragon Capital now owns 91.3 million Dragon-Ukrainian shares and thus an 83.52% stake - exceeding the 75% threshold needed to pass the cancellation resolution.
Shareholder Lars Bader has also sold his entire stake in Dragon-Ukrainian at 10p per share, 25.8 million shares in total or GBP2.6 million worth.
Dragon-Ukrainian also confirmed it will not be able to publish its 2019 results before its extraordinary general meeting, convened for Wednesday next week, as these results are still in the preliminary stage of auditor review. These results are not expected to include any major property valuation or cash balance changes compared to its interim results.
"As stated in the announcement of 20 April 2020, the company has no clarity on when any of its remaining assets will be disposed of," Dragon-Ukrainian added.
Shares in Dragon-Ukrainian were untraded on Friday morning, having last closed at 10.70p.
By Anna Farley; annafarley@alliancenews.com
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