Don`t cry for me Argieriddler14 Jul 2014 21:09
28 February 2012
DOUGLASBAY CAPITAL PLC (the "Company")
Update on implementing its investment policy and suspension from AIM
Following the disposal of the investment in TDG (DBAY's principal investment) on 28 March 2011, DBAY had a year under the AIM Rules to implement its investing policy and in the event that the proceeds were not substantially reinvested the Company would be suspended from trading on AIM.
In May 2011, DBAY returned approximately £197.5m to shareholders by way of a tender offer, leaving the Company with Net Assets of £24.6m, of which £15.1m comprised cash resources. Since then additional cash proceeds of £5.4m were generated through the sale of two further properties. Whilst the Company is currently reviewing a number of investment opportunities, at this point in time it is not expected that DBAY will have substantially reinvested the proceeds by the end of the 12 month period. The Board therefore, expects that DBAY will be suspended from trading on AIM at 7.30 a.m. on 29 March 2012 (the "Suspension").
DBAY intends to continue assessing opportunities with the intention of implementing its investment policy whilst the Ordinary Shares are suspended from trading on AIM. Whilst the shares are suspended from trading on AIM off market transactions may be possible. Shareholders should note that following the Suspension, the Ordinary Shares will not be restored to trading on AIM unless the investment policy is implemented within six months from date of Suspension.
However, if suitable investments are not identified and completed in the six month period post suspension the shares of the Company ("Ordinary Shares") will be cancelled from trading on AIM. In this eventuality the Company will engage in a dialogue with its main shareholders on how best to return its capital in the most efficient way.
As at the date of this announcement the unaudited net asset value of DBAY is approximately £22m (13.2 pence per share) and this is underpinned by approximately £16.5m in cash resources (9.8 pence per share). The balance of the net assets comprises minority holdings in quoted companies and one freehold property, and is stated after the impairment in the value of some unlisted minority investments.
For further information please contact:
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After delisting all shares except one were taken and 13p paid as promised .
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