Aspex Semiconductor5 Oct 2012 18:27
I had a brief e-mail exchange, today, with SPK Company Secretary on the distribution of receipts from the sale. This is what he had to say:
Aspex has most of the cash – because they sold the IP and assets whereas normally we would sell shares.
This cash has to make it to the shareholders of Aspex via a capital route so the other shareholders can qualify for entrepreneurial relief. Therefore there needs to be a liquidation, and this takes longer. Once a liquidator has been appointed, they ought to be able to make an interim distribution.
It is our current estimate that Spark would receive a further tranche of cash in mid-November. If so, we would call an EGM for mid-December with a payout pre Xmas.
Hope this helps, but as you can see, there are a few “IF”’s in there…..
My reservation is that it’s uncertain…and once a liquidator is appointed, timing is out of our hands.
However it is fairly safe to say that a distribution won’t be before December.
Best
Andy