APP.L Regulatory News (APP)

23 Aug 2007 14:12

Park Group PLC23 August 2007 Park Group PLC23 August 2007 Immediate release23 August 2007 Park Group plc ("Park Group" or the "Company") Transfer to AIM Notice of EGM to approve the cancellation of listing of Shares on the Official List and to amend the Articles of Association of the Company The Company is pleased to announce that, in line with the commitment made at thetime of preliminary results for the year ended 31 March 2007, which wereannounced on 27 June 2007, the Board of Park intends to transfer the Company'sstock exchange listing from the Official List to the Alternative InvestmentMarket of the London Stock Exchange plc ("AIM"). As a result, the Companyintends to request the cancellation of the listing of the Shares on the OfficialList on 26 October 2007 (the "Cancellation"). Under the Listing Rules of the UK Listing Authority, the Cancellation requiresthe prior approval of Shareholders by means of the passing of a resolution by amajority of not less than 75 per cent. of the holders of Shares voting in personor by proxy at an extraordinary general meeting at which the resolution isproposed. A circular has been dispatched to Park Group shareholders today givingnotice of an extraordinary general meeting to be held at 12.30pm on 25 September2007 (the "EGM"). It will also be proposed, at the EGM, to make an amendment to the Articles ofAssociation of the Company for the purposes of maintaining for shareholders, inthe event that shareholders approve the Cancellation and transfer to AIM, therights that they currently enjoy under the Listing Rules to approve in generalmeeting any transaction to which the Company or any of its subsidiaries becomesa party which under the Listing Rules would constitute either a class 1 or arelated party transaction. The Directors believe that, taking into account the market capitalisation of theCompany, there are a number of benefits to transferring to AIM. The Directorsexpect that trading on AIM is more likely to bring the Company to the attentionof specialised mid-market company investors, with the potential to improvebrokers' coverage of the Company. The Directors also anticipate that as an AIM quoted company, recurring savingswill be made by the Company in its ongoing costs of administration and ineffecting certain corporate transactions due to the less onerous regulations onAIM. As stated above, in order to provide additional assurance to shareholders,the Company is proposing an amendment to the Articles of Association of theCompany such that any transaction to which the Company or a subsidiary becomes aparty which, if the Company's share capital had remained listed on the OfficialList would constitute either a class 1 or related party transaction, willrequire Shareholder approval. A copy of the circular will be available shortly for public inspection at theDocuments Disclosure Team, UK Listing Authority, Financial Services Authority,25 The North Colonnade, Canary Wharf, London E14 5HS. Ends. For further enquiries, please contact: Park Group plc - Tel: 0151 653 1700Peter Johnson, Executive ChairmanChris Houghton, Group Managing Director Shore Capital and Corporate Limited - Tel: 020 7408 4090Pascal Keane Tavistock Communications - Tel: 020 7920 3150John West This information is provided by RNS The company news service from the London Stock Exchange