The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAseana Prop. Regulatory News (ASPL)

Share Price Information for Aseana Prop. (ASPL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.12
Bid: 0.11
Ask: 0.13
Change: 0.00 (0.00%)
Spread: 0.02 (18.182%)
Open: 0.115
High: 0.12
Low: 0.115
Prev. Close: 0.12
ASPL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Legal Action update

29 Jan 2024 07:29

RNS Number : 1308B
Aseana Properties Limited
29 January 2024
 

29 January 2024

Aseana Properties Limited

("ASEANA", the "Company" or the "Group")

Legal Action update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed on the Main Market of the London Stock Exchange, announces that it has withdrawn a legal action that it was taking in the Malaysian Courts against Ireka Corporation Berhad ("ICB") the parent company of its former development manager, for non-payment of various debts owed to the Group. The case had been due to start today but has been withdrawn as ICB and the Company have signed a Settlement Agreement (the "Agreement") whereby ICB will transfer 38,837,504 shares in the Company (representing approximately 19.55% of the issued share capital excluding treasury shares) plus its 30% shareholdings in the two joint venture companies that own The RuMa Hotel & Residences in Kuala Lumpur to the Company (collectively the "Settlement"). The Company owns the remaining 70% of these joint venture companies.

 

The impact of the Settlement would be to decrease the Group's Net Asset Value from US$69.1 million reported in the unaudited half year results as at 30 June 2023, to a pro forma unaudited Net Asset Value of US$63.4 million as at the same date. It is anticipated that the 38,837,504 shares received pursuant to the Agreement will be put into Treasury and as a consequence the Net Asset Value per share would increase from US$0.35 as at 30 June 2023 to a pro forma Net Asset Value per share of approximately US$0.40. 

 

The Agreement is conditional on the Company obtaining shareholder approval for the buyback of the 38,837,504 shares held by ICB in the Company at an Extraordinary General Meeting which will be called shortly, and on ICB obtaining approval for the Settlement in the Winding Up Court in Malaysia within 30 days of signing of the Agreement. The Settlement will constitute full and final settlement of the debts due by ICB to the Company. Should the conditions of the Agreement not be satisfied, the Company's directors are uncertain as to whether ICB would be able to satisfy its outstanding debts to the Group due to the fact that ICB is classified as a financially distressed company under Practice Note 17 (PN 17) status in accordance with the listing regulations of Bursa Malaysia.

 

Work continues on the sale of the Sandakan hotel asset and the adjacent Harbour Mall Sandakan and to repay the guarantor banks who now hold the Medium Term Notes. The purchaser of the 32 unsold residences at The RuMa Hotel & Residences in Kuala Lumpur has been unable to finance this acquisition and the contract has therefore been cancelled and the 10% deposit has been forfeited. Due to the delay in completing the sales of these key assets, the Company is seeking to raise short term finance of up to US$2 million to provide working capital until the sales are completed.

 

For further information:

Aseana Properties Limited

Nick, Paris, Non-Executive Chairman +44 (0)7738 470550

nickparis@btinternet.com

Grant Thornton UK LLP

Philip Secrett, Enzo Aliaj +44 (0)207 383 5100

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFLFVSLEITFIS
Date   Source Headline
22nd Dec 200911:07 amRNSMajor Interest in Shares
11th Dec 20099:10 amRNSMajor interest in Shares
11th Dec 20099:00 amRNSMemorandum of Understanding
27th Nov 200911:37 amRNSSale of Tower 2 at KL Sentral development
23rd Nov 20097:01 amRNSQuarterly Investor Update available
23rd Nov 20097:00 amRNSAseana announces Joint Venture agreeement
15th Oct 20091:57 pmRNSDirector Details Change
17th Sep 200911:58 amRNSAppointment of Non-Executive Director
10th Sep 20097:00 amRNSAcquisition of remaining stake in SENI Mont Kiara
27th Aug 20097:01 amRNSQuarterly Investor Report
27th Aug 20097:00 amRNSHalf Yearly Report
6th Aug 20099:26 amRNSMajor interest in Shares
6th Aug 20099:22 amRNSMajor interest in Shares
4th Aug 200912:58 pmRNSMajor interest in Shares
4th Aug 20097:00 amRNSNotice of Interim Results
23rd Jul 20094:05 pmRNSMajor interest in Shares
22nd Jul 200911:26 amRNSNon-Exec Director Appointments
16th Jul 20098:57 amRNSAseana Wins 4 Stars in Asia Pacific Property Award
8th Jul 20093:28 pmRNSMajor Interest in Shares
26th Jun 20099:00 amRNSQuarterly Investor Update
24th Jun 20098:40 amRNSMajor interest in Shares
15th Jun 200911:55 amRNSMajor Interest in Shares
5th Jun 20092:42 pmRNSMajor interest in Shares
3rd Jun 20099:51 amRNSShare Buy-Back
2nd Jun 20095:48 pmRNSDirector details change
2nd Jun 20094:47 pmRNSResult of AGM
29th May 20092:46 pmRNSShare Buy-back
6th May 20098:54 amRNSMajor Interest in Shares
30th Apr 20094:14 pmRNSNotice of AGM
30th Apr 20099:13 amRNSAseana - Asia Pacific Property Awards 2009
30th Apr 20097:00 amRNSAnnual Information Update
28th Apr 200910:20 amRNSMajor interest in Shares
28th Apr 200910:15 amRNSMajor interest in Shares
23rd Apr 20097:00 amRNSResults of Share Buy-back
22nd Apr 20097:00 amRNSShare Buy-Back
21st Apr 20097:00 amRNSAnnual Report
17th Apr 20097:01 amRNSDa Nang acquisition and Quarterly Investor Update
17th Apr 20097:00 amRNSFull Year Audited Results
20th Mar 20097:00 amRNSNotice of Audited Full Year Results 2008
16th Mar 20097:00 amRNSChange of Company Secretary and Registered Office
10th Feb 20092:22 pmRNSHolding(s) in Company
21st Jan 20094:35 pmRNSPrice Monitoring Extension
13th Jan 20097:00 amRNSAcquisition
28th Nov 20088:17 amRNSQuarterly Investor Update
17th Oct 20084:15 pmRNSResult of EGM
16th Oct 20085:20 pmRNSDirector/PDMR Shareholding
9th Oct 20088:54 amRNSGroundbreaking Ceremony in Vietnam
4th Sep 20088:22 amRNSAseana Quarterly Investor Upd
28th Aug 200811:20 amRNSAseana Interim Results update
28th Aug 20089:30 amRNSInterim Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.