Last checked at 30 Aug 2011 18:14
30 August 2011
AssetCo plc ("AssetCo" or "the Company")
Posting of Scheme Document in connection with a proposed Scheme of Arrangement with Creditors and update on proposed Placing
Further to the Company's announcements on 23 and 25 August 2011, the Company announces that it has today posted a document (the "Scheme Document") to certain of its creditors (the "Scheme Creditors") in respect of a proposed scheme of arrangement under Part 26 of the Companies Act 2006 between the Company and the Scheme Creditors (the "Scheme"). The Scheme Document explains the background to and reasons for the Scheme, sets out the full terms of the Scheme and contains notices convening meetings of creditors of the Company.
The Scheme is part of a proposed restructuring and refinancing of the Company (the "Refinancing"). The objectives of the Refinancing are:
(a) to allow for a refinancing of the Company by way of a proposed placing of new shares in the capital of the Company (the "Placing"), it being an integral condition of the proposed Placing that the Scheme is approved and becomes effective;
(b) to put the Company in a position where it is able to trade as a going concern;
(c) to improve the return for creditors of the Company as compared to that which would be expected were the Company to enter into an insolvency procedure; and
(d) to provide a stronger platform for the growth of the Group's operations in the Middle East.
Further details of the proposed Placing, the acquisition of the AssetCo Abu Dhabi Preference Shares and the Shareholder Resolutions will be contained in a circular to the Company's shareholders (the "Shareholder Circular"), which is expected to be posted to the Company's shareholders in approximately 7 days and will thereafter also be made available on the Company's website at www.assetco.com. The Shareholder Circular will also contain notice convening a general meeting of the Company's shareholders for the purposes of considering and, if thought fit, passing the Shareholder Resolutions.
A copy of the Scheme Document will shortly be available on the Company's website www.assetco.com. Reference is made to the Scheme Document for a full explanation of and the full terms of the Scheme.
Enquiries:
AssetCo plc +44 (0) 207 614 5917
Tudor Davies
Arden Partners plc +44 (0) 207 614 5917
Richard Day
Adrian Trimmings
Chris Thomas
Citigate Dewe Rogerson +44 (0) 121 362 4035
Fiona Tooley