Last checked at 8 Mar 2010 07:00
China Real Estate Opportunities Plc
Circular re Tender Offer
The Company has today published a circular to Shareholders setting out details of a Tender Offer to purchase shares at £3.30 per Share ("Circular"). The Tender Offer is available to Shareholders (other than certain Overseas Shareholders) on the register as at 5.00 pm on 11 March 2010.
The Company will invite all Shareholders to tender Shares and has committed a maximum of £15 million from its own cash resources to repurchase tendered Shares. In addition, Matrix Corporate Capital LLP has been mandated by the Company to seek to procure third party investors to purchase tendered Shares in a placing at £3.30 per Share.
If the aggregate number of Shares tendered exceeds the amount available taking account of both the Company's participation and any amounts raised in the related placing, applications in excess of each Shareholder's basic entitlement will be scaled back pro rata.
Real Estate Opportunities plc, which holds 8,387,940 shares in the Company, representing 16.9 per cent. of the issued shares, has undertaken to tender all of those Shares. The Directors of the Company, Treasury Holdings and John Ronan (a director of Treasury Holdings) have agreed not to participate in the Tender Offer in respect of the 18,083,917 Shares in the Company held by them in aggregate, representing 36.5 per cent. of the issued shares.
| Expected Timetable | 2010 |
| Record Date for participation in the Tender Offer | 5.00pm on 11 March |
| Latest time for receipt of Tender Forms and TTE Instructions | 1.00pm on 22 March |
| Announcement of results of Tender Offer and Placing | 23 March |
| Settlement - crediting of CREST accounts and despatch of cheques for Tender Offer consideration and despatch of balance certificates in respect of any unsold certificated Shares | from 25 March |
Terms used and not defined in this announcement bear the same meaning given to them in the Circular dated 8 March 2010. A copy of the Circular is available on the Company's website www.china-reo.com.
Enquiries:
| Matrix Corporate Capital LLP
Paul Fincham
Tel: + 44 (0)20 3206 7000
|