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Statement re. Suspension

1 Jul 2010 07:00

RNS Number : 5551O
Et-china.com International Holdings
01 July 2010
 

 

ET-CHINA.COM INTERNATIONAL HOLDINGS LIMITED

("Et-china" or "the Company")

 

Suspension of Shares to trading on AIM

 

The Company announces that the audited Final results for the year ended 31 December 2009 as published on 29 April 2010, are non-statutory for the purposes of the AIM Rules as the auditor has not yet received the necessary authorisation and as such it will be unable to post to shareholders the annual report and accounts for the year ended 31 December 2009.

Accordingly, the Company confirms that it will not be able to comply with AIM Rule 19 for Companies requiring the AIM company to send its audited annual accounts to shareholders not later than six months after the end of the financial year to which they relate and as a result its shares will be suspended from trading on AIM effective 7a.m. on 1 July 2010. The Company is currently undertaking the required steps with its advisers to be in a position to post its annual accounts to shareholders and shall do so as soon as its auditor has received the necessary authorisationassuming it does so. A further announcement will be made in due course.

Further to the posting on 16 June 2010 of a Scheme Circular containing details of the recommended proposal by Kuoni Travel Holding Ltd ("Kuoni") to acquire, for cash, all the issued and to be issued ordinary shares in Et-china not already owned by Kuoni (the "Proposal") to be effected by way of a scheme of arrangement under Part 18A of the Companies (Jersey) Law 1991 (the "Scheme"), the expected timetable of principal events will remain unchanged.

The Scheme timetable is as follows:

 

Event

Time/date

Latest time for lodging blue Forms of Proxy for the Court Meeting

 

10.30 a.m. on 13 July 2010

Latest time for lodging white Forms of Proxy for the EGM

 

10.45 a.m. on 13 July 2010

Scheme Voting Record Time

 

6.00 p.m. on 13 July 2010

Court Meeting of the Shareholders of Et-china

 

10.30 a.m. on 15 July 2010

Extraordinary General Meeting of the Shareholders of Et-china

10.45 a.m. on 15 July 2010 or as soon thereafter as the Court Meeting has been concluded or adjourned

 

The following times and dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme, and the date on which the conditions to complete the Proposal are either satisfied or (where capable of waiver) waived. The Court Hearing (to sanction the Scheme) is expected to occur on 22 July 2010. If the expected dates of the Court Hearings are changed, Et‑china will give notice of the changes by issuing an announcement through a Regulatory Information Service or by displaying a notice on its website www.et-chinalimited.com.

 

Court Hearing of the application for sanction of the Scheme

 

2:30 p.m. on 22 July 2010

Last day of dealings in, and for registration of transfers of, Et-china Shares if shares resume trading on AIM

 

23 July 2010

Scheme Record Time

 

6.00 p.m. on 23 July 2010

Court hearing of the application for confirmation of the Reduction of Capital

 

9.00 a.m. on 26 July 2010

Effective Date of the Scheme

 

27 July 2010

Cancellation of admission to trading of Et-china Shares on AIM

 

By no later than 8.00 a.m. on 27 July 2010

 

Latest date for dispatch of cheques and for settlement through CREST

10 August 2010

 

All references in the above timetable to times are to Jersey times unless otherwise stated.

 

Any capitalised term used but not defined in this announcement has the same meaning as is given to it in the Scheme Circular.

The Scheme Circular is available for inspection during normal business hours on any weekday (public holidays excepted) at the offices of Denton Wilde Sapte LLP, One Fleet Place, London, EC4M 7WS until the conclusion of the Court Meeting and the EGM.

For the avoidance of doubt, the Company is not subject to the City Code on Takeovers and Mergers ("City Code") and accordingly investors should be aware that they are not afforded the protections of the City Code.

 

 Contact details for enquiries:

 

 

Et-china.com International Holdings Limited

+86 (0)20 3879 5531

Matthew Ng

 

Seymour Pierce, Nomad and Broker

+44 (0)207 107 8000

Mark Percy

Catherine Leftley

 

The distribution of this announcement in jurisdictions other than in the United Kingdom or Jersey may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or Jersey should inform themselves about, and observe, any applicable requirements. This announcement has been prepared for the purposes of complying with Jersey law and the AIM Rules and information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of any jurisdiction outside the United Kingdom or Jersey.

 

Copies of this announcement and formal documentation relating to the Proposal will not be and must not be, mailed or otherwise forwarded, distributed or sent in, into or from any jurisdiction where to do so would violate the laws in that jurisdiction.

 

The Proposal relates to the shares of a Jersey company and is proposed to be effected by means of a scheme of arrangement under Jersey law. The Proposal will not be sent to Et-china Shareholders who are resident in, or citizens of, or are organised or incorporated in, the United States. Accordingly, neither this announcement nor any other document in connection with the Proposal shall be released, published or distributed in whole or in part in, into or from the United States or any other jurisdiction where to do so would constitute a violation of the relevant laws in that jurisdiction. Neither this announcement nor any other document in connection with the Proposal shall be forwarded by any nominee, custodian, broker or other intermediary in, into or from the United States.

 

Hong Kong

 

WARNING

 

The contents of this announcement and the Scheme Circular have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in doubt about any of the contents of this announcement or the Scheme Circular, you should obtain independent professional advice.

 

This announcement and the Scheme Circular do not constitute an offer or invitation to the public in Hong Kong to subscribe for or dispose of the Scheme Shares. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this announcement or any invitation or document relating to the Scheme Shares, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in circumstances which do not constitute an offer or an invitation to the public for the purposes of the Hong Kong Securities and Futures Ordinance. However, numbered copies of the Scheme Circular may be issued to a limited number of shareholders in Hong Kong in a manner which does not constitute an issue, circulation or distribution of this document, or any offer or invitation in respect of the Scheme Shares, to the public in Hong Kong. Only the person to whom a numbered copy of the Scheme Circular has been issued may take action in response to the Scheme Circular. No person to whom a numbered copy of the Scheme Circular is issued may issue, circulate or distribute this document in Hong Kong or make or give a copy of this document to any other person.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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