Further to the appointment of Richard Barker and Derek Hyslop as Joint Liquidators of the Company on 11 November 2022 and in accordance with the circular issued to shareholders on 11 October 2022 (the "Circular"), shareholders will be aware the Joint Liquidators declared the Initial Distribution (as defined in the circular) at a rate of £12.40 per Ordinary Share, which was paid on 16 December 2022.
The Joint Liquidators are now in a position to confirm that a Second Distribution (as defined in the circular) at a rate of £0.30 per Ordinary Share will be paid on 23 August 2023.
Shareholders will receive their distribution by cheque and those cheques will be issued by the Company's Registrar (Link Asset Services) to the address on the share register as at the Record Date.
Shareholders should refer to Part II of the Circular which sets out a general guide to certain aspects of current UK taxation law and HMRC published practice which may be relevant to receipt of the Initial Distribution and the Second Distribution. If a Shareholder is in any doubt as to their individual tax position, it is recommended that they seek advice from an independent professional advisor.
A third and final distribution will be paid to shareholders at the conclusion of the liquidation. The precise amount and timing of the third and final distribution cannot be determined at this point as it is dependent on finalisation of the Company’s tax affairs in various overseas jurisdictions, but the Joint Liquidators consider that this could be within next 6 months. An update to shareholders will be provided on this website as soon as reasonably practicable and further information in respect of timing and amount of the final distribution will be included within the Joint Liquidators’ progress report to shareholders which will be issued to shareholders within 2 months of the anniversary of the liquidation on 11 November 2023.
Following the commencement of the members' voluntary liquidation, shareholders are no longer able to trade in the Company's shares on the London Stock Exchange. The Company will not publish any further regulatory information service announcements and will not produce further financial statements (other than those prepared by the Joint Liquidators and communicated to shareholders under the relevant provisions of the Insolvency Act 1986).
Shareholders with questions, including regarding the receipt of their entitlements in respect of the first and second distributions, should contact the Company’s Registrar, Link Asset Services, using the details below.