TIDMMLD

RNS Number : 0228R

Mirland Development Corporation PLC

06 December 2016

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of the Company or other evaluation of any securities of the Company or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

6 December 2016

MirLand Development Corporation PLC

(the "Company")

Update to AIM Cancellation and TASE Admission timetable

Further to the announcement by the Company on 17 November 2016 in relation to the Settlement Plan, the Company announces that TASE Admission and AIM Cancellation will now become effective on 22 December 2016, instead of 21 December as previously notified.

The expected timetable is outlined below:

 
Latest time for splitting Application Forms (to satisfy bona fide market                  3.00 p.m. on 6 December 2016 
claims only) 
Latest time for lodging Forms of Instruction for the General Meeting                      8.00 a.m. on 6 December 2016 
Latest time for lodging Forms of Proxy for the General Meeting                            8.00 a.m. on 7 December 2016 
Voting record time                                                                        5.00 p.m. on 7 December 2016 
Latest time for receipt of completed Application Forms and payment in                    11.00 a.m. on 8 December 2016 
full under the Open 
Offer or settlement of relevant CREST instructions (as appropriate) 
General Meeting                                                           10.00 a.m. (Cypriot time) on 9 December 2016 
Expected date for announcement of results of the General Meeting and the                               9 December 2016 
result of the Subscription 
and Open Offer 
Admission of the Subscription Shares and the Open Offer Shares to                           8.00 a.m. 19 December 2016 
trading on AIM 
Expected date by which CREST stock accounts are to be credited for New                                19 December 2016 
Ordinary Shares in 
uncertificated form 
Consolidation Record Date                                                                6.00 p.m. on 19 December 2016 
Adoption of the Amended Articles                                                         6.00 p.m. on 19 December 2016 
Termination of the Depository Interest structure                                         6.00 p.m. on 19 December 2016 
Expected time and date of the Share Consolidation                                        7.00 p.m. on 19 December 2016 
Expected date of suspension of trading on AIM                                            7.30 a.m. on 20 December 2016 
Expected date of admission of the Enlarged Share Capital on TASE and                                  22 December 2016 
commencement of dealings 
in the Company's shares on TASE 
Effective date of the Settlement Plan                                                                 22 December 2016 
Expected date of cancellation of trading on AIM                                                       22 December 2016

Each of the times and dates in the above timetable is subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service. References to time in this document are to GMT unless otherwise stated.

Excess Application Facility

The Company further clarifies that applications by Qualifying Shareholders for Excess Shares under the Excess Application Facility will be limited to a maximum number of Excess Shares equal to three times the Basic Entitlement of such Qualifying Shareholders at the Record Date.

Extraordinary General Meeting

The circular sent to shareholders in the Company on 17 November 2016 included a notice convening an Extraordinary General Meeting to be held at 10.00 a.m. (Cypriot time) on 9 December 2016 at Office 606, 6th floor, Nicolaou Pentadromos Centre, Thessalonikis Street, 3025 Limassol, Cyprus.

Importance of vote

The Settlement Plan is subject to a number of conditions precedent. Should any of these conditions not be satisfied in full or be waived by the Bondholders, the Settlement Plan may not become effective in accordance with its terms, therefore, as the company will be in default under the terms of the debentures, the Bondholders may commence insolvency proceedings against the Company.

As stated above, it is critical that Shareholders vote in favour of the Resolutions such that, assuming the other conditions are satisfied, the Settlement Plan and the Subscription and the Open Offer can proceed.

All capitalised terms used in this announcement are as set out in the circular posted to Shareholders on 17 November 2016.

For further information please contact:

 
MirLand Development Corporation 
 plc 
 
 Yevgeny Steklov 
                                     +357 (25) 871 
 Yevgeny@mirland-development.com     785 
FTI Consulting 
 
 Dido Laurimore / Ellie Sweeney 
 / Tom Gough                       +44 20 3727 1000 
 
  Investec Bank plc 
 
  Jeremy Ellis / David Anderson      +44 20 7597 4000

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "could", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the FCA, the London Stock Exchange, the AIM Rules or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Investec Bank plc ("Investec"), which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Investec or advice to any other person in relation to the matters contained herein.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 06, 2016 02:00 ET (07:00 GMT)

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