RNS Number : 6553F
Adamind Ltd
13 October 2008
13 October 2008
Adamind Ltd
("Adamind" or "the Company")
Update on distribution
Further to the announcement of 23 June 2008, Adamind today provides an update to all
shareholders regarding the withheld tax from
previous distributed funds. As announced on 10 April 2008, the Company's shares will be
delisted from the AIM market of the London Stock
Exchange on 14 October 2008, in accordance with AIM Rule 15.
Current Status
The Company advises shareholders that the majority distribution of withheld taxes has not
yet taken place. This has been due to further
requests for information from the Israeli Tax Authority (ITA). The Company informs all
shareholders that the expiration date for the
submission of the forms has been further extended and Adamind will continue to collate all of
the required forms sent from shareholders
until 30 November 2008. The Company will then distribute the applicable withheld tax amounts
to those shareholders that provide the required
forms, subject to ITA approval.
The forms required are:
* Exhibit A form (available on the Company's website www.adamind.com)
* Tax 'certificate of residence' (obtained from resident tax authority)
According to the ITA's interpretation of the ruling issued thereby, distributions,
including of withheld tax amounts, can only be made
to the ultimate beneficiary either directly or via the nominee. As the Company has no means to
verify the information received from
shareholders, Adamind has requested that the ITA approve the distribution of withheld amounts
to shareholders who submit the Exhibit A form
and the certificate of residency. If such approval is granted by the ITA, funds will be
distributed as soon as practicable to shareholders
who have provided correctly completed forms.
Corfin Communications will continue to work with nominees and all shareholders to ensure
they submit the requested information in order
to become entitled to the distribution.
As a result of the foregoing deadline extension and awaiting the ITA approval described
above, the original payment date of July 2008
has been extended and the Company will continue updating its shareholders on any developments
in this matter.
All forms should be sent to Adamind Ltd., c/o Corfin Communications Ltd., Suite 206 / 207,
1 Alie Street, London E1 8DE.
Shares held through offshore accounts
The current ruling does not enable certain shareholders, including entities that are
registered in offshore countries that are not
parties to tax treaties with Israel, to receive the withheld amounts from the Company. The
Company is seeking additional approvals from the
ITA to enable such payments.
Post De-listing Communications
After delisting, the Company will not be able to communicate with shareholders via the
Regulatory News Service. Further communications
to shareholders will be posted to the registered address of shareholders, and made available
on the Company's website at www.adamind.com.Shareholders with further questions should contact Corfin Communications at
adamind@corfinpr.com. In addition, the Company will continue to
convene and hold general meetings of its shareholders as required under applicable law.
Adamind has successfully managed to collect funds in the aggregate approximate amount of
US$335,000 from different tax authorities and
insurance companies. In addition, the Company expects to receive an amount of approximately
US$500,000, representing a majority of the
amount deposited in escrow pursuant to the sale of the Company's assets in April 2007. The
Company intends to distribute to its shareholders
the foregoing amounts, as well as any other amounts that become available for distribution, as
early as practicable.
Enquiries
Corfin Communications
Harry Chathli, Victoria Ward +44 20 7977 0020
This information is provided by RNS
The company news service from the London Stock Exchange
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