CDI Candover Inv.

 
TIDMCDI 
 
3rd April 2018 
 
Candover Investments plc 
 
Candover Investments plc ('Candover' or the 'Company') is today posting a 
circular (the 'Circular') to shareholders of the company ('Shareholders') to 
convene a general meeting at 12.00 noon on 19th April 2018 (the 'General 
Meeting') to commence the members' voluntary liquidation in relation to 
Candover ('Members' Voluntary Liquidation') and approve the appointment of the 
Liquidators with effect from 19th April 2018. 
 
The Company has been in run-off since late 2010 and has now disposed of the 
majority of its investments enabling the repayment of all of its debts. As a 
result, the Directors have concluded that the most appropriate method of 
returning value to Shareholders is through a Members' Voluntary Liquidation. It 
is not possible to determine how long this process might take and the value 
returned to Shareholders may in aggregate be higher or lower than the existing 
unaudited Net Asset Value of the Company, which as at 28th March 2018 (being 
the latest practicable date prior to the publication of the Circular) was GBP27.2 
million or 124p per Ordinary Share. 
 
As at 28th March 2018 (being the latest practicable date prior to the 
publication of the Circular) approximately 43 per cent. of the Company's 
unaudited net assets comprised cash or near cash investments and 53 per cent. 
was made up of the holding of listed shares in Parques Reunidos ('Parques'). 
The Company is currently undertaking the realisation of its Parques shares and 
this disposal process will continue until the holding is fully realised, in an 
orderly manner. The Liquidators plan to continue with the orderly realisation 
strategy if any Parques shares remain unsold at the time the Company enters 
into Members' Voluntary Liquidation. 
 
During the latter part of the run-off process the Board also explored whether 
the Company's accumulated income tax losses could constitute a realisable asset 
but could not find a viable option to achieve any value. 
 
The winding up of the Company will complete the return of value to 
Shareholders.  Further details in respect of such arrangements are included in 
the Circular. 
 
Application will be made to the UKLA for suspension of listing of the Ordinary 
Shares on the Official List of the UKLA and application will be made to the 
London Stock Exchange for suspension of trading in the Ordinary Shares at 7.30 
a.m. on 19th April 2018. The Company will also make an application, conditional 
upon the resolution being passed at the General Meeting, for the cancellation 
of the admission of the Ordinary Shares to listing on the Official List and to 
trading on the Main Market immediately following the General Meeting with the 
cancellation expected to take effect at 8.00 a.m. on 31st May 2018. 
 
A copy of the Circular will be submitted to the National Storage Mechanism and 
will shortly be available for inspection at www.morningstar.co.uk/uk/nsm. 
 
A copy of the Circular is now available to view on the Company's website at: 
www.candoverinvestments.com. 
 
Terms used in this announcement shall, unless the context otherwise requires, 
bear the meanings given to them in the Circular. 
 
Ends. 
 
For further information, please contact: 
 
Candover Investments plc 
 
Malcolm Fallen, CEO     +44 20 7489 9848 
 
 
 
END 
 

(END) Dow Jones Newswires

April 03, 2018 07:00 ET (11:00 GMT)

Candover Investments (LSE:CDI)
Historical Stock Chart
From Apr 2024 to May 2024

Candover Investments (LSE:CDI)
Historical Stock Chart
From May 2023 to May 2024