TIDMCIG

RNS Number : 9477A

Critical Information Group

09 February 2011

Critical Information Group PLC ("CIG" or the "Company")

Recommended Proposals in relation to the voluntary winding-up of the Company and cancellation of admission to trading on AIM

On 26 October 2010, the board of directors of the Company (the "Board") announced a proposed change in the Company investing policy, whereby the Company would seek to realise its assets in a managed way through either a liquidation, sale or alternative value realisation strategy. The change in investing policy strategy was subsequently approved by the shareholders of the Company (the "Shareholders") at the annual general meeting of the Company held on 18 November 2010.

The Board has reviewed the likelihood of either a trade sale of the business or the progression of current early stage projects. After due consideration, the Board is of the opinion that a managed realisation of the Company's assets through a members' voluntary liquidation is in the best interests of Shareholders and the Company.

The Board therefore announces today that it intends to seek shareholder approval to put the Company into members' voluntary liquidation, appoint liquidators and cancel admission of the Company's shares to trading on AIM (the "Proposals").

A circular (the "Circular") will shortly be posted to Shareholders setting out further details on the Proposals and convening an extraordinary general meeting of the Shareholders (the "EGM") at 10.30 a.m. on 10 March 2011 in order to approve the Proposals.

In accordance with Rule 41 of the AIM Rules, the Company has notified the London Stock Exchange plc of its intention to cancel the admission of the Company's shares to trading on AIM, subject to Shareholder approval at the EGM. If the Proposals are approved by Shareholders by the requisite majority at the EGM, it is intended that the admission of the Shares to trading on AIM will be cancelled with effect from 7.00 a.m. on 11 March 2011.

The Directors intend to vote in favour of the resolution approving the Proposals to be proposed at the EGM in respect of their own beneficial and non-beneficial holdings of the Shares (amounting in aggregate to 1 450,000 Shares, representing approximately 48.3 per cent. of the issued share capital of the Company).

Copies of the Circular, including the Notice of the EGM, will shortly be available on the Company's website at http://www.criticalinformationgroup.com.

Terms used in this announcement shall have the same meaning as set out in the Circular.

Expected Timetable of Principal Events

 
 Circular posted to Shareholders                       10 February 2011 
 Latest time and date for receipt            10.30 a.m. on 8 March 2011 
  of Form of Proxy for the Extraordinary 
  General Meeting 
 Record Date for Shareholder entitlements                 10 March 2011 
  in respect of the Liquidation 
 Suspension of the Shares from               7.30 a.m. on 10 March 2011 
  trading on AIM 
 Extraordinary General Meeting              10.30 a.m. on 10 March 2011 
  to consider Resolutions to wind-up 
  the Company, appoint the Joint 
  Liquidators and cancel the listing 
  of the Company's shares on AIM 
 Cancellation of the Shares from             7.00 a.m. on 11 March 2011 
  admission to trading on AIM 
 Expected first cash distribution             on or around 7 April 2011 
  to Shareholders

References to times above are to London time, unless stated otherwise.

Enquiries:

 
 Critical Information Group plc 
  David Smith / Tony Foye          +44 (0)20 8906 6707 
 Singer Capital Markets Limited 
  James Maxwell / Jenny Wyllie     +44 (0)20 3205 7500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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