LTW London Town

 

TIDMLTW 
 
RNS Number : 9709F 
London Town PLC 
22 January 2010 
 

NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR 
ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF 
SUCH JURISDICTION 
 
 
London Town PLC ("London Town" or the "Company") 
Proposed Delisting from AIM of the London Stock Exchange 
 
 
London Town (AIM: LTW) today announces that it is proposing to cancel the 
admission to trading on AIM of its ordinary shares (the "Delisting"). 
 
 
The Company has today published and sent to all holders of ordinary shares in 
the Company (the "Shareholders") a circular setting out further details of the 
Delisting and the implications for Shareholders (the "Circular"). The Circular 
will also contain a notice convening a general meeting on 8 February 2010 at 
8:30 a.m. (the "General Meeting") at which the approval of Shareholders of the 
Delisting will be sought. It is anticipated that trading in the ordinary shares 
on AIM will cease at close of business on 18 February 2010 and cancellation of 
admission to trading on AIM of the Ordinary Shares will become effective at 7:00 
a.m. on 19 February 2010. 
 
 
Reasons for the Proposed Delisting 
The Board has conducted a review of the benefits and disadvantages to the 
Company in continuing to be admitted to trading on AIM and the following factors 
were taken into account during their review: 
  *  the Board believes that the costs and regulatory requirements associated with 
  maintaining the Company's admission to trading on AIM are a significant burden 
  on the Company's financial resources and is not enjoying any of the benefits 
  which might otherwise be expected to arise as a result of its admission to 
  trading on AIM; and 
  *  the Board continues to have constructive discussions with the Bank to explore a 
  number of potential solutions to the significant net asset deficiency as shown 
  on the latest published balance sheet of the Company. However, the Board now 
  believes that any such solution is likely to permanently erode the prospect of 
  any future value attaching to the economic interest of the existing Ordinary 
  Shares in the Company. 
 
The Directors strongly believe that for the reasons referred to above, the 
Company should seek the cancellation of the admission of its ordinary shares to 
trading on AIM. 
The Delisting 
Rule 41 of the AIM Rules requires an AIM company wishing the London Stock 
Exchange to cancel admission of its shares to trading on AIM to notify such 
intended cancellation and separately inform the London Stock Exchange of its 
preferred cancellation date at least twenty business days prior to such date. 
The cancellation is conditional upon consent of not less than 75 per cent. of 
votes cast by Shareholders at the General Meeting. Such consent will be sought 
at the General Meeting. The time of the General Meeting and the principal 
effects and timing of the cancellation are set out in the Circular. The Company 
has received irrevocable undertakings from shareholders together holding 
20,090,757 ordinary shares, representing 68.37 per cent of the current issued 
ordinary share capital of the Company, to vote in favour of the De-listing. 
Upon the Delisting becoming effective, Cenkos Securities plc will cease to be 
nominated adviser to the Company and the Company will no longer be required to 
comply with the AIM Rules. 
Following the Delisting 
Following the Delisting, there will no longer be a formal market mechanism 
enabling the Shareholders to trade their shares through the AIM market and the 
CREST facility will be cancelled. 
 
 
Enquiries: 
Nicholas Wells/Max Hartley 
 
Cenkos Securities plc     020 7397 8900 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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