Completion of B Share Scheme
LONGSHIPS PLC
("Longships" or the "Company")
Allotment and Issue of B shares
Result of Court Hearing
Completion of B Share Scheme and Transfer to Shareholders of
Securities in Praetorian Resources Limited
Allotment and Issue of B Shares
The Board of Directors of Longships is pleased to announce that on 21 August 2012, in implementation of the B Share Scheme referred to in the circular dated 9 July 2012 to shareholders of the Company (the "Circular"), a sum of £2,308,006.50 standing to the credit of the Company's share premium account was capitalised and applied in paying up in full an aggregate of 4,616,013 B shares of 50 pence each in the capital of the Company (the "B Shares"). The B Shares were allotted and issued on 21 August 2012 to shareholders of the Company on the basis of one B share for every 5 existing ordinary shares of £0.01 each in the capital of the Company ("Ordinary Shares") held at the record time of 6.00 p.m. on 16 August 2012. No fractions of a B Share were issued and the entitlements of shareholders were rounded down to the nearest whole number of B Shares.
A copy of the Circular is available on the Company's website at www.longshipsplc.com. Unless the context otherwise requires, terms defined in the Circular have the same meanings in this announcement.
No application has been, or will be, made for the B Shares to be admitted to trading on AIM or to listing on the Official List or admitted to trading on the London Stock Exchange's main market for listed securities, nor will the B Shares be listed or admitted to trading on any other recognised investment exchange.
Furthermore, no share certificates have been, or will be, issued in respect of the B Shares issued to Shareholders, and no CREST accounts have been, or will be, credited with any such B Shares.
Court Hearing and Reduction of Capital
As contemplated in the Circular, at a hearing today, the High Court of Justice (the "High Court") sanctioned the reduction of the Company's share capital by the cancellation of the B Shares (the "Reduction of Capital").
Accordingly, the Reduction of Capital (involving the transfer to shareholders of the Company of ordinary shares and subscription shares in Praetorian Resources Limited.("Praetorian Resources Securities" as referred to in the Circular) became effective today, 23 August 2012.
Each B Share has been cancelled earlier today in exchange for the transfer of Praetorian Resources Securities to holders of the B Shares on the basis of 1 ordinary share of nil par value in Praetorian Resources Limited (a "Praetorian Resources Ordinary Share") for each B Share held and cancelled (and with 1 subscription share of nil par value in Praetorian Resources Limited (a "Praetorian Resources Subscription Share") also transferred for every 2 Praetorian Resources Ordinary Shares so transferred). No fractions of a Praetorian Resources Subscription Share are being transferred and the entitlements of Shareholders are being rounded down to the nearest whole number of Praetorian Resources Subscription Shares.
Further information on Praetorian Resources Limited, including its AIM Admission document dated 4 July 2012, is available on Praetorian Resources Limited's website at www.praetorianresources.com.
Transfer of Praetorian Resources Securities
Shareholders who held their existing Ordinary Shares in certificated form will be sent share certificates for the Praetorian Resources Securities to which they are entitled by 30 August 2012.
All share certificates in respect of Praetorian Resources Securities will be sent by post (for those shareholders who hold their Ordinary Shares in certificated form), at the risk of the Shareholder(s) entitled thereto, to the registered address of the relevant Shareholder (or, in the case of joint Shareholders, to the address of the joint Shareholder whose name stands first in the register of members in respect of such joint shareholding).
The CREST accounts of those shareholders who held their existing Ordinary Shares in uncertificated form have been credited today with the Praetorian Resources Securities to which they are entitled in respect of the cancellation of their holdings of B Shares.
Enquiries:
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Longships PLC |
+44 7768 116866
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Nathan Steinberg, Director |
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Westhouse Securities (Nominated Adviser) |
+44 20 7601 6100 |
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Richard Baty / Petre Norton |
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This information is provided by RNS
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