Statement re Proposed Cancellation of Listing
(Thomson Reuters ONE) - 29 October 2009 INSTORE PLC ("Instore" or the "Company") PROPOSED CANCELLATION OF LISTINGThe Board of Instore ("Board") announces that, after carefulconsideration, it has concluded that it would be in the bestinterests of shareholders as a whole to seek to cancel the Company'slisting on the Official List of the UK Listing Authority and tradingon the London Stock Exchange's market for listed securities("Delisting").The Board has today released the interim results for the 26 weekperiod to 29th August 2009 and has stated in those results that CrownCrest's investment in and commitment to the Company has been, andwill continue to be, of vital importance. Not only is Crown Crestproviding material financial support by way of loan and trade creditfacilities, it is also assisting through initiatives such as jointbuying and logistical support. While such assistance is providedalways on a commercial and 'arm's length' basis, these are avenues offinance and credit that may well not have been available to theCompany at all from traditional sources. The Board believes thateven when general economic conditions improve, the Company'ssubstantial dependence on the Crown Crest Group will continue andthat the Company's interests will be best served by some or all ofthe Company's indebtedness to Crown Crest being converted into sharecapital. If approved, this would decrease further the proportion ofthe Company's shares in public hands and bring into question thecontinuing appropriateness of maintaining the Company's listing.The Board have concluded that the benefits which the Company and itsshareholders are able to derive from the listing are considerablyoutweighed by the costs incurred by the Company as a direct result ofthe listing. Accordingly, the Board has come to the conclusion thatit is no longer in shareholders' best interests to maintain itslisting.The Board is aware that the implementation of the Delisting willrestrict the ability of shareholders to realise their shareholdingsin the Company, if they so wish, in the future and that not allshareholders will be able or willing to continue to own Instoreshares following the Delisting. The Board has determined thatfollowing the completion of the Delisting, the Company will offer tobuy back ordinary shares from qualifying shareholders, by way of atender offer at a price of 5p per share and then seek to re-registerthe Company as a private limited company. The buyback of ordinaryshares by way of a tender offer and the re-registration would besubject to the passing of certain resolutions at a further generalmeeting of the Company which will convened following the Delisting ofthe Company.A circular providing full detail of the proposed Delisting andconvening a general meeting will be sent to shareholders shortly.The Board unanimously believes the Delisting to be in the bestinterests of shareholders as a whole, and is recommending thatshareholders vote in favour of the resolution to implement theDelisting at the general meeting.- Ends -For further information please contact:Instore plcEbrahim Suleman - Finance Director 01484 431444Cattaneo LLP - Financial AdvisersCharles Cattaneo 0121616 0395Ian Stanway---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:04 Uhr
Sprache: Deutsch
News-ID 7589
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