As announced on 1 December 2011, the settlement arrangements with DDG were conditional upon a successful Company Voluntary Arrangement (“CVA”) being executed and the share capital of Perriniana Limited being acquired.
Your Board is pleased to announce that the CVA has been completed and cash payments by Carpathian of £4.1m have been made in respect of payments to the creditors and the purchase of 60% of the share capital of Perriniana Limited.
In addition, of the 1,983,671 ordinary shares retained as part of the DDG Settlement, 1,190,203 ordinary shares were transferred to the Company by its nominee and have been cancelled for a nominal sum. The balance of ordinary shares and associated dividends will be transferred to UK Real Estate Management Limited, as referenced in the announcement on 1 December 2011.
Accordingly, the Company’s total issued share capital has been reduced to 230,957,972 ordinary shares of 0.01 euro cents per share.
It is expected that the liquidation of Perriniana Limited will be concluded in February 2012, at which time the share purchase consideration will be released to the relevant sellers.