Elevated view of the Vatukoula Gold Mine in Tavua.
LONDON STOCK
EXCHANGE (AIM)
LONDON, UNITED KINGDOM
Vatukoula Gold Mines plc (“VGM” or “Company”) announced on May 30 it would be opting out of the London Stock Exchange.
A release said it was sending a circular to shareholders together with a notice convening a General Meeting of the company to seek shareholders’ approval to cancel the admission of the company’s ordinary shares of 5p each to trading on AIM.
The directors had recently undertaken a review of the benefit of the shares continuing to be traded on AIM.
Consultation
Having completed this review, which included consultation with the company’s advisers and its major shareholders, the directors had agreed that it was in the best interests of the company and its shareholders as a whole if the admission of the shares to trading on AIM is cancelled.
Pursuant to Rule 41 of the AIM Rules, the directors have notified the London Stock Exchange of the date of the proposed Cancellation.
To enable shareholders to buy and sell shares, the company plans to put in place a matched bargain trading facility to be administered by WH Ireland which would operate shortly after Cancellation.
Acquisition
In addition, Zhongrun International Mining Co Ltd, the company’s major shareholder, has, conditional upon Cancellation becoming effective, assured the company of its intention to acquire the shares of any shareholder who does not wish to remain a Shareholder at a price of 3.72 pence per Share from December 2014.
The AIM Rules provide that Cancellation be conditional upon the approval of the Resolution.
This should be not less than 75 per cent of the votes cast, whether in person or by proxy, by shareholders in a general meeting.
Both Zhongrun and SCD Energy Inc. , whose shareholdings represent 74.35 per cent of the issued share capital of the Company, have given irrevocable undertakings to vote in favour of the resolution.
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