Notice of General Meeting (1893L)
27 July 2011 - 10:17PM
UK Regulatory
TIDMATE
RNS Number : 1893L
Agua Terra Limited
27 July 2011
Agua Terra Limited
General Meeting convened to approve
Cancellation of AIM Admission
27 July 2011
On 30th June 2011 the board of Agua Terra Limited ("Agua Terra"
or the "Company") announced its intention to cancel the admission
of its shares to trading on AIM.
While still owning a property portfolio of villa development
projects on the Greek island of Mykonos, the dire economic
situation which has been unfolding in the country following on from
the global crisis in 2008/9 has meant that property development and
transactions have been brought to a halt with obvious consequences
for the Company.
In the absence of any income from sales of properties, the
Company has relied on and received financial support from its two
remaining directors, Markos Kashiouris and Petros Economides who
were founders of the Company. In the circumstances, in order to
save costs, the board decided to convene a general meeting at which
Shareholders consider a resolution to approve the cancellation of
the admission of Shares to trading on AIM ("Cancellation") and five
non executive directors agreed to resign.
The announcement of the proposed Cancellation and board
resignations was duly made on 30 June 2011 following which the two
remaining Directors sought to discuss the Cancellation with one of
the Company's largest shareholders prior to posting a circular
convening a general meeting to approve the Cancellation in
accordance with Rule 41 of the AIM Rules, which has resulted in a
delay in posting the circular convening the general meeting.
The circular has been posted to Shareholders today convening the
general meeting for 12 noon on 15 September 2011 at the offices of
Fairfax I.S. PLC, 46 Berkeley Square, London W1J 5AT. A copy of the
circular can be downloaded from Agua Terra's website:
www.agua-terra.com
If the resolution is passed at the general meeting, the last day
of dealings in Agua Terra Shares on AIM is expected to be 22
September 2011 and the Cancellation is expected to be effected at
7.00 a.m. on 23 September 2011.
Agua Terra Limited Tel: 020 7581 1423
Markos Kashiouris, Director
Fairfax I.S. PLC - Nominated Adviser/Broker Tel: 020 7598
5368
David Floyd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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