VLR Voller Energy

 

TIDMVLR 
 
RNS Number : 5203C 
Voller Energy Group PLC 
13 November 2009 
 
Voller Energy Group plc (the "Company") 
 
 
Proposed Members' Voluntary Liquidation and Proposed Cancellation of Admission 
to trading on AIM 
and 
Notice of General Meeting 
 
 
The Company announces that since the last general meeting on 12 December 2008, 
at which the Shareholders approved the directors' proposal to change the 
Company's strategy, the board has been unable to identify a suitable investment 
opportunity which fulfils the Company's investment strategy, which was to make 
an acquisition or acquisitions that would constitute a reverse takeover. 
The directors have decided to recommend that the Company should be wound up by 
way of a members' voluntary liquidation (the "Liquidation"), and that Nicholas 
Guy Edwards and Christopher Richard Frederick Day of Deloitte LLP (the "Proposed 
Liquidators") be appointed as joint liquidators of the Company. It is further 
proposed that the net surplus cash of the Company should be distributed by the 
Proposed Liquidators to the Shareholders, and for admission of the Company to 
AIM to be cancelled as soon as possible. 
A circular has been sent to Shareholders today convening a general meeting (the 
"General Meeting") at which resolutions (the "Resolutions") will be proposed to 
approve the Liquidation and the cancellation of the AIM listing, which are 
conditional upon the approval of not less than 75% of the votes cast by 
Shareholders (whether present in person or by way of proxy) at the General 
Meeting. 
LIQUIDATION 
It will be the Proposed Liquidators' responsibility to deal with the conduct of 
the Liquidation and to determine the timing and amount of any distribution. If 
the Resolutions are passed, it is anticipated that the Liquidation will commence 
immediately following the General Meeting and the appointment of the Proposed 
Liquidators will become effective at such time. 
The Directors are of the view that, other than cash, there are no assets of the 
Company which will have more than negligible realisable value, although the 
Proposed Liquidators will seek to maximise realisations of any such assets held 
for the benefit of creditors and Shareholders in accordance with their statutory 
duties. 
DEALINGS, TRANSFERS AND CANCELLATION OF ADMISSION 
Pursuant to Rule 41 of the AIM Rules, the Board has notified the London Stock 
Exchange of its intention to cancel (subject to the passing of the Resolutions 
at the General Meeting) the admission of the Company's ordinary shares to 
trading on AIM. If the Resolutions are passed, the cancellation is expected to 
become effective on or around 16 December 2009, effected by a dealing notice 
being issued on the day following the General Meeting. 
 
 
As required by Rule 15 of the AIM rules, the admission of the Company's Ordinary 
Shares to trading on AIM will be suspended at 7 a.m. on 14 December 2009. If the 
Resolutions are not approved, the admission of the Company's Ordinary Shares to 
trading on AIM will continue to be suspended for six months, following which 
time it will be cancelled if the Company does not carry out a reverse takeover 
in this time. The last day of trading in the Company's ordinary shares will be 
Friday 11 December 2009. 
 
 
 
 
 
 
 
 
EXPECTED TIMETABLE OF KEY EVENTS 
+---------------------------------------------------+------------------------------------------+ 
| This Circular and Form of Proxy posted to         |                                       13 | 
| Shareholders                                      |                                 November | 
|                                                   |                                     2009 | 
+---------------------------------------------------+------------------------------------------+ 
| Last day of trading of ordinary shares on AIM     |                                       11 | 
|                                                   |                                 December | 
|                                                   |                                     2009 | 
+---------------------------------------------------+------------------------------------------+ 
| Latest time for receipt of Form of Proxy          |                10 am on 13 December 2009 | 
+---------------------------------------------------+------------------------------------------+ 
| Suspension of trading of ordinary shares on AIM   |                                  7 am on | 
|                                                   |                                       14 | 
|                                                   |                                 December | 
|                                                   |                                     2009 | 
+---------------------------------------------------+------------------------------------------+ 
| General Meeting                                   |                                 10 am on | 
|                                                   |                                       15 | 
|                                                   |                            December 2009 | 
+---------------------------------------------------+------------------------------------------+ 
| Appointment of Proposed Liquidators               |                                       15 | 
|                                                   |                                 December | 
|                                                   |                                     2009 | 
+---------------------------------------------------+------------------------------------------+ 
| Cancellation of trading of ordinary shares on AIM |                                       16 | 
|                                                   |                                 December | 
|                                                   |                                     2009 | 
+---------------------------------------------------+------------------------------------------+ 
 
 
 
 
For further information please contact 
 
 
+--------------------------+-----------------------------------------------+ 
| Voller Energy Group Plc  | Tel: +44 (0)1189 775463                       | 
+--------------------------+-----------------------------------------------+ 
| Mike Clarke              |                                               | 
+--------------------------+-----------------------------------------------+ 
|                          |                                               | 
+--------------------------+-----------------------------------------------+ 
| Seymour Pierce Ltd       | Tel: +44 (0) 207 107 8000                     | 
+--------------------------+-----------------------------------------------+ 
| John Depasquale          |                                               | 
+--------------------------+-----------------------------------------------+ 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCZGMMMVFNGLZM 
 

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