10th Jun 2009 07:00
China Growth Opportunities Limited (the "Company")
The Company announces that it is today posting a Circular to Shareholders convening an extraordinary general meeting ("EGM") to be held on 6 July 2009 to seek the approval of Shareholders to adopt a Return of Capital Scheme, together with a consequential amendment to the articles of incorporation.
On 1 April 2009, the Company announced the sale of three of its investments, Asia Clean Energy Pte Ltd, Hainan Zhengye Zhongnong High Tech Co Ltd and China Biofoods Ltd for an aggregate consideration of £3.7 million. The Company has since sold its entire holding in United Envirotech Limited and 39,456,000 shares in Asia Water Technology Limited for an aggregate consideration (net of dealing costs) of £3.5 million. The Company's current cash balances amount to £10.4 million.
As a result of these recent sales and with a view to implementing the Company's investment objective of maximising the return of capital to Shareholders, the Board is now seeking the approval of Shareholders to adopt a return of capital scheme.
If the Return of Capital Scheme is approved, which will be subject to the passing of a special resolution at the EGM, the Board intend to make an initial return of capital in the sum of 18 pence per Ordinary Share. The expected timetable is as follows:-
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Ex-Entitlement date: |
6 July 2009 |
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Record date: |
8 July 2009 |
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Payment date: |
15 July 2009 |
Any further returns of capital will be at the sole discretion of the Board and will be subject to the rate at which the Company's investments are realised and the Company's financial position at the time.
Copies of the Circular will be made available on the Company’s website www.chinagrowthopportunities.com later today.
For further information, please contact:
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China Growth Opportunities Limited |
Rhys Davies |
+ 41 (0) 79 620 0215 |
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Collins Stewart Europe Limited (Nomad) |
Hugh Field |
+ 44 (0) 20 7523 8350 |
Related Shares:
FFWD.L