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DJ Ace Liberty & Stone PLC Notice of GM


RNS Number : 7958Y

Ace Liberty & Stone PLC

08 March 2017

   8 March 2017 

Ace Liberty and Stone Plc

("Ace" or "the Company")

Proposed share consolidation and notice of general meeting

Ace Liberty and Stone Plc (NEX: ALSP), the active property investment company, capitalising on commercial property investment opportunities across the UK, announces the Notice of General Meeting (the 'Notice') which has been distributed to shareholders today.

The Company's General Meeting will be held at 12 noon on 31 March 2017 at the offices of Alfred Henry Corporate Finance Limited, Finsgate, 5-7 Cranwood Street, London EC1V 9EE.

Proposed Consolidation

The purpose of the General Meeting is to, by way of a special resolution, seek to consolidate the shares in the Company in order to have a number of shares in issue which is more appropriate for a company of the Company's size.

The Company believes, due to the fact Ace is now an established business with many years of trading, the Company is no longer a "penny stock" and a consolidation should result in a more suitable trading price. Moreover, the Company believes that having a smaller and more streamlined shareholding which is more in keeping with other NEX Exchange Growth Market companies, will ensure the Company remains attractive to outside investors as the Company seeks to grow and develop the business over the coming year.

On 7 March 2017, being the last practicable date before the publication of the Notice, the Company has 982,151,750 ordinary shares of GBP0.01 each ("Existing Ordinary Shares") in issue. It is proposed that the Company consolidate these shares, so that for every 25 Existing Ordinary Shares these will be consolidated into 1 new ordinary share of GBP0.25 (a "New Ordinary Share") ("Share Consolidation"). Following the consolidation, if this resolution is passed, the issued Ordinary Share capital of the Company will consist of 39,286,070 new Ordinary Shares of 25p each.

If this resolution is passed, shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation (save in respect of the minimal number of Existing Ordinary Shares to be allotted to make the number of Existing Ordinary Shares exactly divisible by 25). Other than a change in nominal value, the New Ordinary Shares will carry equivalent rights under the Company's articles of association to the Existing Ordinary Shares.

Application will be made for the New Ordinary Shares to be admitted to trading on the NEX Exchange Growth Market in place of the Existing Ordinary Shares. Subject to the shareholder approval of the resolutions at the General Meeting, it is expected that admission will become effective and that dealings in the New Ordinary Shares on the NEX Exchange Growth Market will commence on 3 April 2017.

Existing share certificates will cease to be valid following the Share Consolidation. New share certificates are expected to be issued by 24 April 2017.

Shareholders who hold their Existing Ordinary Shares in uncertificated form are expected to have their CREST accounts credited with the New Ordinary Shares on 3 April 17.

Unless a Shareholder's entitlement is for an exact number of New Ordinary Shares, a right to a fractional entitlement of a New Ordinary Shares will arise following the Share Consolidation. Should fractions of shares become attributable to members, the Directors of the Company shall deal with fractions of shares on behalf of the members, in accordance with the ways prescribed in the Company's articles of association. Accordingly, any fractional entitlements arising from the Share Consolidation will be aggregated and sold in the market and the net proceeds will be donated to a charity designated by the Board of Directors.

The Record Time and Date for the Share Consolidation is close of business on 31 March 2017 and the ISIN Number for the New Ordinary Shares will be GB00BF01VL55.

An electronic copy of the Notice of General Meeting is available from the Company's website at

- Ends -

For further information, please contact:

 Ace Liberty & Stone Plc 
 Ivan Minter, Financial Director            Tel: +44 (0) 20 7201 
 Alfred Henry Corporate Finance 
  Ltd, NEX Exchange Corporate 
 Jon Isaacs / Nick Michaels                 Tel: +44 (0) 20 7251 
 Hybridan LLP, Corporate 
 Claire Noyce / Darshan Patel                Tel: +44 (0)203 764 

Notes to Editors

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Sunderland, Plymouth, Dudley, Gateshead Tyne and Wear, and London. The Company locates commercial and residential properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation. Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

For more information on the Company please visit

This information is provided by RNS

The company news service from the London Stock Exchange



(END) Dow Jones Newswires

March 08, 2017 02:01 ET (07:01 GMT)