DJ Bruce Pubs PLC Withdrawal from NEX Exchange
RNS Number : 0725J
Bruce Pubs PLC
14 August 2019
Bruce Pubs plc
Withdrawal from NEX Exchange
The Company's bonds are currently traded on the NEX Exchange. The Company's directors have decided to withdraw the Company's bonds from trading on the NEX Exchange. The withdrawal date shall be 06 September 2019. The Company's directors do not contemplate that any alternative arrangements for dealings shall be made.
Reasons for the Withdrawal
The Company's directors have decided that it is no longer in the interests of the Company, its shareholders, or its bondholders as a whole for the Company's bonds to remain traded on the NEX Exchange.
Principal effects of Withdrawal
The principal effects that the withdrawal will have on holders of the Company's bonds include the following:
- there will no longer be a formal market mechanism enabling the Company's bondholders to trade their bonds on the NEX Exchange (or on any other recognised market or trading exchange);
- while the company's bonds will will remain freely transferable, they may be more difficult to sell compared to the securities of other companies whose bonds are traded on the NEX Exchange (or any other recognised market or trading exchange);
- it may be more difficult for the Company's bondholders to determine the market value of their investment in the Company at any given time;
- the Company will no longer be subject to NEX Exchange Growth Market - Rules for Issuers (the "NEX Rules") and, accordingly, bondholders will no longer be afforded the protections given by the such rules. In particular, the Company will not be bound to: make any public announcements of material events, or to announce interim or final results; comply with any of the corporate governance practices applicable to NEX companies; announce substantial transactions and related party transactions; comply with the requirement to obtain shareholder approval for reverse takeovers and fundamental changes in the Company's business; or comply with the Market Abuse Regulation (EU Regulation 596/2014 of the European Parliament and the Council of 16 April 2014).
- the withdrawal might have either positive or negative taxation consequences for bondholders (bondholders who are in any doubt about their tax position should consult their own professional independent adviser immediately).
The Company reserves the right to redeem its bonds in accordance with the bond instrument and applicable law.
The directors of Bruce Pubs plc accept responsibility for this announcement.
For Further information, please contact:
Bruce Pubs plc
Tel: 0131 226 1402
Alfred Henry Corporate Finance Limited
NEX Corporate Advisor to Bruce Pubs plc
Attn: Jon Isaacs
Tel: +44 (0) 203 772 0021
- ENDS -
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(END) Dow Jones Newswires
August 14, 2019 11:00 ET (15:00 GMT)