LONDON - Atrato Onsite Energy plc has published a circular regarding its upcoming General Meeting, scheduled for December 13, 2024, at the offices of Stifel Nicolaus Europe Limited in London. The company has proposed a members' voluntary liquidation following the sale of its solar asset portfolio, which was completed on November 8, 2024.
Shareholders will vote on a resolution to approve the voluntary winding up of the company and the appointment of Derek Neil Hyslop and Richard Peter Barker from Ernst & Young LLP as joint liquidators. The liquidation aims to distribute cash proportionally to shareholders after settling the company's liabilities and costs associated with the liquidation process.
The anticipated distribution to shareholders is expected to be 80.2 pence per Ordinary Share, slightly higher than the estimated net assets per share. The initial distribution of the net assets is slated for late January or early February 2025, subject to shareholder approval of the resolution.
The background to this proposal stems from a previous general meeting on October 22, 2024, where shareholders voted to change the company's investment objective and policy, effectively endorsing the asset disposal. The board believes that liquidation is in the best interest of shareholders, providing an efficient return of capital.
Trading of the company's Ordinary Shares will be suspended from the Official List and the Main Market on the morning of the General Meeting, with the cancellation of listing and trading expected to take effect on December 16, 2024, if the resolution passes.
The liquidators, once appointed, will manage the winding up process, including paying the company's liabilities and ensuring all tax obligations are met before distributing surplus assets to shareholders. A final distribution is anticipated approximately nine months after the liquidation commences.
Shareholders are encouraged to vote in favor of the resolution, and those who do not hold shares directly are advised to instruct their nominees to vote on their behalf. The company has made the Liquidation Circular and Notice of General Meeting available on its website and through the National Storage Mechanism of the FCA.
The information for this article is based on a press release statement by Atrato Onsite Energy plc.
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