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Evergreen Securities

  • BY: Andrew Hore |
  • POSTED: 26/08/2009 |

Evergreen Securities plans to cancel its Aim quotation in order to save around £100,000 a year in quotation-related costs.

The news knocked 2.5p off the share price taking it to 3.5p and valuing the clean technology investment company at £430,000. The share price has fallen by 87% over the past 12 months.

A general meeting will be held on 21 September 2009 in order to gain shareholder approval for the cancellation - which is likely to take place on 29 September.

Evergreen intends to sell its existing investments and it hopes to do this by March 2011. Creditors and convertible loan note holders will be paid off before ordinary shareholders get any cash. Saving the Aim quotation costs will help Evergreen to retain more of the disposal proceeds.

Holders of Evergreen’s convertible loan notes have agreed not to ask for immediate redemption in order to allow the proposal to go ahead.

The net asset value of Evergreen was £365,000 at the end of 2008. Since then some of the loan notes have been converted into shares which will have a positive effect on NAV but there will have been additional running costs as well. The main asset was £1.3m worth of investments. It is difficult to assess what value will be realised from these clean technology investments.

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