News blog
Oak Holdings / Pires Investments
- BY: Andrew Hore |
- POSTED: 23/03/2012 |
Oak Holdings is proposing a Company Voluntary Arrangement (CVA) and it will change its name to Pires Investments.
Oak has liabilities of £2m which it will not be able to repay. If 75% of creditors agree, then the plan is to offer 5p in the pound in cash and a further 5p in the pound in shares at 0.125p a share. This will require 76m shares to be issued. Existing shareholders will own 4.9% of the enlarged share capital. Finn Associates will handle the CVA.
There are plans to sell the existing property and leisure businesses.
Rivington Street has been appointed broker and it has raised £1m at 0.1p a share. The CVA will require £95,000 to finance it and the rest will be used for working capital. A capital reorganisation is required in order to issue the shares.
Former Durlacher corporate financier Peter Redmond and Assmir Quraishi, who is on the board of Aim-quoted shell Creon Resources, will join the board.
Pires plans to move into the resources or energy sector with a primary focus on Asia.
At the suspension price of 1.25p a share, Oak was valued at £690,000.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf
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