14 March 2019
ETAIREIA INVESTMENTS PLC
(“Etaireia” or the "Company")
Notice of requisition of general meeting, Asset disposal and Company update
Requisition of General Meeting
The Company announces that on 7 March 2019, it received a letter from David Barnett, representing shareholders which hold c. 37.82% per cent. of the Company's issued share capital, seeking to requisition a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").
The letter proposes a resolution that seeks the appointment of David Barnett as director and Chairman of the Board of Etaireia.
The Board of Directors intends to comply with its obligations in accordance with section 304 of the Act which require it to call a general meeting with 21 days of a valid requisition and to hold such general meeting on a date not more than 28 days after the date of the notice convening such general meeting.
Shareholders are advised to take no action at this time. Further announcements will be made in due course.
Director Suspension
The board of Etaireia has today suspended Ian Fallmann, the Company's Non-Executive Director, from his duties under the terms of his service agreement, pending the outcome of an ongoing investigation being conducted into certain matters.
A further announcement will be made in due course.
Units 2A and 2B, Whitehouse Business Park, Peterlee
In November 2017, the Company announced that it completed the acquisition of two commercial properties in Peterlee (Units 2A and 2B of Whitehouse Business Park). The Company announces today that the mortgagee enforced its security and sold the properties. As a result, these assets have been removed from the Company and have been written off the balance sheet.
Update on Oyston Estates Limited transaction
On 24 October 2018, the Company announced that it was in discussions to acquire a portfolio of assets from the Oyston estate Portfolio. The Company announces today that there has been no progress on that transaction.
Half-year report for the six months ending 30 September 2018
The Company will update the market in due course on its interim accounts.
Suspension of trading
The Company is seeking to issue interim accounts and satisfy the NEX Exchange Regulatory team requirements that it can resume trading on the NEX Exchange.
The Company has to publish the interim accounts by 24 April 2019. There is currently no certainty that this can be achieved ahead of this deadline.
The Directors of the Company accept responsibility for this announcement.
ENDS
Enquiries:
Etaireia Investments Plc
Tel: 07870 200470
Myles Cunliffe
NEX EXCHANGE CORPORATE ADVISER
Alexander David Securities Limited
David Scott –Corporate Finance
James Dewhurst – Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA