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LONDON - London Finance & Investment Group PLC, also known as Lonfin, announced that its shareholders have approved the company’s delisting from the London Stock Exchange (LON:LSEG) and the Johannesburg Stock Exchange. The decision came during a General Meeting held today, where resolutions regarding the withdrawal of its Ordinary Shares from trading and a Capital Reduction and Return of Capital were passed.
The company confirmed that proxy appointments were received for 10,306,214 ordinary shares, representing 32.94% of Lonfin’s issued share capital. The poll votes, which included both proxy and in-person votes, showed overwhelming support for both resolutions, with at least 99.88% in favor.
Following the General Meeting’s outcome, Lonfin will proceed to seek High Court approval for the Capital Reduction and Return of Capital. The company anticipates that the High Court will not find the interests of creditors adversely affected by this move. If the High Court approves, the Capital Reduction and Return of Capital will become effective after the High Court order is registered with the Registrar of Companies, expected to be on Friday, 2 May 2025.
Consequently, the last day of trading for Lonfin’s Ordinary Shares on the London Stock Exchange is set for Wednesday, 30 April 2025, with the official withdrawal of admission to trading to occur at 8.00 a.m. on Friday, 2 May 2025. Similarly, the company’s shares will cease trading on the Johannesburg Stock Exchange on Friday, 2 May 2025, due to non-compliance with the JSE’s public shareholder spread requirements post-Capital Reduction. The earliest date for the termination of the JSE listing is projected to be Friday, 9 May 2025.
The company has outlined a timetable for the proposed changes, including a directions hearing at the High Court on Wednesday, 16 April, and the open court hearing scheduled for Tuesday, 29 April. Details regarding the Capital Reduction payment amount and currency conversion rate will be announced on Tuesday, 29 April.
The information provided in this article is based on a press release statement from Lonfin.
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