Corvus Capital moves to de-listing of shares in shift to larger future projects

(PRLEAP.COM) Follow consultation with their largest shareholders, the Corvus Board have decided to de-list the company. The decision follows the disposal of the companies shares in AIM-listed Commoditrade in September.

As CEO Andrew Regan explains: " Following the disposal of the Company’s shares in AIM-listed Commoditrade, which were sold to Bluecrest in September, the directors consulted with the Company’s major shareholders, who expressed a wish to receive a majority of the cash generated by the sale of the CMM Shares by way of dividend. In light of this, subject to approval by shareholders at the EGM, the directors have resolved to pay a special dividend of 2p per share amounting to £5.75 million in aggregate. There is no scrip alternative. The dividend will be paid on 31 October 2008 to shareholders and depositary interest holders on the register of members at the close of business on 17 October 2008."

The de-listing has been prompted by the companies intended investment shift from stable cash generating businesses towards more speculative opportunities. This shift will require funding which is more appropriately acquired from private sources rather than public funding. Given this, the Board believes that the nature of the Company in the prevailing economic climate supports the de-listing.

The de-listing is conditional on the consent of the Company’s shareholders at the EGM. Subject to the passing of the resolution proposed at the EGM, the Company’s trading facility is expected to be cancelled with effect from close of dealings on 7 November 2008.

To read an interview with Andrew Regan on the proposed delisting visit http://www.corvuscapital.com/

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