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Alliance News Detail


Tejoori Proposes Cancellation Of Shares Trading On AIM (ALLISS)

[ 07 Nov 2017 15:44 ]

LONDON (Alliance News) - Tejoori Ltd said on Tuesday it will propose the cancellation of its shares on AIM to shareholders at a general meeting on November 22.

Shares in the Shari'a-compliant investment company were up 1.0% at 0.399 pence on Tuesday.

Tejoori has been realising its current existing portfolio for the last twelve months, selling its last plot of land in Arjan in February. The company's current sole asset is a cash balance of AED64.7 million, or USD17.6 million at the prevailing exchange rate.

Therefore, Tejoori stated that cancelling shares on AIM is the most effective method to return cash to shareholders, however the resolution requires no less than 75% shareholder approval at the meeting to go forward.

If passed, share cancellation is expected to take effect on December 6.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.


Tejoori Proposes Cancellation Of Shares Trading On AIM (ALLISS) - Alliance News

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