OREANDA-NEWS. August 10, 2015. An AGM was held whereby it was proposed that, as part of on-going efforts to efficiently and promptly liquidate the remaining assets of the Company (which are predominantly in-active and dormant subsidiaries) (the "Companies"), a significant number of the Companies (the "Transferred Companies") will be acquired by a newly incorporated special purpose vehicle (the "S.P.V") managed by Carey Olsen, a Jersey law firm (the "Proposal"). Prior to the AGM, the board and management of the Company have been in discussions with Carey Olsen to devise a strategy to facilitate the winding-up process prior to and following the anticipated dissolution of the Company. The purpose of the S.P.V will be to complete the orderly winding-up, dissolution and striking off of the Transferred Companies (the "Group Wind-Up").

The Directors anticipate that the Group Wind-Up will generate significant cost savings for the Company. More details were provided in the AGM documents which were dispatched to the registered shareholders of the Company (including any nominee holding shares on behalf of any beneficial owner) (together, the "Shareholders") on 13 July 2015.

Following the passing of the Proposal for the Group Wind-Up at the AGM, it was determined that further information will be dispatched to Shareholders. Such information will include details of a contingent distribution undertaking to be delivered by the Company (or to procure the delivery of) to its Shareholders on or about 15 September 2015 (the "CDU Undertaking"). The CDU Undertaking, the conditions and notice provisions incorporated therein will set out conditions upon which each Shareholder may receive a pro rata proportion (if any) of any surplus proceeds that may be realised during the completion of the Group Wind-Up (the "Proceeds"). A notice will also be delivered in accordance with the terms of the CDU Undertaking to the Shareholders, requesting each Shareholder to complete and return such notice to Carey Olsen (in its capacity, amongst others, as the agent of the S.P.V.) within 14 days of receipt, detailing, inter alia, notice and account details for any Proceeds (if any) that may be distributed to Shareholders.