Marylebone Warwick Balfour (MWB) has revealed plans to carry out a capital reorganisation of its hotel, serviced offices and retail company.
In a stock exchange announcement this morning it said the proposals include the creation of a new holding company called MWB Group Holdings which will become the new listed holding company of the MWB Group. If approved, the changes will result in the cancellation of Marylebone shares in return for shareholders obtaining an equivalent ownership in MWB Group Holdings.
Increase cash reserves
MWB said the proposals will increase the cash reserves which can be distributed to shareholders, simplify the process for returning cash to shareholders, and allow greater flexibility on future disposals.
Substantially the same
It said the proposals, if approved, would not alter the assets and liabilities of the group which will ‘comprise substantially the same assets and liabilities’ as before. The new MWB Group would also have the same directors.
A circular has been posted to shareholders today setting out details of the proposals and MWB will seek shareholder approval at a court meeting and extraordinary general meeting on the 4th March.
No comments yet