City of London Group plc (COLG)
A Circular “Proposals for Cancellation of admission of Ordinary Shares to trading on AIM and Members’ Voluntary Liquidation of the Company, Equity subscription in Recognise Bank Limited and Notice of General Meeting” was sent to shareholders on 22 December 2022 and can be found here.
City of London Group plc went into members’ voluntary liquidation on 25 January 2023 following a general meeting of the Company which appointed Nicola Clark and Simon Monks of Azets Holdings Limited as Joint Liquidators, as set out in the Certificate of Appointment and can be found here.
A Shareholders’ Guide to Liquidators’ Fees in England and Wales together with the Fees and expenses policy of Azets Holdings Limited is attached and can be found here.
On 24 February 2023 the Joint Liquidators declared and paid a distribution in specie to all shareholders of the Company whereby the Company’s major asset, its shares in Recognise Bank Limited (“RBL”), were distributed pro rata to shareholders so that they then held shares directly in RBL. The Joint Liquidators sent a letter dated 3 March 2023 to shareholders and can be found here.
The Joint Liquidators state the distribution and allocation of RBL shares reflected the agreed course of action as set out in the formal circular issued to shareholders on 22 December 2022 save that the distribution of RBL shares was rounded up to the nearest whole number, rather than down, to ensure that minority shareholders of the Company who held three or fewer Company shares could participate in the distribution. A schedule outlining the basis of the allocation is attached and can be found here.
The contact details for the Joint Liquidators are as follows:
Nicola Kate Clark and Simon David Monks,
Azets Holdings Limited
Ship Canal House
98 King Street
Manchester, M2 4WU
Telephone: 44 (0)161 245 1000
The contact details for the Registrars are as follows:
10th Floor Central Square
29 Wellington Street
Leeds L51 4DL
Telephone: 0371 664 0300 (from UK)
+44 371 664 0300 (from overseas)
Email: [email protected]
To access recognise Bank website, please click here.