- Sarossa Capital proposes change its corporate structure by putting in place a new Jersey incorporated holding company, Sarossa Plc, by way of a scheme of arrangement.

If the scheme was implemented, a new holding company of the Sarossa Group, New Sarossa, will be put in place, through a High Court approved scheme of arrangement under sections 895 to 899 of the Companies Act (the "Scheme").

New Sarossa, which is incorporated in Jersey, is called Sarossa Plc and an application would be made for its shares to be admitted to trading on AIM.

It was also intended that the Old Sarossa Ordinary Shares be de-listed from AIM, Old Sarossa be re-registered as a private company and that Old Sarossa be called Sarossa Capital Limited.

There will be no substantive changes to corporate governance and investor protection measures.

In particular, New Sarossa will comply with the AIM Rules, the Takeover Code will apply to New Sarossa and New Sarossa intends to comply with the UK Corporate Governance Code to the same extent that Old Sarossa currently does.

However, the Old Sarossa American Depositary Receipt (ADR) programme will not be replicated by New Sarossa.

At 8:42am: [LON:SRC] Sarossa Capital Plc Ord 1p share price was 0p at 1.85p

Story provided by