Posting of Circular

    RNS Number : 0896K
  SGL Vietnam Development Limited
  12 December 2008
   


    SGL Vietnam Development Limited (the 'Company' or 'SGL')

    Proposed voluntary liquidation of the Company and cancellation of admission to AIM

    SGL (AIM: SGLV) advises that it has today posted to shareholders a circular which incorporates a number of resolutions to be put to
shareholders at the General Meeting to be held at 2.00 p.m. on 22 December 2008 at the offices of Jones Day, 21 Tudor Street, London, EC4Y
0DJ. The circular will also shortly be made available on the Company's website: http://www.sglvietnam.com/.

    These resolutions are as follows: 

    Resolution 1 is a resolution to approve the cancellation of Admission. 

    Resolution 2 is conditional on the passing of Resolution 1 and is a special resolution to: (i) effect the Liquidation and appoint the
Proposed Liquidators; (ii) approve the basis of the remuneration of the Proposed Liquidators, (iii) grant to the Proposed Liquidators the
right to distribute all or part of the Company's assets in specie and (iv) approve the destruction of the Company's records. 

    Resolution 3 is conditional on the passing of Resolution 2 and is a special resolution to grant to the Proposed Liquidators powers to
perform certain actions in the Liquidation. 

    In accordance with the AIM Rules for Companies, Resolution 1 requires the consent of not less than 75% of votes cast by Shareholders. 

    Resolutions 2 and 3 require the approval of two-thirds of those Shareholders voting in person or by proxy (unless a poll is demanded, in
which case, two-thirds of the votes cast in person or by proxy must be in favour of the resolution).

    The Board considers that the proposal to liquidate the Company and to cancel the Company's shares from admission to AIM is in the best
interests of shareholders as a whole and unanimously recommends Shareholders to vote in favour of the Resolutions to be proposed at the
General Meeting. The Board have had discussions with certain major shareholders who have stated overriding support for a distribution of
funds and the Liquidation. 

    The Form of Proxy (for shareholders) and Form of Direction (for holders of Depositary Interests) for use at the General Meeting are
enclosed with the circular and should be completed, signed and returned in accordance with the instructions printed thereon as soon as
possible and, in any event, so as to be received no later than 2.00 p.m. on 20 December 2008 for the Forms of Proxy and 19 December 2008 for
the Forms of Direction.

    Trading in the Company's ordinary shares will be suspended on 22 December 2008 and subject to the passing of the Resolutions, the
electronic settlement will be disabled, Depositary Interests cancelled and shareholders issued with the underlying Shares on 22 December
2008 and the Company's admission to trading on AIM will be cancelled on 23 December 2008. 

    Unless the context otherwise requires, defined terms used in this announcement shall have the same meaning as those in the circular
dated 12 December 2008.


    For further information, please contact:

    Collins Stewart
    Adrian Hadden, Stewart Wallace: +44 (0)20 7523 8350


This information is provided by RNS
The company news service from the London Stock Exchange
 
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