Phoenician Corporation V Limited ADJOURNMENT OF SHAREHOLDERS MEETING
Phoenician Corporation V Limited (the "Company") Adjournment of Shareholders' Meeting
The directors of the Company have today resolved to adjourn the shareholders' meeting scheduled for 20 January 2011.
The meeting will now take place at 3pm (Dubai time) on 31 January 2011 at Al Saeed Tower, Sheikh Zayed Road, 29th Floor, Dubai UAE("Adjourned Meeting Date"). Pursuant to the Company's Articles of Association, the directors of the Company may adjourn any shareholders meeting as they see fit.
Forms of proxy must be completed and returned by shareholders by 3pm (Dubai time) on 28 January 2011 to the following address, being the registrar of the Company:
Computershare Investor Services (Jersey) Limited
Queensway House
Hilgrove Street
St Helier
Jersey
JE1 1ES
Fax: 0870 873 5851
The reason for the adjournment is that the target company, Prime Investments Group Limited ("Prime"), is in the process of providing additional supplementary information which the regulator, PLUS Markets, has requested in matters related to the proposed reverse takeover. Accordingly, Prime has asked the Company for an extension so that it may comply fully with this request. It is not unusual for the regulator to ask for such additional information in a transaction of this size and complexity. The transaction is subject to, and cannot proceed without, the approval of PLUS Markets.
On 24 December 2010, the Company entered into a share purchase agreement with the shareholders of Prime, pursuant to which it agreed to purchase all of the issued shares of Prime for GBP312,458,090.60 which is being met by the issue of shares in the Company. Full details of the transaction can be seen at: http://www.plus-sx.com/newsItem.html?newsId=1047300.
The Company should be in a position to respond fully to PLUS within the coming days.
THE DIRECTORS TAKE RESPONSIBILITY FOR THIS ANNOUNCEMENT
Jason Futko,
Phoenician Corporation V Limited
Second Floor, Olde Towne Marina
Sandy Port, West Bay Street
PO Box N4825
Nassau, Bahamas
T: 0014163193111
E: jfutko@gmail.com
Gerard Thompson/John May
City & Westminster Corporate Finance LLP
2nd Floor, Stanmore House
29-30 St James's Street
London SW1A 1HB
T: 004420 7766 0080
F: 004420 7839 5870
E: gthompson@city-westminster.com or jmay@city-westminster.com