REO Securities Limited was incorporated
in April 2007 as a wholly owned subsidiary of Real Estate Opportunities
Limited ("REO"). It was formed as part of a scheme of
arrangement in which holders of Zero Dividend Preference shares
("ZDPs") in REO were allocated ZDPs in REO Securities
Limited on a one for one basis and the REO ZDPs were subsequently
cancelled.
The scheme of arrangement was designed to enable the holders of
ZDPs in REO to be repaid in full in 2011 without REO itself being
wound up. The scheme of arrangement was completed on 14 February
2008 and the ZDPs in REO were suspended from trading on the London
Stock Exchange on 18 February 2008. ZDPs in REO Securities Limited
were admitted to trading on the London Stock Exchange on 18 February
2008. |