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In accordance with the Articles of Association, the Company has appointed a trustee who, provided that in their opinion the net proceeds of sale (after deduction of all costs and expenses incurred) will exceed the costs of subscription, shall exercise all the subscription rights which have not been exercised and sell in the market the ordinary shares for the benefit of the holders thereof.
The deal involved NEPB saying it would buy the property for 70% of its value, pay off any outstanding mortgages, and pay back a proportion of the net proceeds of sale.
If contracts are exchanged the lender will withdraw the proceedings as they will be satisfied that there is a legally binding obligation on the buyer to complete and they, in turn, will be entitled to the net proceeds of sale on the agreed completion date.
The Company intends to use net proceeds of sales under the program for general corporate purposes, including supporting the capital of the Company's banking subsidiary, West Coast Bank.
The Hartford intends to use net proceeds of sales under the program for general corporate purposes, including the possible repurchase of outstanding debt.
In accordance with the terms and conditions of the Subscription shares, the Company has appointed a trustee who, provided that in the trustee's opinion the net proceeds of sale (after deduction of all costs and expenses incurred) will exceed the costs of subscription, shall, on or before 14 November 2011, exercise all the unexercised rights of holders of Subscription shares and arrange for the sale of the resulting ordinary shares for the benefit of such holders.
5m share of net proceeds of sale, whereas SIP was offering an annual payment of "pounds 4m for racing charitable ends", leaving SIP's contribution pounds 29.
Accordingly, the party who contributes say pounds 80,000 from the net proceeds of sale of his or her existing house will receive this sum out of the net proceeds of sale, after the mortgage has been repaid in full but before the balance of the net proceeds of sale are divided between the parties, usually equally.