14 February 2011
MAM FUNDS PLC
Result of General Meeting, additional listing and board changes
Result of General Meeting
MAM Funds plc ("MAM" or the "Company"), the AIM quoted fund management group announces that, at a General Meeting of the Company held earlier today, the Company's shareholders approved all the resolutions proposed in the circular dated 26 January 2011.
The proposals related to a fundraising of up to £20 million by way of a placing of up to 60,606,061 ordinary shares of 0.1p each ("Ordinary Shares"), redemption of outstanding preference shares, repayment of outstanding bank debt and the appointment of a new management team.
Additional listing and total voting rights
Application has been made for 60,606,061 new Ordinary Shares to be admitted to trading on AIM and it is expected that trading in the enlarged share capital will commence at 8.00 a.m. tomorrow ("Admission").
Following Admission, the Company's enlarged issued share capital will comprise 132,500,736 Ordinary Shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 132,500,736.
This figure of 132,500,736 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Ian Dighé and Graham Hooper have been appointed to the board of the Company and Colin Rutherford and Adrian Collins have stepped down from the board. Gervais Williams is expected to join the board of the Company on 1 March 2011.
Ian Dighé, Chairman, MAM Funds plc, said:
"Today heralds a new chapter for MAM, as the Group is debt free, has a significantly strengthened capital base and new management team. I would like to take the opportunity to thank both Adrian Collins and Colin Rutherford for their contribution to the Company since joining the Board in March 2008.
"We now embark on a new phase to grow the business and create a leading UK investment management business. This is an exciting time and the foundations are firmly in place for MAM to achieve its objective."
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Further information on MAM can be found at: www.mamfundsplc.com
For further information, please contact:
Ian Dighé, Chairman, MAM Funds 07785 703261
Roland Cross, Director, Broadgate Mainland 07831 401309
James Steel, Managing Director, Arbuthnot Securities 020 7012 2100
Antonio Bossi, Director, Arbuthnot Securities 020 7012 2116
Rule 17 and Schedule Two, paragraph (g) of the AIM Rules disclosures:
Mr Dighé, who is 55, holds, or has held within the last five years, the following directorships:
Alpha Securities Trading Limited
Artemis Alpha Trust plc
Cruise and Passenger Services Ltd
Gartmore GO Dealing Limited (in liquidation)
Gartmore Growth Opportunities plc (in liquidation)
Independent Port Handling Limited
McKenna & Partners Limited (in liquidation)
New Wine Resources Limited
New Wine Trust
Pathfinder Personnel Limited
Southampton Cargo Handling Limited
Strategic Equity Capital plc
Westminster Theological Centre
Bridgewell Advisers Limited
Bridgewell Corporate Finance Limited
Bridgewell Corporate Holdings Limited
Bridgewell Group Limited
Bridgewell Investment Management Ltd
Bridgewell Investments Limited
Bridgewell Nominees Limited
Bridgewell Securities Nominees Limited
Bridgewell Ventures Limited
Bridgewell Partners Limited
Gilbert Eliot & Company Limited
Hopkins & Jones Limited
Matterley Holdings LLP
Matterley Management Services Ltd
Silverwind Securities Limited
On Admission, Mr Dighé will hold 909,091 Ordinary Shares representing approximately 0.7 per cent. of the enlarged share capital of the Company.
Mr Dighé was designated member of Matterley Holdings LLP when it was dissolved on 26 October 2010 and is a director of Gartmore Growth Opportunities plc, Gartmore GO Dealing Limited and of McKenna & Partners Limited which were placed into members' voluntary liquidations on 10 December 2010, 8 November 2010 and 29 March 2010 respectively with no estimated deficiency as regards creditors.
Mr Hooper, who is 51, holds, or has held within the last five years, the following directorships:
Money Can Be Fun Ltd
Active Net Solutions Limited
AWD Chase de Vere Consulting Ltd
AWD Chase de Vere Limited
AWD Group plc
Chaddleworth Software Limited (in liquidation)
Chase de Vere Financial Solutions Ltd
Crantock Property Limited
Priory Legal Services Limited
SWAT Financial Planning Limited
On Admission, Mr Hooper will hold 620,210 Ordinary Shares including his existing holding of 317,180 Ordinary Shares representing in aggregate approximately 0.5 per cent. of the enlarged share capital of the Company.
Mr Hooper was a director of Chaddleworth Software Limited which is currently in liquidation with an estimated deficiency as regards creditors of approximately £259,000.
Save for the information disclosed above there is no other information required to be disclosed under Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.