Result of General Meeting

RNS Number : 2273W

Independent Resources PLC

25 April 2016

 

25 April 2016

Independent Resources plc

("IRG", the "Company" or the "Group")

Result of General Meeting

The Board of IRG (AIM: IRG) is pleased to announce that all resolutions proposed were duly passed at its General Meeting held today.

Defined terms used in this announcement shall have the same meaning as those terms defined and used in the circular of the Company dated 8 April 2016.

At the General Meeting approval was given by Shareholders:

·      for the Share Capital Reorganisation, whereby each existing share of 0.1p nominal value was to be sub-divided into one New Ordinary Shares of 0.01p nominal value and a 2016 Deferred Share of 0.09p nominal value; and

·      for authority to be given to the Directors to issue up to 5,000,000,000 New Ordinary Shares pursuant to section 550 of Companies Act 2006 and to dis-apply statutory pre-emption rights in relation to the issue of up 5,000,000 New Ordinary Shares.

The New Ordinary Shares in issue following the Share Capital Reorganisation will have the same rights as those currently accruing to the Existing Ordinary Shares in issue under the Articles of Association including those relating to voting and entitlement to dividends.

Shareholders will not be issued with a new share certificate for New Ordinary Shares and existing certificates will remain valid. 

Application has been made to the London Stock Exchange for the New Ordinary Shares created by the Share Capital Reorganisation to be admitted to trading on AIM at 8.00 a.m. on 26 April 2016. 

After the Share Capital Reorganisation there will be no change to the number of ordinary shares in issue which means there will be 419,905,876 New Ordinary Shares in issue.  The figure of 419,905,876 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Disclosure and Transparency Rules.

The 2016 Deferred Shares will have no value or voting rights and will not be issued with a share certificate in respect of the Deferred Shares. They will not be listed on AIM.  Accordingly, the 2016 Deferred Shares will be effectively worthless.

Holders of options and warrants over Existing Ordinary Shares will maintain the same rights as currently accruing to them and will not be issued with new warrant or option certificates.

For more information, please visit www.ir-plc.com or contact:

Greg Coleman		Independent Resources plc	020 3367 1134
Adam James		Panmure Gordon (UK) Limited	020 7886 2500
		(Nominated Adviser & Joint Broker)
Oliver Stansfield		Brandon Hill Capital	020 3463 5000
Jonathan Evans		(Joint Broker)
Simon Hudson		Tavistock Communications	020 7920 3150

 

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