Result of General Meeting

RNS Number : 6771I

Longships PLC

27 July 2012

 



27 July 2012

LONGSHIPS PLC

("Longships" or the "Company")

Result of General Meeting

Completion of Subscription for Shares in Praetorian Resources Limited

Passing of Resolutions

The Board of Directors of Longships is pleased to announce that at the General Meeting of Longships held earlier today, all resolutions set out in the notice of the general meeting of the Company contained in the circular dated 9 July 2012 to shareholders of the Company (the "Circular"), were duly passed.

A copy of the Circular is available on the Company's website at www.longshipsplc.com.  Unless the context otherwise requires, terms defined in the Circular have the same meanings in this announcement.

Completion of Subscription

The Board of Directors of Longships is also pleased to announce that completion of the subscription by the Company of £2,308,010 in cash for 4,616,020 new ordinary shares in Praetorian Resources Limited (with 2,308,010 new subscription shares in Praetorian Resources Limited attached) (the "Subscription") took place immediately after the conclusion of the General Meeting (following the approval of the Subscription by the independent shareholders of the Company pursuant to resolution no. 1 passed at the General Meeting).

Further information on Praetorian Resources Limited, including its AIM Admission document dated 4 July 2012, is available on Praetorian Resources Limited's website www.praetorianresources.com.

B Share Scheme

The Company will now proceed with the proposed transfer to shareholders of the Company of all of the Company's holding of such shares in Praetorian Resources Limited ("Praetorian Resources Securities") by way of a return of capital involving an issue of B Shares which will then (subject to approval of the High Court) be cancelled in exchange for the Company transferring to shareholders its holding of such Praetorian Resources Securities (the "B Share Scheme").

The following indicative timetable sets out expected dates for implementation of the B Share Scheme:-

Event	Time and/or date
High Court directions hearing	9 August 2012
Record Time for entitlement to B Shares	6.00 p.m. on 16 August 2012
B Shares issued	21 August 2012
High Court hearing to confirm Capital Reduction	22 August 2012
Effective date of cancellation of B Shares	23 August 2012
Effective date of transfer of Praetorian Resources Securities from the Company into the names of Shareholders	23 August]2012
Crediting of CREST accounts of Shareholders in respect of Praetorian Resources Securities to be held in uncertificated form	23 August 2012
Despatch of share certificates in names of Shareholders for Praetorian Resources Securities to be held in certificated form	by 30 August 2012

Enquiries:

Longships PLC	[phone]
Nathan Steinberg, Director
Westhouse Securities (Nominated Adviser)	[phone]
Richard Baty / Petre Norton

 

END

 

 

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