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Gunsynd Plc
("Gunsynd" or the "Company")
Further re: Proposed Conversion to Operating Company, Capital Reorganisation, Directorate Change and Result of General Meeting
Gunsynd (AIM: GUN) announces that, at the General Meeting of the Company held earlier today, all resolutions were duly passed, other than Resolution 4, being the special resolution to approve the adoption of the New Articles, which was withdrawn from the meeting. The Company's existing articles of association therefore remain in force.
The results of the voting on the resolutions will be posted on the Company's website shortly.
Accordingly, Shareholders have approved the cessation of the Company's existing investing policy and its transition to an AIM operating company and the Capital Reorganisation.
Transition to operating company
Following the passing of Resolution 1, the Company's Investing Policy has been revoked and the Company will cease to be regarded as an investing company for the purposes of the AIM Rules. The Company's activities will focus on the exploration and development of its natural resources assets, principally the wholly owned Barb Gold Project in Manitoba, Canada.
Directorate change
As previously announced, following the passing of Resolution 1, Peter Ruse has stepped down from the Board with effect from the conclusion of the General Meeting. At the same time, Sheldon Modeland has been appointed to the Board as a Non-executive Director.
Mr Modeland is an experienced geologist and mining analyst with international experience. He has spent over 20 years in the mining industry, beginning his career as an exploration geologist with prominent mining firms Falconbridge (now Glencore) and BHP Billiton. He has served as a research geoscientist and in a project geologist capacity where he managed advanced exploration programs and, since transitioning into financial analysis, has provided financial modelling, production analyses, resource evaluations, and detailed due diligence on precious and base metal mining projects globally whilst working at UK financial institutions. Mr Modeland holds a Master's of Science in Geology from McGill University and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS).
The disclosures required pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies in respect of Sheldon Modeland are set out in the appendix below.
In addition, Don Strang has transitioned from Executive Director to Non-Executive Director with effect from the conclusion of the General Meeting.
Capital Reorganisation
Following the passing of Resolutions 2 and 3, the Capital Reorganisation is expected to become effective on 28 October 2026. Under the Capital Reorganisation, every 12 Existing Ordinary Shares of 0.085 pence each will be consolidated into one Consolidated Share of 1.02 pence, immediately followed by the sub-division of each Consolidated Share into one New Ordinary Share of 0.03 pence and one Deferred A Share of 0.99 pence.
As a result of the Capital Reorganisation, the New Ordinary Shares will trade under a new ISIN. The new ISIN will be GB00BXP3H253.
Application has been made for 138,436,664 New Ordinary Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings in the New Ordinary Shares are expected to commence on or around 29 October 2026 ("Admission").
The rights attaching to the New Ordinary Shares, including voting rights, dividend entitlements and rights on a return of capital, will be identical in all respects to those attaching to the Existing Ordinary Shares.
Total Voting Rights
Following Admission, the Company's issued ordinary share capital will comprise 138,436,664 New Ordinary Shares of 0.03 pence each. The Company does not hold any ordinary shares in treasury. Accordingly, the total number of voting rights in the Company following Admission will be 138,436,664.
The above figure of 138,436,664 may be used by Shareholders as the denominator for the calculations by which they determine whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Change of name and TIDM
As previously announced, as part of its transition to an operating company, the Company intends to change its name from Gunsynd plc to Bisgood PLC, a further announcement will be made in due course confirming the effective date.
Once the change of name becoming effective, the Company's AIM ticker is expected to change from GUN to BSG, a further announcement will be made in due course.
The Company's new website address, containing the information required to be published pursuant to Rule 26 of the AIM Rules, will be announced in due course.
Unless otherwise defined, capitalised terms used in this announcement have the meanings given to them in the Circular published by the Company on 12 October 2026.
For further information, please contact:
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Gunsynd plc Hamish Harris |
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Cairn Financial Advisers LLP Liam Murray / James Western |
+44 20 7213 0880 |
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AlbR Capital Limited Lucy Williams |
+44 20 7469 0936
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Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
Appendix:
Pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies, the following information is disclosed in respect of Sheldon James Modeland (aged 57):
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Current Directorships |
Previous Directorships held in the past five years |
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Dunite Consulting Limited |
None |
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Richmond Hill Resources PLC |
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Shard Capital Partners LLP |
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Mr Modeland does not hold any shares, options or warrants in the Company as at the date of this announcement.
There is no further information regarding Mr Modeland required to be disclosed under the AIM Rules.
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