Result of Meeting
06 8월 2010 - 8:22PM
UK Regulatory
TIDMRPL
RNS Number : 6862Q
Renewable Power and Light Plc
06 August 2010
Renewable Power & Light plc ('the Company')
Results of General Meeting
The Board is pleased to announce that at the General Meeting of the Company held
earlier today, all resolutions were duly passed.
Share Consolidation
Following the share capital reorganisation the Company's share capital comprises
of 887 ordinary shares with a nominal value of GBP1,000. Application has been
made to the London Stock Exchange for the 887 ordinary shares to be admitted to
trading on AIM at 8 a.m. on 9 August 2010.
The share capital reorganisation consisted of the steps as set out below:-
(a) Every 100,000 Existing Ordinary Shares were consolidated into one New
Ordinary Share of GBP1,000, and every authorised but unissued Existing Ordinary
Share was consolidated into one New Ordinary Share of GBP1,000.
(b) Fractional entitlements arising out of the share consolidation were
aggregated into New Ordinary Shares.
Shareholders are reminded that to receive any fractional entitlement arising
from the Share Consolidation they must write to the Company Secretary at the
Company's registered office - MoFo Notices Limited, CityPoint, 7th Floor, One
Ropemaker Street, London EC2Y 9AW on or before 6 September 2010.
Approval of the Strategy of the Company and new Investment Company ('NewCo')
The Board has created a New Investment Company ('NewCo'), a wholly owned
subsidiary of the Company, registered in the British Virgin Islands.
Shareholders in the Company, subsequent to the Share Consolidation, will be
distributed shares in NewCo by way of a declaration of a dividend in specie.
NewCo will seek investment opportunities within any sector the board consider
appropriate. The board believe that the most likely medium term exit route for
shareholders of NewCo will be by way of a reverse takeover following execution
of this strategy and/or a listing on AIM or a Standard Listing on the London
Stock Exchange.
The Company will focus solely on resolving legacy issues and generating any
recovery for shareholders.
Cancellation of the Company's Ordinary Shares from AIM
The Company's shares will be cancelled from AIM 7 a.m. 20 August 2010.
The voting results are set out below:-
+-+------------------+------------+-------+----------+--------+
| | Resolution | Votes | % of | Votes | % of |
| | | in | votes | against | votes |
| | | favour | cast | | cast |
+-+------------------+------------+-------+----------+--------+
| 1.| To approve the | 33,497,430 | 99.95 | 16,000 | 0.05 |
| | Share | | | | |
| | Consolidation | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 2.| To approve the | 33,497,430 | 99.95 | 16000 | 0.05 |
| | Strategy of the | | | | |
| | Company | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 3.| To approve the | 33,497,430 | 99.95 | 16,000 | 0.05 |
| | incorporation of | | | | |
| | a New Investment | | | | |
| | Company and the | | | | |
| | Special Dividend | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 4.| That the AIM | 33,497,430 | 99.95 | 26,000 | 0.05 |
| | admission of the | | | | |
| | Company's | | | | |
| | Ordinary Shares | | | | |
| | be cancelled | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 5.| That Article 3.1 | 33,497,430 | 99.95 | 16,000 | 0.05 |
| | of the Company's | | | | |
| | Articles of | | | | |
| | Association be | | | | |
| | deleted from the | | | | |
| | Company's | | | | |
| | Articles of | | | | |
| | Association | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 6.| That the Company | 33,497,430 | 99.95 | 16,000 | 0.05 |
| | be authorised to | | | | |
| | make purchases | | | | |
| | from the | | | | |
| | Company's | | | | |
| | Ordinary Shares | | | | |
| | | | | | |
+-+------------------+------------+-------+----------+--------+
| 7.| That the | 33,497,430 | 99.95 | 16,000 | 0.05 |
| | Reduction of | | | | |
| | Capital be | | | | |
| | approved | | | | |
+-+------------------+------------+-------+----------+--------+
Commenting, Duncan Soukup, Executive Chairman, said "The board takes no pleasure
in recommending a delisting of the Company. However, if we had not proposed a
delisting, dealing in the Company's shares would have been suspended in any case
on 20 August 2010 and suspended for 6 months, before being delisted. During this
time, the Company would have continued to incur listing fees, including AIM
fees, NOMAD and Broker fees, in addition to other operating expenses connected
with a public company.
The overwhelmingly approved strategy (99.9% in favour) now allows for a clear
strategy of growth through NewCo and potential recovery through the Company. The
Company will continue to post announcements and developments on its website but
will no longer have access to the London Stock Exchange's RNS service after
delisting. I would therefore urge shareholders to periodically monitor the
Company's website for updates."
** ENDS **
For further information visit www.rplplc.com or contact:
+-----------+-----------+-------------+
| Duncan | Renewable | Tel: |
| Soukup, | Power & | +33 |
| Executive | Light plc | (0) 6 |
| Chairman | | 78 63 26 89 |
+-----------+-----------+-------------+
| Liam | Cairn | Tel: |
| Murray, | Financial | +44 |
| Nominated | Advisers | (0) 20 |
| Adviser | LLP | 7148 7903 |
+-----------+-----------+-------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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