Notice of EGM
11 9월 2008 - 3:30PM
UK Regulatory
RNS Number : 1901D
TV Commerce Holdings PLC
11 September 2008
TV COMMERCE HOLDINGS PLC
NOTICE OF EGM
The Board of TV Commerce Holdings plc (the "Company") today announced that conditional on Shareholder approval it has agreed, inter
alia, to:
* raise �200,000, before expenses, by way of a conditional subscription for 1,000,000,000 New Ordinary Shares at 0.02p per share;
* issue a warrant to subscribe for one New Ordinary Share (at an exercise price of 0.02p per New Ordinary Share) for every two
Subscription Shares subscribed; and
* in order to effect the Subscription the Company has also today announced the proposed Capital Reorganisation.
Christopher Potts and Robert Quested (together the "Concert Party") have conditionally agreed, subject to Shareholder approval, to
subscribe for, in aggregate 900,000,000 New Ordinary Shares (and attached warrants to subscribe for up to 450,000,000 New Ordinary Shares).
The remaining 100,000,000 New Ordinary Shares (and warrants to subscribe for up to 50,000,000 New Ordinary Shares) are to be issued to
Barnard Nominees Limited, on behalf of certain of its clients (none of whom have any connection with either member of the Concert Party).
In view of the size of the proposed shareholdings of the Concert Party in the Company following Admission, the Subscription would
represent a change in control under the Takeover Code. This would require an offer to be made on behalf of the Concert Party to acquire the
balance of New Ordinary Shares not owned by them pursuant to Rule 9 of the Takeover Code unless a waiver of this requirement is approved on
a poll by independent holders of Existing Ordinary Shares at the EGM.
It is expected that, subject to the Resolutions being approved by holders of Existing Ordinary Shares and the Subscription Agreement
becoming unconditional in all respects, dealings in the New Ordinary Shares to be issued pursuant to the Subscription will commence on or
around 1 October 2008. Application will be made for the New Ordinary Shares to be admitted to trading on the AIM market of the London Stock
Exchange.
TEMPORARY SUSPENSION:
The Company's shares remain suspended pending clarification of the Company's financial position. The suspension will continue until the
Company completes a fundraising or an acquisition which constitutes a reverse takeover (as defined by the AIM Rules).
EXTRAORDINARY GENERAL MEETING:
A Circular has today been posted to Shareholders convening an Extraordinary General Meeting of the Company to be held at 12.30 p.m. on
30 September 2008 at the offices of Dowgate Capital Advisers Limited, 46 Worship Street, London EC2A 2EA and is available from the Company's
website, www.tvcommerce.co.uk.
At the EGM the following ordinary resolutions will, if passed:
1. approve the waiver granted in respect of Rule 9 of the Takeover Code;
2. approve the Subscription;
3. increase the Company*s authorised share capital;
4. authorise the Directors to allot relevant securities for the purpose of
the Subscription, the issue of the Warrants, and generally up to an
aggregate nominal value of �200,000;
5. (a) sub-divide each issued Existing Ordinary Share in the capital
of the
Company into 1 Deferred Share and 1 New Ordinary Share; and(b)
sub-divide each unissued Existing Ordinary Share in the capital of
the Company into 5 New Ordinary Shares;
6. amend the articles of association of the Company; and
7. authorise the Directors to allot equity securities otherwise than on a
pre-emptive basis for the purpose of the Subscription, the issue of the
Warrants, and generally up to an aggregate nominal value of �200,000.
REASONS FOR THE SUBSCRIPTION AND USE OF PROCEEDS:
The Proposals announced today include, inter alia, the Subscription and will provide the Company with the opportunity to carry out due
diligence on potential investment opportunities that the Directors may identify in accordance with the Investing Strategy, for transaction
costs and additional working capital.
Shareholders should note that following the Subscription their shareholding in the Company will be significantly diluted.
The Board believes that the Company has a viable future and is capable of creating shareholder value in the medium term if it can
overcome its current funding needs and can grow by acquisition.
In the event the Proposals are not completed, the Board will consider its position in relation to the Subscription and in respect of the
Company's current trading and working capital position but in the absence of the Subscription or proposed further funding being available,
it is unlikely that the Company will be able to meet its liabilities as they fall due and may result in the Company becoming insolvent.
CAPITAL REORGINISATION:
Certain changes to the share capital of the Company are necessary in order to effect the Subscription. Under the Acts no share may be
allotted fully paid at a discount to its nominal value. The nominal value of each Existing Ordinary Share is 0.1p and the Subscription Price
is 0.02p per Subscription Share. Accordingly, to effect the issue of New Ordinary Shares at less than the present nominal value, it is
proposed to subdivide and convert each issued Existing Ordinary Share of 0.1p into 1 New Ordinary Share of 0.02p each and 1 Deferred Share
of 0.08p. This will result in 64,179,632 New Ordinary Shares and 64,179,632 Deferred Shares being in issue immediately following the Capital
Reorganisation. As such, following the Capital Reorganisation, each Shareholder will have the same number of New Ordinary Shares as Existing
Ordinary Shares held before the Capital Reorganisation.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS:
2008
Date of the Circular 10 September
Latest time and date for receipt of completed 12.30 p.m. on 28
Forms of Proxy to be valid at the EGM September
Extraordinary General Meeting 12.30 p.m. on 30
September
Record date for the Capital Reorganisation 5.30 p.m. on 30
September
Admission and commencement of dealings in the 1 October
New Ordinary Shares on AIM
Crest accounts credited for the Subscription 1 October
Shares in uncertificated form
Despatch of definitive share certificates for 8 October
the Subscription Shares in certificated form
by not later than
Each of the times and dates in the above timetable is subject to change. If any details in the above timetable should change, the revised
times and dates will be notified to shareholders by means of an announcement through a Regulatory Information Service. All events listed in
the above timetable following the EGM are conditional on the passing of the Resolutions contained in the Notice.
SUBSCRIPTION STATISTICS:
Subscription Price 0.02p
Number of Existing Ordinary Shares in issue at the date of 64,179,632
this document (immediately before the Capital
Reorganisation)
Number of New Ordinary Shares in issue immediately 64,179,632
following the Capital Reorganisation (but prior to the
Subscription)
Number of Subscription Shares to be issued 1,000,000,000
Enlarged Ordinary Share Capital 1,064,179,632
Percentage of the Enlarged Ordinary Share Capital 94.0 per cent.
represented by the Subscription Shares
Maximum percentage holding of the Concert Party of the 89.2 per cent.
Enlarged Ordinary Share Capital*
Number of Warrants in issue immediately following 500,000,000
Admission
Market capitalisation of the Company at the Subscription �212,826
Price immediately following Admission
Gross proceeds of the Subscription �200,000
Estimated net proceeds of the Subscription �144,000
* assuming each member of the Concert Party exercises his Warrants in full, no other Warrants are exercised and no New Ordinary Shares are
issued.
For further information please contact:
Vince Stanzione, CEO TV Commerce Holdings plc Tel: 013 4484 5000
David Newton/Aaron Smyth, Dowgate Capital Advisers Ltd Tel: 020 7492 4777
Nominated Adviser
Neil Badger, Broker Dowgate Capital Stockbrokers Ltd Tel:012 9351 7744
This information is provided by RNS
The company news service from the London Stock Exchange
END
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