GM Approval & Name Change
28 9월 2010 - 12:54AM
UK Regulatory
TIDMXPH
RNS Number : 3862T
X-Phonics plc
27 September 2010
X-PHONICS PLC
(AIM: XPH)
Proposed investment together with warrants to subscribe for ordinary shares
Proposed change of name to Verdes Management plc
Proposed share reorganisation
Proposed disposal of existing business
Proposed adoption of new Articles of Association
The board of X-Phonics is pleased to confirm that, at the General Meeting held
today, all resolutions to implement the above proposals, as referred to in the
Company's announcement dated 2 September 2010, were duly approved.
The Company has raised a total of GBP124,250 through the issue of 41,416,666 new
ordinary shares of 0.1p each at a price of 0.3p per new ordinary share. The net
proceeds of this investment will be used to provide working capital to enable
the Company to commence the implementation of its new investing policy as a
business providing turnaround company services as well as seeking investment
opportunities in UK public companies in need of restructuring and to progress
the recruitment of an established turnaround team. In addition, Adam Webb, who
has invested considerable time in developing the concept for a quoted turnaround
business, establishing commercial relationships and developing business areas,
is subscribing for 12,500,000 new ordinary shares at 0.2p per share.
In addition, loans of GBP65,000 and arrears of fees amounting to GBP61,227 have
been capitalised at 0.4p per share (the price at which trading in the Company's
shares was suspended on 29 March 2010) resulting in the issue of a further
31,556 750 new ordinary shares.
Following the General Meeting, John Matthews and Adam Webb have joined the board
as Chairman and Chief Executive respectively. Robin Davies has acquired the
Company's music businesses and he and John McLaughlin have left the board.
The Company's name is being changed to Verdes Management plc (AIM:VMP).
Dealings in the existing ordinary shares are expected to resume with effect from
commencement of business on Tuesday 28 September 2010 and application will be
made for the 97,973,416 new Ordinary Shares to be admitted to AIM.
+-----------------------------------+-----------------------------------+
| Contacts: | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| X-Phonics plc | www.xphonicsgroup.co.uk |
+-----------------------------------+-----------------------------------+
| Mike Hosie, Finance Director | +44 (0) 208 987 0800 |
+-----------------------------------+-----------------------------------+
| Adam Webb | +44 (0) 07943 113190 |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+-----------------------------------+-----------------------------------+
| John Wakefield / Marc Davies | +44 (0) 117 945 3470 |
+-----------------------------------+-----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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