An extraordinary general meeting of the Company was held on 25 November 2014 at which Shareholders approved a resolution to make an interim return of capital to qualifying shareholders of 18.5 pence per Ordinary Share (equivalent to approximately £15,900,000 in total). Capital return payments were subsequently made to qualifying shareholders on 2 December 2014.
cheers for that post links, i haven't had time to look at anything to do with them yet ( im at work ) i had a quick look at the share price and they were up %60 and now up %29...... i was very curious. so thanks for the post . lee
Return of Capital, Subscription, Adoption of New Investing Policy and Board Changes
Further to the announcement of 25 November 2014, 3Legs announces that it is today posting a circular to Shareholders convening an Extraordinary General Meeting to seek (i) approval for a return of capital to Qualifying Shareholders, the adoption of a new Investing Policy and a subscription to raise £0.8m at a price of 0.232 pence per share and (ii) the authority to allot for cash further Ordinary Shares up to an aggregate par value of £150,000 on a non-preemptive basis. In addition, the circular contains details of various proposed Board changes.
· Proposed return to Qualifying Shareholders of remaining cash reserves of approximately £1.1 million (1.28 pence per share)
· Proposed subscription to raise £800,460 (gross) through the issue of 345,025,861 Ordinary Shares at 0.232 pence per share
· Proposed adoption of a new Investing Policy to focus on new investments in the natural resources and technology sectors
· Proposed appointment of Richard Armstrong and Colin Weinberg as Directors and resignation of Tim Eggar and Kamlesh Parmar subject to the approval of various resolutions and admission of the Subscription Shares to trading on AIM
The Directors believe these proposals will serve the interests of Shareholders better than a liquidation of the Company, as previously envisaged, since they will enable an immediate distribution of the Company's remaining cash reserves without the additional cost and delay of a liquidation process.
Following the completion of the Subscription, 3Legs will retain its AIM admission and Qualifying Shareholders will hold approximately 20 per cent. of the enlarged share capital of the Company.
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