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28 January 2019
Imaginatik plc
(the "Company")
(AIM: IMTK)
Result of General Meeting
Imaginatik Plc (AIM:IMTK), announces that at the General Meeting of the Company held today, all resolutions put to shareholders were duly passed. Accordingly, the disposal of the Company's trade and assets to Planbox Imaginatik Limited (the "Disposal") and change of name to "Abal plc", details of which were announced on 10 January 2019, have been approved.
As the sale has now been ratified by shareholders the completion of the Disposal is expected on or before the close of business on 4 February 2019.
Effect of the Disposal
Following completion of the Disposal, the Company will become an AIM Rule 15 cash shell and as such will be required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission as an investing company (as defined under the AIM Rules)) on or before the date falling six months from completion of the Disposal or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least GBP6 million) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified. Any failure therefore in completing an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission as an investing company (as defined under the AIM Rules)) will result in the cancellation of the Company's Ordinary Shares from trading on AIM.
Change of Name
Shareholders have approved the change of Company name to Abal plc. The change of name will be effective once Companies House has issued a certificate of incorporation on change of name. This is expected to take place as soon as practical following completion. The tradable instrument display mnemonic ("TIDM") of the Company is expected to change to ABAL with effect from 7 a.m. on the day following completion.
Website
Following the change of name the Company website address will be www.abalplc.com.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Do we lose our shares?
failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40.
same shares, just they will be listed as ABAL.
we await to see what AF & 8C thought would be better than having a global client base to exploit !!
Don't think we will have to wait too long.
Now AF can progress with the new direction for ABAL.
As SW comments we probably won’t have to wait long.