(Alliance News) - All Active Asset Capital Ltd on Tuesday said it may cancel the admission of placing shares following a proposal from substantial shareholder 192 Pte Ltd.
All Active announced a proposed GBP1.3 million placing on April 3 through the issue of 126.0 million new shares at a price of 1 pence each. Warrants over shares, exercisable at the placing price, were also granted, with one warrants attached to every three placing shares.
As the placing required shareholder approval, a general meeting had been expected to take place around Thursday this week.
However, 192 has since submitted a proposal "that the placing be cancelled and superseded by a revised equity fundraising proposal", with 192 supporting the fundraise.
All Active explained that the alternative placing would have "a somewhat lower equity" and shares would be priced at 1.5p each with one warrant per placing share, with warrants exercisable at 2p for a six month period.
"The board is considering the potential alternative placing with its advisers and with the placees. Should the potential alternative placing proceed it would also be conditional on approval by the shareholders of [All Active] at an extraordinary general meeting to be convened in due course of resolutions to grant the directors a general authority to allot relevant securities and a waiver of the pre-emption rights of shareholders and the admission of the new ordinary shares to be issued pursuant to the potential alternative placing to trading on AIM," said All Active.
Shares in All Active ended 3.0% higher at 1.70p in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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