Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksEDL.L Share News (EDL)

  • There is currently no data for EDL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Edenville Energy board proposes major share reorganisation

Fri, 12th Aug 2016 12:23

(ShareCast News) - Tanzania-focused coal-to-power project developer Edenville Energy announced a proposed reorganisation of its share capital on Friday.The AIM-traded firm's board said it believes that "significant progress" has been made over recent months on several areas of the power plant development process.It said that, in order to continue the progression and deliver shareholder value, it now needs to take appropriate steps to restructure the company's share capital."The existing ordinary shares of £0.0002 in the capital of the company have in recent months frequently been trading on AIM at a price close to their nominal value of £0.0002 per share," the board said in a statement."The issue of new shares by a company incorporated in England and Wales at a price below their nominal value is prohibited by the Companies Act 2006 and so in order to continue the mine and power plant development process by way of the issue of further equity, a capital reorganisation is recommended."Edenville's board also said the share price volumes at which the existing shares have been trading mean that a small value transaction could significantly affect the company's market capitalisation."One or two relatively small trades in a day can result in increased share price volatility that does not reflect the company's underlying performance."The directors also note that, at 12,427,060,094, the number of existing ordinary shares currently in issue is an excessive number for a company of the size of Edenville," the board explained.Its proposed capital reorganisation comprises three subdivisions, with the first being a subdivision of the 64,179,632 existing deferred shares of £0.0008 each into 5,134,370,560 deferred shares of £0.00001 each.The second subdivision would involve the 12,427,060,094 existing ordinary shares being subdivided into two share classes - one of 12,427,060,094 ordinary shares of £0.00001 each, and one of 12,427,060,094 deferred shares of £0.00019 each.Edenville said the 12,427,060,094 new deferred shares will then be subdivided into 236,114,141,786 deferred shares of £0.00001 each."Further, the subdivided ordinary shares will be consolidated into 621,353,005 ordinary shares of £0.0002 each, such Consolidated Shares having the same rights and being subject to the same restrictions as the existing ordinary shares as currently set out in the company's articles of association," the board explained."If the company determines to cancel or buy back the subdivided new deferred shares, it will advise, and if required seek further shareholder approval from, shareholders accordingly at the relevant time."The effect of the proposed capital reorganisation would be to reduce the number of issued ordinary shares in the capital of the company by a multiple of approximately 20," it said.Edenville's board is set to propose the resolutions at a general meeting in London on 30 August.
More News
3 Aug 2023 18:32

IN BRIEF: Edenville shareholders pass changing name to Shuka Minerals

Edenville Energy PLC - Africa-focused mine operator and developer - At its annual general meeting on Thursday, shareholders approved the proposed name change to Shuka Minerals PLC. Says a further announcement will be made in "due course". Also confirms following an announcement last month, Non-Executive Chair Nick von Schirnding has tendered his three months' notice to resign, effective October 31.

Read more
27 Jul 2023 15:43

UK shareholder meetings calendar - next 7 days

Friday 28 July 
African Pioneer PLCAGM
Bezant Resources PLCAGM
Braveheart Investment Group PLCAGM
Cordiant Digital Infrastructure LtdAGM
DP Poland PLCAGM
Intuitive Investments Group PLCGM re proposals on investment strategy
Jangada Mines PLCAGM
Mercantile Ports & Logistics LtdAGM
MetalNRG PLCAGM
Northern 2 VCT PLCGM re party transaction
Polymetal International PLCGM re delisting
R&Q Insurance Holdings LtdAGM
Science in Sport PLCAGM
Urban Logistics REIT PLCAGM
Xtract Resources PLCAGM
Monday 31 July 
B90 Holdings PLCAGM
Barryroe Offshore Energy PLCEGM re proposed cancellation of admission to trading on AIM
Live Co Group PLCAGM
OnTheMarket PLCAGM
Tintra PLCAGM
Tuesday 1 August 
Bonhill Group PLCGM re members' voluntary liquidation
Deltex Medical Group PLCGM re placing and subscription
Syncona LtdAGM
Wednesday 2 August 
Bushveld Minerals LtdAGM
Sequoia Economic Infrastructure Income Fund LtdAGM
Wizz Air Holdings PLCGM re proposed purchase
Thursday 3 August 
Distil PLCAGM
Edenville Energy PLCAGM
Future PLCGM re authorising the company to buy back up to 10% of shares
Investec PLCAGM
Landore Resources LtdEGM re dual-listing in Canada
Ukrproduct Group LtdAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
30 Jun 2023 14:03

EARNINGS SUMMARY: Wentworth swings to loss as M&P takeover drags on

(Alliance News) - The following is a round-up of 2022 annual results by London-listed companies, issued on Friday and not separately reported by Alliance News:

Read more
2 Jun 2023 13:30

Edenville Energy proposes name change to Shuka Resources

(Sharecast News) - Africa-focussed miner Edenville Energy announced its proposal to change its name to Shuka Resources on Friday.

Read more
2 Jun 2023 10:16

IN BRIEF: Edenville Energy proposes name change to Shuka Resources

Edenville Energy PLC - African focused mine operator and developer - Proposes name change to Shuka Resources PLC, which it says "better reflects the company's key focus in Africa".

Read more
2 Jun 2023 09:04

LONDON MARKET OPEN: Stocks up on US debt deal; Dechra up on takeover

(Alliance News) - Stock prices in London opened higher on Friday, after a week dominated by the US debt ceiling agreement, which was passed by the Senate late Thursday.

Read more
1 Jun 2023 12:12

Edenville Energy shares soar as it raises GBP1.5 million

(Alliance News) - Edenville Energy PLC on Thursday said it has raised GBP1.5 million through a direct subscription by two Africa-focused mining investment groups.

Read more
1 Jun 2023 10:52

AIM WINNERS & LOSERS: Westminster Group surges as revenue jumps

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

Read more
11 Apr 2023 12:29

Edenville upbeat on latest activity at Rukwa Coal Project

(Sharecast News) - Mining company Edenville Energy updated the market on production at its Rukwa Coal Project in Tanzania on Tuesday, reporting that 594 tonnes of coal were washed at Rukwa in March.

Read more
11 Apr 2023 11:44

Edenville Energy "encouraged" as 594 tonnes of coal washed at Rukwa

(Alliance News) - Edenville Energy PLC said on Tuesday its production performance at Rukwa project improved last month amid better weather conditions.

Read more
28 Mar 2023 14:30

TRADING UPDATES: Clontarf Energy agrees joint venture with NEXT-ChemX

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
9 Feb 2023 12:18

Edenville says 2,000 tonnes of coal per month rained off until June

(Alliance News) - Edenville Energy PLC on Thursday said it has agreed on a coal supply deal, as the ongoing rainy season in Tanzania continues to hinder production.

Read more
13 Dec 2022 12:45

IN BRIEF: Edenville Energy wins case after unfair dismissal claims

Edenville Energy PLC - London-based thermal coal developer, focused on brownfield Rukwa coalfields in western Tanzania - Successfully defends claim from former employees relating to unfair dismissal as a result of Covid-19. "The judgement by the court in Tanzania found in the company's favour and rejected the employees claim in its entirety," Edenville says. Earlier this month, Edenville said it had raised GBP400,000 through the issue of shares, to provide additional working capital and to provide sufficient fund to meet any adverse judgements as a result of legal claims.

Read more
6 Dec 2022 17:11

TRADING UPDATES: Securities Trust of Scotland outperforms benchmark

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

Read more
6 Dec 2022 11:28

Edenville shares tumble as group undertakes discounted placing

(Sharecast News) - Exploration and development firm Edenville Energy has undertaken a placing to raise gross proceeds of £400,000 in order to provide the group with additional working capital, settle outstanding creditors and provide sufficient funds to meet any unexpected adverse judgement as a result of ongoing legal claims.

Read more

Track Your Investments

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.