LONDON (Alliance News) - Electra Private Equity PLC on Friday said its subsidiary is convening a general meeting at which shareholders will vote to wind-up the company, and it said it will vote in favour of the resolution.
Electra Private Equity noted that its subsidiary Electra Private Equity Investments PLC had previously issued 47.3 million zero dividend preference shares and is required to redeem all of the ZDP shares at 155.41 pence per share on August 5. If the subsidiary is unable to do so, the directors would be required to convene a general meeting to propose the company is wound up voluntarily, Electra said in a statement.
As such, Electra Private Equity said the directors of the subsidiary are intending to convene a general meeting, to be held on August 12, for shareholders to vote over the winding up of the company, and Electra Private Equity said it will vote in favour of this resolution.
Electra Private Equity said it has agreed to contribute to the company sufficient funds to enable the full 155.41 pence per ZDP share to be paid to relevant ZDP shareholders.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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