(Alliance News) - Zibao Metals Recycling Holdings PLC can go ahead with a significant reorganisation after shareholder approval, it said on Monday.
Zibao said all resolutions held at a general meeting of shareholders on Monday were approved.
This means the company's main operating subisidary Masterpiece Enterprise Ltd can be sold to APC for GBP102,760. APC is owned by Zibao Chair Wenjie Zhou.
A share reorganisation will then take place, with each existing share divided into an ordinary share and a deferred share. Following the reorganisation, Zibao will have 122.0 million ordinary and deferred shares each which will not be cancelled, but neither will they be admitted to trading on any market.
Zibao will then carry out a placing to raise GBP352,750, with GBP102,760 being used for a buyback to allow Chair Zhou to buy Masterpiece Enterprise.
After the placing and buyback, Zibao's 1.38 billion shares will be consolidated on a basis of 40 existing shares to one new share, bringing its entire share capital to 34.4 million shares overall.
Zibao will also now be changing its name to Phimedix PLC, effective "shortly". Shares were untraded on Monday afternoon, last quoted at 0.35 pence each.
By George Collard; georgecollard@alliancenews.com
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