article missed from last week17 Jul 2017 11:41
nothing new just a summary of egm and resolutions
by Alliance | Mon, 10th July 2017 - 11:12
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LONDON (Alliance News) - SerVision PLC shareholders voted on two special resolutions at the company's extraordinary general meeting held on Monday, approving the company's plan to issue new shares and options to Cascade SVP LLC.
All resolutions put forward were supported by shareholders. The two special proposals were to allow shares to be issued to Cascade under a subscription as well as options over further shares.
In February, SerVision outlined plans to raise USD2.0 million from Cascade through the issue of new shares. The first USD1.0 million was secured at the start of March and the second USD1.0 million was raised in May, with a total of 14.2 million shares being issued at 11.3 pence each.
Cascade was awarded options to invest a further USD4.0 million in two equal tranches under the same terms as the subscription. In the middle of June, SerVision said the first tranche would consist of 15.8 million new shares at 12.66 cents each to raise USD2.0 million, with the second tranche of 17.4 million new shares at 11.51 cents each.
Those tranches can be exercised before September 28, 2018.
Ahead of the EGM, SerVision said Cascade already held a 10% stake in the company and said that would rise to 19% if the first tranche was exercised, and up to 27% if the second tranche was then exercised. That assumes no other new shares are issued in the meantime.
Shareholders have now approved the new shares and options to be issued at the EGM. One resolution passed allows the directors to allot and grant options and shares worth up to a nominal value of GBP331.7 million while a second allowed the board to dis-apply statutory pre-emption rights in respect of such authority.
On the last day of June, SerVision reported a widened loss in a "disappointing" 2016 of USD3.1 million versus a USD2.6 million loss the year before on broadly flat revenue, but expressed confidence going forward, underpinned by new strategic partnerships in the transportation sector.
SerVision shares were trading up 1.5% at 2.41 pence per share on Monday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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