RE: Trading Starts Today11 Nov 2020 07:43
Not so simple...
Consolidation on 30 November
1 normal share and 19 Deferred Shares received
The Companies Act 2006 prohibits the Company from issuing shares at a price below their nominal value. As the price at which the Placing Shares and Subscription Shares are proposed to be issued is the same as the 20 pence per share nominal value of Ordinary Shares arising on the Share Consolidation outlined above, it is proposed that each of the consolidated Ordinary Shares of 20 pence be sub-divided into one New Ordinary Share of 1 pence and one Deferred Share of 19 pence, such Deferred Shares having the rights and being subject to the restrictions attached to them as set out in Resolution 1 in the Notice of General Meeting. The Deferred Shares will not entitle their holders to receive notice of or to attend or vote at any general meeting of the Company, or to receive any dividend or other distribution. On a return of capital on a winding up or dissolution of the Company, the holders of the Deferred Shares shall be entitled to receive an amount equal to the nominal amount paid up thereon, but only after the holders of the New Ordinary Shares have received £100,000 per New Ordinary Share. The holders of Deferred Shares are not entitled to any further right of participation in the assets of the Company. The Company shall have the right to purchase the Deferred Shares in issue at any time for no consideration. As such, the Deferred Shares effectively have no value. Share certificates will not be issued in respect of the Deferred Shares, and they will not be admitted to trading on AIM.
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