Aeorema Comm. Regulatory News (AEO)

26 Jun 2009 14:56



Cheerful Scout Plc / Index: AIM / Epic: CLS / Sector: Media

26 June 2009

Cheerful Scout Plc ('Cheerful' or 'the Company')

Result of General Meeting 

Cheerful Scout Plc, the AIM-traded multi media specialist, is pleased to announce that at the General Meeting of the Company held today, all resolutions were duly passed. 

Effect of the Capital Reorganisation

The effect of the Capital Reorganisation is that Shareholders holding fewer than 12,500 Ordinary Shares on the Record Date of today, 26 June 2009, will receive a cash payment equivalent to 5 pence per Ordinary Share (subject to the impact and treatment of fractional entitlements as described in the circular sent to shareholders on 4 June 2009). As a result of the Capital Reorganisation, those Shareholders holding fewer than 12,500 Ordinary Shares will have received 5 pence per share for their shareholding (subject to the impact and treatment of fractional entitlements as described in the circular sent to shareholders on 4 June 2009) without incurring dealing costs.

Holders of more than 12,500 Ordinary Shares on the Record Date will likewise receive a cash payment equivalent to 5 pence per Ordinary Share (subject to the impact and treatment of fractional entitlements as described in the circular) for the number of their Ordinary Shares as become a fraction of a Consolidated Share when their holding is divided by 12,500. These Shareholders will retain the balance of their shareholding. For example, a holder of 15,000 Ordinary Shares would receive: (i) following the Consolidation, 1 Consolidated Share in respect of 12,500 Ordinary Shares together with a cash payment in respect of 2,500 Ordinary Shares; and (ii) following the Subdivision, would retain 12,500 New Ordinary Shares.

The Directors anticipate that the Capital Reorganisation will reduce the number of Shareholders from present level of approximately 475 to approximately 36. This will reduce the Company's costs on an ongoing basis.

The Directors do not anticipate any suspension on AIM of the trading of the Company's Ordinary Shares or any delay in the commencement of the trading of the New Ordinary Shares as a result of the Capital Reorganisation. The Capital Reorganisation is anticipated to be completed and take effect on or around 29 June 2009 with certificates in respect of New Ordinary Shares and payments made to entitled Shareholders on or around 7 July 2009. The New Ordinay Shares will trade under the ISIN GB00B4QHH456.

For further information visit www.cheerfulscout.com or contact: