Last checked at 28 Aug 2013 11:39
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28 August 2013
Mobile Tornado Group plc ("Mobile Tornado" or the "Company")
Result of General Meeting
On 2 August 2013, Mobile Tornado (AIM: MBT), the Instant Communications services provider for mobile devices,announced the proposed Placing of 20,000,000 new Ordinary Shares at 20 pence per Ordinary Share to raise gross proceeds of £4.0 million. Also announced on that date was a proposed reorganisation of certain of its capital under which, in aggregate, £4.0 million of funds payable to InTechnology will be capitalised into 20,000,000 new Ordinary Shares and a further amount of approximately £2.7 million of funds payable to InTechnology will be capitalised into Capital Reorganisation Preference Shares. In addition, it was proposed that the Existing Preference Shares have their rights amended to become Amended Preference Shares. Both the Placing and the Capital Reorganisation are subject, inter alia, to approval by Shareholders of Resolutions 1 and 2 set out in the Notice of General Meeting.
The Company is pleased to announce that all of the Resolutions were passed at the General Meeting which took place earlier today.
The Placing remains conditional, inter alia, upon Admission. Admission is expected to become effective at 8.00 a.m. on 29 August 2013. The Capital Reorganisation remains conditional, inter alia, upon Capital Reorganisation Admission. Capital Reorganisation Admission is expected to become effective at 8.00 a.m. on 29 August 2013.
As at the date of this announcement the issued ordinary share capital of the Company is 184,953,708 Ordinary Shares of two pence each. Immediately following Admission and Capital Reorganisation Admission the issued ordinary share capital of the Company is expected to be 224,953,708 Ordinary Shares of two pence each.
Terms defined in the circular dated 2 August 2013 have the same meaning in this announcement, save where the context otherwise requires.
Enquiries:
Mobile Tornado Group plc www.mobiletornado.com
Jeremy Fenn, Chief Executive +44 (0)7734 475 888
Investec Bank plc (Nominated Adviser & Broker) +44 (0)20 7597 4000
Andrew Pinder, Dominic Emery,
Carlton Nelson, Sebastian Lawrence
Walbrook PR Ltd +44 (0)20 7933 8780 or mobiletornado@walbrookpr.com
Paul McManus +44 (0)7980 541 893
Paul Cornelius +44 (0)7866 384 707
About Mobile Tornado Group Plc (www.mobiletornado.com)
Mobile Tornado Group PLC (AIM: MBT) specialises in the provision of Instant Communications services for mobile devices, with a focus on enterprise workforce management. The Company's main applications comprise Instant Talk, Instant Locate, Instant Alert & Instant Message and are geared towards improving a business's productivity and performance by enabling organisations and workers to connect one-to-one or one-to-many at the touch of a button.
By equipping their workforce with conventional mobile handsets and Mobile Tornado's Instant Communication services, a company can communicate with one or many employees simultaneously, monitor employee locations, and immediately be alerted of major issues. At the touch of a button, they can communicate with employees more efficiently and cost-effectively than would be possible with traditional mobile services or other Private Mobile Radio (PMR) solutions.
Mobile Tornado's patented Internet Protocol Radio Service (IPRS(TM)) technology has been successfully deployed on networks around the world. The suite of IP-based, OMA standards-compliant services provide instantaneous, 'always-on', bandwidth-efficient communications across a range of mobile networks and devices, including compatibility with forthcoming LTE (Long Term Evolution) 4G mobile networks. Both technical and cost performance is superior to many competing services and technologies, with proven success in the current marketplace.