Mcbride Regulatory News (MCB)

9 August 2022

McBride plc

Notice of General Meeting 2022

McBride plc (the "Company" or the "Group") announces that today, 9 August 2022, it posted to shareholders the Notice of General Meeting to be held at 1.30pm BST on Thursday, 25 August 2022 at Building C, Central Park, Northampton Road, Manchester M40 5BP.

The Group has been significantly impacted by and continues to experience a period of uncertainty caused by various macroeconomic factors which has resulted in an increase in the Group's borrowings and a reduction to the value of the adjusted capital and reserves in the Company's balance sheet. As the borrowing limit in the Company's articles of association (the "Articles") is calculated by reference to the adjusted capital reserves in the Company's latest audited consolidated balance sheet, when the Company publishes its audited accounts for the financial year ended 30 June 2022, it is expected that the Group's borrowings will exceed the current limit in Article 89.2 of the Articles. The Board is therefore seeking shareholder approval in order to sanction an increase in the Group's borrowing limit (as permitted under Article 89).

The Directors have secured irrevocable undertakings from certain of the Company's largest shareholders[1] representing a majority (58.4 per cent.) of the Company's shares to vote in favour of the proposed resolution.

The Board considers that the resolution set out in the Notice of General Meeting is in the best interests of the Company and of its shareholders as a whole and unanimously recommends shareholders to vote in favour of it, as each of the Directors intends to do in respect of their own beneficial holdings.

In accordance with Listing Rule 9.6.1, copies of the following documents have been submitted to the UK Listing Authority and will shortly be available for inspection from the Financial Conduct Authority's National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism: 

- Notice of General Meeting 2022; and

- Proxy Form for the General Meeting 2022.

The above documents are also available at www.mcbride.co.uk