R.e.a.hldgs. Regulatory News (RE.)

18 Apr 2006 13:39

R.E.A.Hldgs PLC18 April 2006 R.E.A. Holdings plc ("REA") Results of extraordinary general meeting and open offer and progress ofproposals contained in REA's circular of 22 March 2006 (the "circular") REA announces that, at the meeting of warrant holders and extraordinary generalmeeting of REA held earlier today, all of the resolutions set out in the noticesof those meetings (as included in the circular) were duly passed. Copies of theresolutions are being submitted to the UK Listing Authority and will shortly beavailable for inspection at the UK Listing Authority's Document ViewingFacility, which is situated at: Financial Services Authority,25 The North Colonnade,Canary Wharf,London,E14 5HSTelephone: 020 7676 1000 REA also announces that following the closing of the open offer (as detailed inthe circular) at 3.00 pm on 12 April 2006, the total number of new ordinaryshares in respect of which valid applications have been received under the openoffer is 1,104,856. Pursuant to and on the terms of the ordinary share placing,the balance of the new ordinary shares proposed to be issued, namely a further1,723,144 new ordinary shares are now placed on a firm basis with placeesprocured by Mirabaud. Accordingly, a total of 2,828,000 new ordinary shares areto be issued pursuant to the ordinary share placing and open offer subject onlyto admission of such new ordinary shares to the Official List and to the LondonStock Exchange's market for listed securities. Such admissions are expected tobecome effective tomorrow, 19 April 2006. CREST accounts in respect of newordinary shares are also expected to be credited tomorrow and definitive sharecertificates despatched on or before 26 April 2006. Upon the issue of the new ordinary shares becoming unconditional, the proposalas regards the amendment of the terms of the warrants (details of which werealso contained in the circular) will become effective. Each warrant will thenentitle the holder to subscribe one ordinary share at a price of 60p (either bypayment of 60p in cash or by surrender of 0.60 preference shares) on each of 31July, 31 August and 29 September 2006. To the extent that a holder of warrantsdoes not exercise his warrant rights on or before 29 September 2006, hiswarrants will be exercised on his behalf in October 2006, the resultant ordinaryshares sold and the net proceeds of sale, after deduction of the cost ofsubscribing such ordinary shares, distributed to him. Application will now be made to the High Court for confirmation of the reductionof the capital of REA by £6 million in aggregate by cancellation of the capitalredemption reserve and by reduction of the amount standing to the credit of theshare premium account. Subject thereto and to the other conditions detailed inthe circular, 3,000,000 new preference shares have been placed on REA's behalfby Mirabaud pursuant to and on the terms of the preference share placing. Terms and expressions in this announcement bear the same meaning as in thecircular, save where the context otherwise requires. This information is provided by RNS The company news service from the London Stock Exchange