STP.L Regulatory News (STP)

30 Oct 2009 11:46

SpiriTel Plc ("SpiriTel" or "the Company")

Result of General Meeting and AGM

Conversion of Loan Facilities and Preference Shares held by Penta Capital, a waiver of the obligations under Rule 9 of the City Code, and a Capital Reorganisation

SpiriTel Plc (AIM: STP) is pleased to announce that at the General Meeting and AGM held earlier today all the resolutions were duly passed.

Accordingly shareholders have granted approval for, inter alia, the 1 for 100 consolidation in the Company's ordinary shares of 1p each. Every 100 existing ordinary shares of 1 p each shall be consolidated into one new ordinary share of £1 each which shall then be sub-divided into one new ordinary share of 1 p each ("New Ordinary Share") and 99 deferred shares of 1 p each. The deferred shares have no voting rights or rights to receive a dividend and will not be admitted to trading on AIM.

Application has been made for 6,276,396 New Ordinary Shares of 1p each to be admitted to trading on AIM. The share register for existing ordinary shares of 1p each will close at 5.00pm on 30 October 2009. Accordingly, following approval of the share consolidation, it is expected that the New Ordinary Shares will commence trading on AIM at 8.00am on 2 November 2009.

Shareholders have also approved a waiver of the obligations under Rule 9 of the City Code in respect of Penta Capital and accordingly approved the conversion of loan facilities and preference shares held by Penta Capital (as detailed in the circular to shareholders dated 7 October 2009). Consequently 11,418,014 New Ordinary Shares ("the Conversion Shares") have been issued to Penta Capital and application has been made for the Conversion Shares to be admitted to trading on AIM. It is expected that the 11,418,014 Conversion Shares will commence trading on AIM at 8.00am on 2 November 2009.

The ISIN number for the SpiriTel New Ordinary Shares of 1p each will be GB00B4TF5D13. Following the consolidation, conversion and admission, there will be 17,694,410 New Ordinary Shares of 1p each in the Company in issue. The total enlarged issued share capital of the Company will be 17,694,410. Share certificates in respect of the New Ordinary Shares are expected to be dispatched by 13 November 2009.

The Company holds no Ordinary Shares in treasury. Therefore, following the consolidation and conversion, the total number of voting rights in the Company is 17,694,410. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

CEO, Alastair Mills commented: "The capital reorganization and the conversion of Penta's debt are significant steps in the development of the Company. We now have the foundations for ongoing, sustained growth of the Group. Penta's conversion of debt is an important endorsement of our model and we thank them for their continuing support. We look forward to further progress in the year ahead."

For further information please visit www.spiritelplc.com or contact: