Notice of EGM

22 Nov 2007 07:01

MobilityOne Limited22 November 2007 MobilityOne Limited ("MobilityOne" or "Company") Proposed share buyback, updates to the Company's Articles of Association and notice of the Extraordinary General Meeting The Board of MobilityOne Limited ("Board") is pleased to announce that it istoday posting a circular to MobilityOne shareholders convening an ExtraordinaryGeneral Meeting ("EGM") at which it will be proposed that the Company beauthorised to purchase up to 30 per cent. of the Company's issued share capital("Share Buyback"). The Directors of the Company believe that the Share Buyback will provide theCompany with another option to utilise its financial resources more effectively.The Share Buyback is expected to stabilise the supply and demand of the ordinaryshares of the Company ("Ordinary Shares") as well as the market price of theOrdinary Shares. In addition, the Share Buyback will maximise the shareholdervalue as it is expected to increase the earnings per share and net asset valueper share. The Ordinary Shares to be purchased will be cancelled pursuant to theShare Buyback, which will result in a lower number of Ordinary Shares beingtaken into account for the purpose of computing the earnings per share and netasset value per share. Accordingly, the Board is proposing that the Company beauthorised to make purchases of the Ordinary Shares. The authority would permita maximum of 30 per cent. of the Company's issued share capital to be purchased,representing 28,181,161 Ordinary Shares. The minimum and maximum prices at whichshares could be purchased would be 2.5 pence (being the par value of theOrdinary Shares) and 12.5 pence (being the placing price of the Ordinary Sharespursuant to the Company's admission on AIM on 5 July 2007), respectively. Theauthority would expire on 16 June 2009, a date not being later than 18 monthsafter passing of the resolution for the Share Buyback unless renewed at or priorto that time. The Board is also proposing that the Company's Articles of Association beupdated. Details of the proposals are contained in the circular. The EGM is beingconvened for 9.00 a.m. on 17 December 2007. A copy of the circular convening the EGM, which is being dispatched toshareholders today, is also available on the Company's websitewww.mobilityone.com.my. For further information, please contact: MobilityOne +6 03 6286 1999Hussian A. Rahman, CEO www.mobilityone.com.myhar@mobilityone.com.mySeah Boon Chin, Corporate Finance Directordominic@mobilityone.com.my HB Corporate +44 (0)20 7510 8600Luke Cairns www.hbcorporate.co.ukRachel KaneJim McGeever Threadneedle Communications +44 (0) 20 7936 9605Graham Herring www.threadneedlepr.co.ukJosh Royston Ends This information is provided by RNS The company news service from the London Stock Exchange