Result of EGM

5 Mar 2007 11:34

2 ergo Group plc05 March 2007 Immediate release: 5 March 2007 2ergo Group plc ("2ergo" or the "Group") Result of EGM At the Extraordinary General Meeting of 2ergo plc, held earlier today at StMary's Chambers, Haslingden Road, Rawtenstall, Lancashire BB4 6QX, theresolution put to shareholders was duly passed. The Demerger of the Brocabusiness from the 2ergo Group to Broca Plc ("Broca") will become effective at0800hrs on 6 March 2007 when Broca's shares will be admitted to trading on AIM. On admission, all 2ergo shareholders will hold one Broca ordinary share for each2ergo ordinary share held at the Demerger Record Time of 1800hrs, 2 March 2007. The total number of ordinary shares in issue in the capital of Broca followingadmission to trading will be 30,142,154. In addition, the cash subscription by 2ergo Group Plc for ordinary shares in thecapital of Broca (as detailed in the Broca Admission Document) is expected totake place at 8 a.m. on Wednesday 7th March, following which the number ofordinary shares in issue will be 33,789,931. It is also anticipatedthat arrangements will be put in place following Admission for the repayment byBroca to 2ergo Group Plc of the indebtedness owed by the Broca Group to the2ergo Group and the monies so repaid will be applied to subscribe forfurther ordinary shares in the capital of Broca. This subscription isalso expected to take place on Wednesday 7th March, following which the numberof ordinary shares in the capital of Broca in issue will rise to 37,629,696.Following these two subscriptions, the estimated market capital of Broca will be£19,567,441. Key dates: Ex Dividend Date 6 March 2007 Crediting of Broca Shares to CREST accounts 6 March 2007 for Broca Shares held in uncertificated form Expected date of despatch of share 13 March 2007 certificates for Broca by Shares held in certificated form Barry Sharples, Joint Managing Director of 2ergo, said: "The Demerger will allowthe Broca management team to focus on executing their strategy to fully exploitthe growth prospects for their security protocol. Whilst at the same time 2ergowill maintain the ability to provide secure solutions to its clients utilisingBroca technology through trade agreements established between the two companies.The commercial opportunities in the mobile industry continue to develop andseparating the two companies will enable shareholders to benefit from the futuregrowth of both 2ergo and Broca." -ends- For further information, please contact: 2ergo Group plc 01706 221 777Jill Collighan, Finance Director Tavistock Communications 020 7920 3150Matt Ridsdale/Andrew Dunn This information is provided by RNS The company news service from the London Stock Exchange