8 Jun 2010 07:00
imJack plc
("imJack" or "the Company")
Result of General Meeting
Restoration of Trading
Directors Shareholdings
The Board of imJack plc (AIM: IMJ), the digital educational secure networking business, is pleased to announce that, following a General Meeting of the Company held today, all resolutions (the "Resolutions") as set out in the recently published Circular to shareholders, were duly passed.
The Circular, which is available from the Company's website, www.imjack.com, and referred to in the announcement released on 20 May 2010, set out various proposals (the "Proposals"), including, inter alia, the following:
·; Proposed placing of 71,333,333 ordinary shares of 1p each ("Ordinary Shares") at a placing price of 1.5 pence per share to raise £0.9 million net of expenses (of which 4,666,667 Ordinary Shares have been prepaid);
·; Issue of convertible loan stock to Jeffrey Morris, interim CEO, to raise £0.2 million;
·; Proposed acquisition of John Devonshire Connect Limited (a reseller to the education market)to be satisfied through the issue of 10,000,000 new Ordinary Shares;
·; Proposed acquisition of Tellbrook Limited (a company which owns the IP currently licensed by the Company) to be satisfied through the issue of 33,333,333 new Ordinary Shares;
·; Conversion of Directors' and other connected party loans into 75,074,176 new Ordinary Shares;
·; Conversion of debts owed to certain creditors into 2,000,000 new Ordinary Shares;
·; Approval of waiver of obligations under Rule 9 of the city Code on Takeovers and Mergers.
Application has been made to the London Stock Exchange for 191,740,842 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission") in respect of the Proposals set out above which have today been completed following the passing of the Resolutions.
Restoration of trading on AIM and Admission of the New Ordinary Shares
Trading in the Company's Ordinary Shares on AIM was suspended on 11 January 2010 as a result of financial uncertainty of the Company. In addition, the Company has yet to publish its results for year ended 30 September 2009. The Company is pleased to announce that it intends to publish its results for the year ended 30 September 2009 tomorrow. Completion of the Proposals above together with publication of the Company's results means that the Directors believe that the Company now has sufficient working capital and that trading in the Company's Ordinary Shares on AIM should be restored. Accordingly application has been made to the London Stock Exchange for the restoration of trading in the Ordinary Shares with effect from 7.30am a.m. on Tuesday 8 June 2010. The New Ordinary Shares are expected to be Admitted to trading at 8.00 a.m. on Tuesday 8 June 2010.
Subject to Admission becoming effective and dealings in the aforementioned New Ordinary Shares commencing, the total number of ordinary shares of 1p each in issue on 8 June 2010 will be 303,204,464.
Directors Shareholdings
Immediately following completion of the above transactions, the Directors will be beneficially interested in the following shareholdings in the Company
|
| No. of Ordinary Shares | Per Cent. of Enlarged Capital on Admission |
| Michael Abrahams* | 7,547,672 | 2.49 |
| Jeffrey Morris* | 79,182,525 | 26.12 |
*This includes ordinary Shares held directly by each Director and their respective wives but does not include any Ordinary Shares held by each Director's adult children. In the case of Jeffrey Morris, the shareholding includes 173,000 Ordinary Shares held in a pension trust.
The Company's half year results to 31st March 2010 will be announced at the end of June. These results will not reflect the progress being made by the Company currently.
For further information, please contact:
imJack Plc
Michael Abrahams, Chairman Tel: 01653 618 016
Daniel Stewart & Company plc
Emma Earl/Simon Leathers Tel: 020 7776 6550
Rawlings Financial PR Limited
Catriona Valentine Tel: 01653 618 016
IMJ.L (IMJ)