27 Aug 2010 12:20
27 August 2010
IPSO Ventures plc
("IPSO" or the "Company")
Result of General Meeting
The Board of IPSO, the demand led technology commercialisation business, is pleased to announce that at a general meeting of the Company, held earlier today, all resolutions were duly passed.
All defined terms used in this announcement shall have the meaning given to them in the circular sent to shareholders of the Company on 4 August 2010 (the "Circular") unless otherwise defined herein.
These resolutions have approved, inter alia, the increase of the Company's share authorities for the allotment of securities to satisfy the second tranche of the Subscription (being the Second Subscription) to raise £325,000 from a group of new investors as announced by the Company on 27 July 2010, further details of which were contained in the Circular.
Completion of the subscription for the 1,000,000 Conditional Subscription Shares remains conditional only upon their admission to trading on AIM.
Application has been made for the 1,000,000 Conditional Subscription Shares to be admitted to trading on AIM and it is anticipated that admission of the Conditional Subscription Shares to trading on AIM will take place at 8.00 a.m. on 31 August 2010. Application will be made as soon as practicable for the 250,000 Adviser Shares to be admitted to trading on AIM once the Company has received notification of the subscription details for the Adviser Shares. A further announcement will be made in due course.
Following admission of the Conditional Subscription Shares, there will be 16,189,210 ordinary shares in issue in IPSO. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, IPSO under the FSA's Disclosure and Transparency Rules.
For further information, please contact:
| IPSO Ventures plc Simon Hunt, Executive Chairman Nick Rodgers, Chief Executive Officer
| Tel: 020 7921 2990 simon@ipsoventures.com nick@ipsoventures.com www.ipsoventures.com
|
| Allenby Capital Limited Nick Naylor Nick Athanas
| Tel: 020 3328 5656
|
PPG.L (PPG)