Result of EGM

RNS Number:7371R
Greatfleet PLC
07 April 2008


7 April 2008


                                 Greatfleet plc

                 ("Greatfleet" or the "Company" or the "Group")


                    Result of Extraordinary General Meeting

Placing to raise £1.48 million and 1 for 10 Consolidation of the share capital



The Board of Greatfleet plc (AIM: GFG), the specialist recruitment company, 
announces that at the extraordinary general meeting ('EGM') of the Company held 
earlier today all resolutions, as detailed in the circular sent to shareholders 
dated 13 March 2008, were passed.

As a result, the placing of 5,913,020 new ordinary Shares of 20 pence each in
the capital of the Company (the "Placing Shares") at 25 pence per Placing Share
to raise approximately £1.48 million (before expenses) has now been completed,
subject only to admission of the enlarged share capital of the Company to
trading on AIM. The net proceeds of the Placing will be used by the Company to,
inter alia, provide additional working capital for the Group, enable the Company
to repay certain of its creditors and allow for the development of the Group.


The Placing Shares, which will represent 33.2 per cent of the Company's enlarged
issued share capital, have been placed with institutional and other investors,
including Board members and some staff of Greatfleet, at the Placing Price which
represents a discount (as adjusted to reflect the consolidation of the existing
share capital of the Company) of approximately 33.3 per cent. to the mid-market
closing price of 3.75p on 12 March 2008 (equivalent to a mid-market price of
37.5 pence as adjusted to reflect the share consolidation of the existing share
capital).


With effect from the completion of the EGM and as detailed in the circular sent
to shareholders on 13 March 2008, Tony Cox has stepped down from the Board as an
Executive Director of the Company.

Shareholders have also approved the resolution proposed at the EGM of the 
Company in relation to the allotment and issue of 2,700,000 new ordinary shares 
of 20 pence each in the capital of the Company to Colin Gerstein and Tony Cox 
pursuant to the settlement of the deferred consideration arrangements in 
relation to Greatfleet's acquisition of Qualitas in September 2007 (the 
"Deferred Consideration Shares").

Furthermore, the resolution proposed to shareholders in relation to the 1 for 10 
share consolidation of the existing ordinary share capital of the Company (the 
"Share Consolidation") has been approved and the Share Consolidation will take 
place at the close business today, 7 April 2008. Shareholders who hold their 
existing ordinary shares in Greatfleet in uncertificated form are expected to 
have their CREST accounts credited with the consolidated ordinary shares of 20 
pence each on 8 April 2008. Certificates for consolidated ordinary shares of 20 
pence each will be dispatched by 15 April 2008.

Following the passing of the resolutions all conditions relating to the Placing,
the issue of the Deferred Consideration Shares and the Share Consolidation, as
announced on 13 March 2008, have been met.


Application has been made to the London Stock Exchange for the enlarged issued
share capital immediately following completion of the Placing, the issue of the
Deferred Consideration and the Share Consolidation (the "Enlarged Share
Capital"), to be admitted to trading on AIM ("Admission") and it is expected
that Admission will become effective and that dealings in the Enlarged Share
Capital will commence at 8.00 a.m. on Tuesday 8 April 2008.


On Admission there will be 17,793,492 ordinary shares of 20 pence each in the
Company in issue (the "Consolidated Ordinary Shares"). With effect from
Admission, the Consolidated Ordinary Shares will trade under the new ISIN
GB00B2QBB969


In addition, the Company has also issued 861,302 warrants to subscribers for the
Placing Shares and the Deferred Consideration Shares entitling the registered
holder thereof to subscribe for one new ordinary share of 20 pence each in the
Company at 40 pence per ordinary share for the period from Admission to 8 April
2009 (the "Warrants"). No application is being made for the Warrants to be
admitted to trading on AIM.


Colin Gerstein, Chief Executive Officer of Greatfleet, commented:


"I would like to thank our existing shareholders for their continuing support
and welcome our new shareholders. This is a very positive step for Greatfleet
and thanks to this robust support and our successful restructuring of the
business over the last 5 months we are now in a strong position to grow our
business both organically and by focussed acquisition."


For further information please contact:

Greatfleet plc                              Tel: [phone]
Sir John Baker, Non-Executive Chairman
Colin Gerstein, Chief Executive Officer

Noble & Company Limited                     Tel: [phone]
Nick Naylor
Nick Athanas

Parkgreen Communications Limited            Tel: [phone]
Ben Knowles                                 Mob: [phone]
                                            [e-mail]
Bex Sanders-Hewett                          Mob: [phone]
                                            [e-mail]




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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