Result of General Meeting & Restoration of Trading

 

TIDMIMJ 
 
RNS Number : 2066N 
imJack PLC 
07 June 2010 
 

                                   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 GBP0.9 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 
GBP0.2 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    | Per Cent. of       | 
|                    | Shares             | 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: [phone] 
 
Daniel Stewart & Company plc 
Emma Earl/Simon Leathers                     Tel: [phone] 
 
Rawlings Financial PR Limited 
Catriona Valentine                                 Tel: [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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