Result of GM

 

TIDMOTV 
 
RNS Number : 3961V 
Otium Ventures PLC 
01 November 2010 
 

1 November 2010 
 
                               OTIUM VENTURES PLC 
                            ("Otium"or the "COmpany") 
 
                            Result of General meeting 
 
The Company is pleased to announce that all the resolutions, set out in the 
circular sent to shareholders on 14 October 2010 (the "Circular"), were duly 
passed at the General Meeting ("GM") held earlier today.   As a result the 
Company will receive an injection of up to GBP225,000 of new capital which will 
enable it to discharge its liabilities under the CVA and provide working capital 
for the foreseeable future. 
The Company's shares, which were suspended pursuant to Rule 1 of the AIM Rules 
for Companies, will recommence trading with effect from 7.30am on 2 November 
2010. 
Following approval of the resolutions, an application for the admission of the 
Enlarged Share Capital of 391,409,135 ordinary shares of 0.01p each has been 
made to the AIM Market of the London Stock Exchange consisting of 69,192,972 new 
ordinary shares issued pursuant to the Share Capital subdivision and 322,216,163 
new ordinary shares issued as set out in the Circular.  Admission of the 
Enlarged Share Capital will occur at 8.00am on 2 November 2010 ("Admission"). 
Included within the Enlarged Share Capital are 11,738,361 shares being issued to 
the Directors in lieu of unpaid accrued fees.  Following Admission Alex Lubin 
and Paul Seakens will hold 5,969,181 and 5,969,180 Ordinary Shares respectively 
representing approximately 1.5% of the Enlarged Share Capital each. 
Following Admission the Company's shareholders with a notifiable interest are as 
follows: 
+---------------------+---------------------+---------------------+ 
| Shareholder         |  Number of Ordinary | % of Enlarged Share | 
|                     |              Shares |             Capital | 
+---------------------+---------------------+---------------------+ 
| John McKeon         |         213,845,175 |                54.6 | 
+---------------------+---------------------+---------------------+ 
| Palmdale Investment |         117,383,599 |                29.9 | 
| SA                  |                     |                     | 
+---------------------+---------------------+---------------------+ 
 
The Company is considering a number of opportunities, but it is unlikely that it 
will be in a position to announce a deal by 15 November 2010 and as a result the 
Company's shares will be suspended from trading on that date in accordance with 
Rule 15 of the AIM Rules.  The Company then has until 12 May 2011 to complete a 
reverse takeover or its shares will be cancelled from trading on AIM. 
 
 
For further information please contact: 
 
Otium Ventures Plc 
Paul Seakens Director                                                    Tel: 
[phone] 
Alex Lubin - Director 
 
 
Daniel Stewart & Company Plc 
Antony Legge                                                                Tel 
[phone] 
Oliver Rigby 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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