GM Approval & Name Change

 

TIDMXPH 
 
RNS Number : 3862T 
X-Phonics plc 
27 September 2010 
 

                                  X-PHONICS PLC 
                                   (AIM: XPH) 
 
  Proposed investment together with warrants to subscribe for ordinary shares 
                Proposed change of name to Verdes Management plc 
                          Proposed share reorganisation 
                     Proposed disposal of existing business 
                Proposed adoption of new Articles of Association 
 
 
The board of X-Phonics is pleased to confirm that, at the General Meeting held 
today, all resolutions to implement the above proposals, as referred to in the 
Company's announcement dated 2 September 2010, were duly approved. 
 
The Company has raised a total of GBP124,250 through the issue of 41,416,666 new 
ordinary shares of 0.1p each at a price of 0.3p per new ordinary share. The net 
proceeds of this investment will be used to provide working capital to enable 
the Company to commence the implementation of its new investing policy as a 
business providing turnaround company services as well as seeking investment 
opportunities in UK public companies in need of restructuring and to progress 
the recruitment of an established turnaround team. In addition, Adam Webb, who 
has invested considerable time in developing the concept for a quoted turnaround 
business, establishing commercial relationships and developing business areas, 
is subscribing for 12,500,000 new ordinary shares at 0.2p per share. 
 
In addition, loans of GBP65,000 and arrears of fees amounting to GBP61,227 have 
been capitalised at 0.4p per share (the price at which trading in the Company's 
shares was suspended on 29 March 2010) resulting in the issue of a further 
31,556 750 new ordinary shares. 
 
Following the General Meeting, John Matthews and Adam Webb have joined the board 
as  Chairman and Chief Executive respectively. Robin Davies has acquired the 
Company's music businesses and he and John McLaughlin have  left the board. 
 
The Company's name is being changed to Verdes Management plc (AIM:VMP). 
 
Dealings in the existing ordinary shares are expected to resume with effect from 
commencement of business on Tuesday 28 September 2010 and application will be 
made for the 97,973,416 new Ordinary Shares to be admitted to AIM. 
 
 
+-----------------------------------+-----------------------------------+ 
| Contacts:                         |                                   | 
+-----------------------------------+-----------------------------------+ 
|                                   |                                   | 
+-----------------------------------+-----------------------------------+ 
| X-Phonics plc                     |           www.xphonicsgroup.co.uk | 
+-----------------------------------+-----------------------------------+ 
| Mike Hosie, Finance Director      |              [phone] | 
+-----------------------------------+-----------------------------------+ 
| Adam Webb                         |              [phone] | 
+-----------------------------------+-----------------------------------+ 
|                                   |                                   | 
+-----------------------------------+-----------------------------------+ 
| WH Ireland Limited                |              www.wh-ireland.co.uk | 
+-----------------------------------+-----------------------------------+ 
| John Wakefield / Marc Davies      |              [phone] | 
+-----------------------------------+-----------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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