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Name | Symbol | Market | Type |
---|---|---|---|
Wti Oil Etc | BIT:WTI | Italy | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -0.96% | 15.52 | 15.436 | 15.464 | 15.52 | 15.52 | 15.52 | 3 | 16:35:06 |
RNS Number:5825U Weatherly International PLC 23 January 2004 Weatherly International PLC Announcement re:- CVA, EGM and Board Meeting Pursuant to the meetings of creditors and shareholders, EGM and Board Meeting held today between 1000hrs and 1120hrs, the newly appointed board of Weatherly International PLC ("Weatherly" or the "Company") consisting of Mr Peter Redmond (Chairman) and Mr Richard Armstrong, is pleased to announce the following: 1. Company Voluntary Arrangement ("CVA") Creditors and shareholders today passed by the requisite majorities the terms of a CVA pursuant to Part 1 of The Insolvency Act 1986, which was filed at court and despatched to shareholders and creditors on 30 December 2003; 2.EGM All resolutions were passed by the requisite majorities; 3. Advisers Nabarro Wells & Co Limited will continue as Nominated Advisers to the Company; 4.Brokers Fiske PLC has been appointed as broker to the Company; 5. Funds raised #250,000 has been raised before expenses through the placement of 8,333,334 New Consolidated Ordinary shares at 3p per share; These funds will provide approximately #189,000 in working capital going forward after the expenses of the fundraising, the CVA, EGM and audited financial statements for the year ended 31 December 2002 as well as the unaudited interims for the six months period to 30 June 2003; 7. Capital reorganisation As a result of the reorganisation, whereby the existing shareholders will retain one New Consolidated Ordinary Share of 0.5p for every 500 ordinary shares they held formerly, the company's issued share capital now comprises, 240,750,000 deferred shares of 0.099p and an aggregate of 8,814,801 New Consolidated Ordinary Shares of 0.5p; 8. Recommencement of Trading The company's shares are expected to recommence trading on AIM at 0800 hrs on Thursday 29 January 2004; 9.New opportunities The company is now in a sound position to look for new opportunities for investment; 10. Information on the New Directors Peter Redmond (Chairman) Peter Redmond has over 18 years' experience in corporate finance and venture capital, currently with Merchant House Group plc. He is an experienced corporate financier with broad experience in IPOs, reverse takeovers, mergers and acquisitions and corporate reconstructions. He has been actively involved over many years in assisting companies to raise capital. He has also been instrumental in reconstructing and recapitalising failed companies and subsequently helping them to acquire new businesses. Formally an investment analyst with Hoare Govett & Co, he has subsequently managed or advised a wide range of public and private companies. He is at present director of Merchant House Group Plc, Fortfield Investments Plc, BWA Group Plc and Future Internet Technologies Plc, all quoted on AiM and also of Merchant Capital Plc and Stratus Holdings Plc; Richard Armstrong (Director) Richard Armstrong is an associate with Fiske Plc, the AiM quoted stockbrokers, who have been appointed as the Company's brokers following the CVA and fundraising. He has had extensive experience over many years in assisting companies to raise capital. He has also been instrumental in reconstructing and recapitalising failed companies and subsequently helping them to acquire new businesses. He is currently a director of Future Internet Technologies Plc, Fortfield Investments Plc, BWA Group Plc and Merchant House Group Plc, all quoted on AiM and also of Holroyd Consultants Plc and Zoa Corporation plc. He was also previously a director in the last 5 years of Bella Media Plc, Parallel Media Group Plc and Briar Abbey Services Limited; 11. Chairman's comment Following the CVA, the Company's past problems have been resolved and it is now ready to move forward. This is most likely to be via a reverse takeover and we shall be looking for new opportunities immediately. Once the shares are restored to AiM, the Directors are likely to consider a further fundraising in due course to give the Company more substantial cash resources. Date: 23 January 2004 Contact details: Peter Redmond (Weatherly International plc): 020 7332 2200 Richard Armstrong (Weatherly International plc): 020 7448 4700 Harry Sutherland (Nabarro Wells & co Limited): 020 7710 7400 Allan Piper (First City Financial Public Relations): 020 7436 7486 & 07050 203 304 This information is provided by RNS The company news service from the London Stock Exchange END EGMZGGZMFFGGDZM
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