Share Name Share Symbol Market Type Share ISIN Share Description
Imperial X Plc NEX:IMPP NEX Ordinary Share GB00B44LQR57
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 6.50 0.00 0.00 6.50 6.50 6.50 0.00 10:22:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Imperial X Plc Notice of GM re Investment Strategy

27/12/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMIMPP 
 
24 December 2019 
 
                                Imperial X Plc 
 
                         ("Imperial" or the "Company") 
 
                           Notice of General Meeting 
 
    Potential Listing on the Standard Segment of the Official List and New 
                              Investment Strategy 
 
The Company is pleased to announce that it has posted a notice convening a 
General Meeting of the Shareholders to be held on 10 January 2020 at 10.00 a.m. 
(PST) 6.00 p.m. (GMT) at 890 - 1140 W Pender St. Vancouver, BC V6E 4G1. 
 
A copy of the Circular will shortly be available at:   http:// 
www.imperialminerals.com/ 
 
A copy of the letter to Shareholders outlining the proposed new Investment 
Strategy and proposed Standard Listing, are set out in full below in this 
announcement without material amendment or adjustment. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information please contact: 
 
Imperial X Plc 
 
 Kyler Hardy 
 
 Tel: +1 250 877 1394 
 
 khardy@cronincapital.com 
 
Peterhouse Capital Limited 
 
 Guy Miller 
 
 Tel: +44 20 7220 9795 
 
 
24 December 2019 
 
Dear Shareholder, 
 
Notice of General Meeting We are pleased to be writing to you with details of a 
general meeting ("General Meeting" or "GM") of Imperial X Plc (the "Company") 
which will be held at 890 - 1140 W Pender St. Vancouver, BC V6E 4G1 on 10 
January 2020 at 10.00 a.m. (PST) 6.00 p.m. (GMT). The formal notice of the 
General Meeting is set out on page 4 of this document ("Notice"). 
 
 Introduction 
 
 The Directors of the Company have recently undertaken a review of the 
Company's investment strategy and the benefits of having its shares continuing 
to trade on the NEX Growth Market ("NEX"). Having concluded this review, the 
Company is announcing today that it is proposes to adopt a new business 
strategy ("New Strategy"), to cancel the admission of its ordinary shares of GBP 
0.001 each ("Ordinary Shares") to trading on NEX (the "Delisting") and instead 
seek admission of those Ordinary Shares to the standard segment ("Standard 
List") of the Official List of the Financial Conduct Authority ("FCA") and to 
trading on the Main Market for listed securities of London Stock Exchange plc 
(together the "Standard Listing"). 
 
The purpose of this document, therefore, is to give you further information 
about the background to, and reasons for, the adoption of the proposed New 
Strategy, the proposed move to the Standard List and the associated Delisting 
from NEX. 
 
The adoption of the New Strategy is conditional upon shareholder approval being 
given at the General Meeting which is being convened for this purpose to be 
held at 890 - 1140 W Pender St. Vancouver, BC V6E 4G1 on 10 January 2020 at 
10.00 a.m. (PST) 6.00 p.m. (GMT). The Notice contains the formal resolution 
("Resolution") which is being proposed at the General Meeting to seek such 
shareholder approval. 
 
 An announcement about the proposed Standard Listing and Delisting will be made 
in due course. 
 
Proposed New Strategy, Delisting and associated Standard Listing 
 
The Company was admitted to NEX on 24 November 2010, during which time it 
operated as an investment company in the natural resources sector. On 7 January 
2019, the Company changed its investment strategy in order to focus on 
opportunities in the medicinal cannabis sector. 
 
With no outstanding investments made in pursuance of the current investment 
strategy and, following the appointment of the new management team that took 
place in September 2019, the Board has been conducting a thorough review of 
that strategy and its listing on NEX. Having now completed that review, the 
Board now believes that the medicinal cannabis sector is now not the 
appropriate strategy to follow. Whilst this sector has the potential to offer 
good investment opportunities and returns, there are already a number of 
different companies and investors proposing to enter the market in the UK and 
there is a risk of the market and investment opportunity being overhyped. 
Stocks in some of the US and Canadian listed companies that operate in this 
sector have not fared well of late, with equity valuations down significantly 
from the highs witnessed earlier this year. 
 
The Board believe it is therefore an appropriate time to change the direction 
of the Company and to seek to realign the Company's strategy to focus back on 
investment opportunities in the Energy Sector, which 2 the Company originally 
sought to do when it listed on NEX back in 2010. The Board proposes to build a 
royalty platform business in the oil and gas sector, principally through the 
acquisition of royalties (such as gross overriding royalty interests) and other 
mineral interests which are expected to generate positive cashflows for the 
Company and therefore shareholder returns. The Board will initially focus its 
efforts on identifying suitable investments in oil and gas assets which are 
located in the producing and developed basins of onshore United States and 
which ideally offer the potential for building a regional portfolio of assets 
located within a particular area. Subsequent to this, the Company may look to 
acquire interests directly in undeveloped oil and gas assets and then seek to 
work with operating partners or other appropriate third parties in order to 
develop those assets and the production of commercially viable hydrocarbons. 
 
As part of the proposed new direction for the Company, the Board has also 
considered whether a listing of its Ordinary Shares on NEX will continue to 
benefit shareholders and it has concluded that a Standard Listing is now the 
correct platform from which to effect the New Strategy and create value for 
shareholders. The Company has struggled to get sufficient visibility on NEX 
and, consequently, to raise sufficient funds to effect its current strategy. 
The Board believes that the Standard Listing will improve its visibility in the 
market and also enhance its ability to raise further capital over the coming 
years to support the Company's new growth strategy and achieve the objectives 
of long term value creation for shareholders. The Standard Listing is expected 
to be concluded during the first quarter of 2020. An announcement in relation 
to the Standard Listing and associated Delisting will be made in due course. 
 
The Board have over 30 years of experience in the natural resources sector and 
therefore the New Strategy is aligned with the Board's area of expertise. In 
order to implement the New Strategy, the Directors are seeking to obtain 
shareholder approval of it by proposing the Resolution at the General Meeting. 
The Board believes that such experience, together with their extensive network 
of contacts, will assist them in identifying, evaluating and funding suitable 
opportunities. External advisers and investment professionals, in addition to 
the sub-board managerial advisory committee member (referred to below), will be 
engaged as necessary to assist with sourcing and due diligence of prospective 
opportunities. The Directors will also consider appointing additional directors 
with relevant experience if the need arises. 
 
 By successfully implementing this new business strategy, the Board are 
confident they will achieve shareholder value. 
 
The adoption of the New Strategy will require more than 50 per cent. of the 
votes cast at the General Meeting to be in favour in order to pass. 
 
 Form of Proxy 
 
 A form of proxy for the GM is also enclosed. Whether or not you intend to be 
present at the meeting, you are requested to complete and return the form of 
proxy in accordance with the instructions thereon so as to arrive as soon as 
possible at the offices of the Company's registrar, Share Registrars Limited, 
no later than 10.00 a.m. (PST) 6.00 p.m. (GMT) on 8 January 2020. The 
completion and return of a Form of Proxy will not preclude you from attending 
and voting in person at the GM, if you so wish. 
 
 Recommendation 
 
The directors believe that the proposals set out in this letter are in the best 
interests of the Company and its shareholders as a whole and unanimously 
recommend that you vote in favour of the Resolution proposed, as they intend to 
do in respect of their own holdings. Yours sincerely Samuel Anthony "Kyler" 
Hardy Chairman Imperial X Plc 
 
 
 
END 
 

(END) Dow Jones Newswires

December 27, 2019 02:00 ET (07:00 GMT)

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