Atlas Dev & Support Services Ltd Result of General Meeting (7454R)

TIDMADSS

RNS Number : 7454R

Atlas Dev & Support Services Ltd

10 March 2016

Atlas Development & Support Services Limited / Ticker: ADSS / Index: AIM / Sector: Support Services

10 March 2016

Atlas Development & Support Services Limited

('Atlas' or the 'Company')

Result of General Meeting

Atlas (AIM, NSE: ADSS), is pleased to announce that all resolutions were duly passed at the Company's General Meeting held earlier today. As a result, the Company's placing of new ordinary shares of no par value in the Company ("Ordinary Shares") at a price of 0.325p per Ordinary Share (as referred to in the announcements made on 15 and 16 February 2016), will complete on 15 March 2016 when the Company will issue a further 1,064,307,692 new Ordinary Shares (the "Placing Shares").

Carl Esprey, Chief Executive Officer of Atlas, said: "We are delighted to receive the support of investors re the US$5 million funding, which we believe is an endorsement of our widening strategy. The proceeds of the placing are primarily being allocated to finance the development of our industrial division, in particular advancing the Chancho Project in Ethiopia, a new state-of-the-art bottling facility 45km north of the capital, Addis Ababa.

"The demand for quality glass bottles in Ethiopia is growing rapidly, which at present is mainly satisfied by expensive imports. Indeed preliminary discussions with potential end users have been extremely positive with regards to the Chancho Project delivering high quality locally produced bottles.

"A pre-feasibility study has already returned highly positive results with excellent forecast IRRs and with the available finance, we can now rapidly advance the Chancho Project and build shareholder value. In particular, the funds will be allocated to breaking the ground and construction of ancillary buildings, deposits on long lead items, site preparation/water drilling and for the services of engineering consultants and performance of feasibility studies.

"Following the appointment of MH Engineering Plc, a leading Ethiopian firm which is providing a full range of design services including architectural, engineering, structural, sanitary, electrical and mechanical design and quantity surveying services, work is advancing at pace. We have many development milestones to reach which will increase the inherent value of the project, including the completion of a full feasibility focussed on an initial plan to produce 105 million 330ml bottles per annum. I look forward to updating the market regularly on these as we look to crystallise what I believe is a hugely exciting opportunity for both the Company and its shareholders."

Information on change of name

Formal registration of the Company's change of name is expected to take place shortly and a further announcement will be made in due course in this regard. The TIDM (tradable instrument display mnemonic) of the Company will change simultaneously with the formal name change.

Admission of new Ordinary Shares to trading on AIM

Application has been made for the Placing Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"), which is expected to be effective from 8.00 a.m. on 15 March 2016.

Total Voting Rights

The Company has no Ordinary Shares held in treasury. The total number of voting rights in the Company following the issue of the Placing Shares will therefore be 1,497,370,885. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

** ENDS **

For further information please visit www.atlassupport.com or contact:

 
 Carl Esprey        Atlas                Tel: +44 (0) 
                                          20 7408 9200 
 Callum Stewart     Stifel Nicolaus      Tel: +44 (0) 
                     Europe Limited       20 7710 7600 
 Ashton Clanfield   Stifel Nicolaus      Tel: +44 (0) 
                     Europe Limited       20 7710 7600 
 Edward Burbidge    Burbidge Capital     Tel: +254 (0) 
                                          202 100 102 
 Hugo de Salis      St Brides Partners   Tel: +44 (0) 
                     Ltd                  20 7236 1177 
 Charlotte          St Brides Partners   Tel: +44 (0) 
  Heap               Ltd                  20 7236 1177 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 10, 2016 11:30 ET (16:30 GMT)