Bagir Group Ltd Result of EGM (4327D)

TIDMBAGR

RNS Number : 4327D

Bagir Group Ltd

09 October 2018

9 October 2018

Bagir Group Limited

("Bagir" or the "Company")

Result of EGM

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, is pleased to announce that at the Extraordinary General Meeting ("AGM") held earlier today, all resolutions were duly passed. The resolutions to effect the Proposed Investment by Shandong Ruyi, being resolution 1, 2 and 4 were passed with 100% of votes cast in favour of the resolutions.

Completion of the Proposed Investment is now conditional upon satisfaction (or, where applicable, waived by Bagir and/or Shandong Ruyi Technology Group) of the obtaining of all necessary approvals by each of the China Provincial Development and Reform Commission, the Department of Commerce and the State Administration of Foreign Exchange and the receipt of the Cash Payment from Shandong Ruyi. On completion of the remaining conditions, application will be made for the New Ordinary Shares to be admitted to trading on AIM.

The Board looks forward to updating the market on the completion of the Proposed Investment shortly.

Eran Itzhak, Chief Executive Officer of Bagir, said, "As we expected, today's EGM has confirmed that shareholders of Bagir are strongly supportive of Shandong Ruyi, the global textile manufacturer and retailer, investing $16.5 million into the Company to become the majority shareholder and close commercial partner. The future potential of Bagir has as a result been significantly expanded and as a management team we are looking forward to developing the business alongside our new global partner."

Capitalised terms used in this announcement will have the same meanings as defined in the circular published on 3 September 2018.

For further information please contact:

 
 Bagir Group Limited                         via Novella on: 
  Eran Itzhak, Chief Executive Officer       [phone] 
  Udi Cohen, Chief Financial Officer                    7008 
  Tessa Laws, Non-Executive Chairman 
 N+1 Singer (Nominated Adviser & Broker) 
  Mark Taylor                                 [phone] 
  James Moat                                            3000 
 Novella Communications (Financial PR) 
  Tim Robertson                               [phone] 
  Toby Andrews                                          7008 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCUGGAPUUPRGUB

(END) Dow Jones Newswires

October 09, 2018 06:45 ET (10:45 GMT)