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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cagney | LSE:CGNY | London | Ordinary Share | GB00B0R80514 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4889S Cagney PLC 16 April 2008 CAGNEY Plc ("Cagney" or the "Company") Notice of General Meeting Directors' Recommendation 16 April 2008 The Company announces that a notice convening a General Meeting ("GM") has been sent to Shareholders on 16 April 2008 (the "GM Circular"). The GM is scheduled to be held at the offices of Cagney at Holden House, 57 Rathbone Place, London W1T 1JU on Friday 2 May 2008 at 10.00 am. At the GM, two resolutions will be put to Shareholders for the purposes of increasing the authorised share capital of the Company and giving the directors of the Company (the "Directors") authority to allot shares. Background On 13 February 2006, Cagney floated on AIM and simultaneously acquired three companies - Cubo Brand Communications Limited ("Cubo"), The Media Foundry International Limited ("TMF"), and Chick Smith Trott Limited (then known as Walsh Trott Chick Smith Limited). On 19 January 2007, it acquired the business of Tree (London) LLP ("Tree"). The acquisition agreements in respect of Cubo, TMF and Tree provided the respective vendors with the opportunity to receive additional consideration, contingent upon future profitability. The vendors of Cubo became entitled to additional consideration in respect of Cubo's performance in 2006. The vendors of Tree will be entitled to additional consideration in respect of Tree's performance in 2007, and are expected to become entitled to further consideration in respect of Tree's performance in 2008. The vendors of TMF are expected to become entitled to additional consideration in respect of TMF's performance in 2008. Under the terms of these acquisition agreements, the Company is entitled to settle part of the additional consideration by issuing shares to the vendors, and it presently intends to exercise this entitlement. The vendors of Cubo are entitled to receive 55,988,484 shares in May 2008, and the vendors of Tree are expected to be entitled soon to receive between 15,000,000 and 45,000,000 shares, depending on the Company's share price. GM resolutions to increase the Company's authorised share capital and Directors' authority to allot shares The Company's authorised share capital is presently £2,000,000 divided into 200,000,000 Ordinary shares of 1p each, of which there are 134,394,338 shares in issue. There are therefore only 65,605,662 authorised but unissued shares. The proposed issue of shares to the vendors of Cubo, TMF and Tree is expected to exceed that figure, and the Company therefore needs to increase its authorised share capital and authorise the Directors to allot shares. The resolutions seek the approval of Shareholders to increase the authorised share capital of the Company from £2,000,000 to £3,000,000 by the creation of an additional 100,000,000 Ordinary shares of 1p each in order to create sufficient unissued shares to be issued to the vendors of Cubo, TMF and Tree, and to authorise the Directors to allot up to 100,988,484 additional shares to those vendors. Recommendation The Directors unanimously believe that the proposed creation of the additional 100,000,000 Ordinary 1p shares and the granting of authority to the Directors to allot up to 100,988,484 additional shares is in the best interests of the Company and its Shareholders and unanimously recommend you to vote in favour of the resolutions, as they intend to do in respect of their own shareholdings. Copies of GM Circular Copies of the GM Circular are available free of charge from The Secretary, Cagney Plc, Holden House, 57 Rathbone Place, London W1T 1JU. Defined terms in this announcement have the same meaning as in the GM Circular. ENDS Enquiries: Cagney Plc Tel: 020 7637 4198 Paul Simons, Chief Executive Patrick Oram, Chief Financial Officer Smith & Williamson Tel: 0117 376 2213 Nick Reeve Cubitt Consulting Tel: 020 7367 5100 Michael Henman/Allison Reid About Cagney Plc Cagney Plc is an integrated group of marketing services firms. It combines five businesses: Exedra (retaining BrandAid as a division); Chick Smith Trott (advertising and design); Cubo (promotional marketing); The Media Foundry (public relations); and Tree (market research and data analysis). The Group floated on AIM in February 2006. www.cagneyplc.com This information is provided by RNS The company news service from the London Stock Exchange END MSCZQLFFVZBFBBK
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