Notice of EGM
14/12/2007 7:01am
UK Regulatory
RNS Number:8978J
Jumpit ASA
14 December 2007
Jumpit ASA
("Jumpit" or the "Company")
Notice of Extraordinary General Meeting
The board of Jumpit has today sent shareholders a notice of Extraordinary
General Meeting ("EGM") to approve a placing of NOK 2 500 000.
Subject to the approval of the general assembly at the EGM, 50,000,000 new
shares will be issued at a price of NOK 0.05 per share (approximately 0.45p).
The placing price reflects the price of the shares prior to the announcement of
the offer of NOK 0.05 per share from Springfield AS ("Springfield").
On 26 November it was announced that Springfield would underwrite a placing of
up to £1 million. The board have decided however that owing to the urgent need
to raise funds it is in the best interests of the Company to carry out a smaller
fundraising to meet immediate working capital requirements. In addition, the
directors of the Company are mindful that a fundraising of £1 million at this
time would be very dilutive to shareholders. However, the Directors anticipate
that further fundraisings may be necessary in the short to medium term to
finance the Company's development plans.
The Board intends to spend the coming weeks analysing the Company's financial
and trading position and exploring alternatives to develop a strategy for the
benefit of all shareholders.
Due to timing and cost implications and given the immediate requirement for
working capital, the placing has been restricted to a number of institutions,
directors and individuals. If the Extraordinary General assembly approves the
placing, the subscribers to the placing will be:
Name No. of shares
Springfield AS 32,379,068
RAB Special Situations (Master) Fund Limited 13,876,743
Xantin Invest AS 558,338
Morten Hansson 2,000,000
Oivind Resch 1,185,851
Total: 50,000,000
If approved, following the placing, there will 100,596,570 shares in issue.
Enquiries:
Jumpit Morten Hansson + 47 67 82 70 40
Chief Executive Officer
Hanson Westhouse Limited Bill Staple / Martin Davison 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
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