NetScientific PLC Result of General Meeting (9821W)

TIDMNSCI

RNS Number : 9821W

NetScientific PLC

24 August 2020

NetScientific plc

("NetScientific" or the "Company")

Result of General Meeting

NetScientific plc (AIM:NSCI), the transatlantic healthcare IP commercialisation group, is pleased to announce at its General Meeting held earlier today all resolutions were duly passed.

Accordingly, the Company has today authorised:

1. a capital reorganisation which has the effect of consolidating ten Existing Ordinary Shares into one New Ordinary Share;

2. the issue of 3,538,455 New Ordinary Shares at an Issue Price of 65p pence raising gross proceeds of approximately GBP2.3 million through a placing (the "Placing") with institutional and other investors;

3. the issue of 3,521,480 New Ordinary Shares to Futura Messis Group Ltd pursuant to the acquisition of EMV Capital Ltd (the "Acquisition"); and

   4.    The adoption by the Company of the new Articles of Association. 

The full details of the Acquisition, Placing and Capital Reorganisation are set out in the announcement dated 5 August 2020.

John Clarkson, Chairman, said "the Board of NetScientific want to express their gratitude to shareholders for their overwhelming vote of support, enabling the transformation of the business, which is now positioned for future success".

Admission to Trading on AIM

Further to the announcement on 5 August 2020, application for admission to trading of the New Ordinary Shares has been made and it is anticipated that admission will take place at 8.00 a.m. on 25 August 2020 ("Admission").

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the Acquisition, Placing and Capital Reorganisation, its issued share capital will comprise 14,916,122 New Ordinary Shares upon Admission. All of these New Ordinary Shares have equal voting rights and none of the New Ordinary Shares are held in treasury. The total number of voting rights in the Company will therefore be 14,916,122 upon Admission.

Unless otherwise defined, terms used in this announcement shall have the same meanings as those defined in the announcement dated 5 August 2020.

The full details of the votes cast are as follows.

 
                                                                 Votes Cast         % of Votes Cast 
 Resolution            Resolution Text                         For       Against    For     Against 
  No. 
                      -----------------------------------  -----------  --------  -------  --------- 
 Special Resolution    To adopt the new Articles 
  1                     of Association of the Company       23,518,025   421,879   98.2%    1.8% 
                      -----------------------------------  -----------  --------  -------  --------- 
 Ordinary 
  Resolution           To approve the proposed 
  2                     sub-division                        23,508,223   431,681   98.2%    1.8% 
                      -----------------------------------  -----------  --------  -------  --------- 
 Ordinary 
  Resolution           To approve the proposed 
  3                     consolidation                       23,511,134   428,770   98.2%    1.8% 
                      -----------------------------------  -----------  --------  -------  --------- 
                       To approve the waiver granted 
                        by the Panel on Takeovers 
                        and Mergers of any requirement 
 Ordinary               under Rule 9 on the Concert 
  Resolution            Party to make a general 
  4                     offer to shareholders               23,513,842   425,777   98.2%    1.8% 
                      -----------------------------------  -----------  --------  -------  --------- 
                       To authorise the Directors 
                        to allot shares in the 
 Ordinary               Company in respect of the 
  Resolution            Consideration and Placing 
  5                     Shares                              23,446,323   493,581   97.9%    2.1% 
                      -----------------------------------  -----------  --------  -------  --------- 
 Ordinary              To authorise the Directors 
  Resolution            to allot shares in the 
  6                     Company generally                   23,446,038   493,581   97.9%    2.1% 
                      -----------------------------------  -----------  --------  -------  --------- 
                       To disapply statutory pre-emption 
 Special Resolution     rights in respect of the 
  7                     Placing Shares                      23,446,038   493,581   97.9%    2.1% 
                      -----------------------------------  -----------  --------  -------  --------- 
 Special Resolution    To disapply statutory pre-emption 
  8                     rights generally                    23,446,038   493,581   97.9%    2.1% 
                      -----------------------------------  -----------  --------  -------  --------- 
 

# # #

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For more information, please contact:

NetScientific

Ilian Iliev, CEO Tel: [phone]

WH Ireland (NOMAD, Financial Adviser and Broker)

Chris Fielding / Jessica Cave / Darshan Patel Tel: [phone]

MO PR ADVISORY (Press Contact)

Mo Noonan Tel: [phone]

About NetScientific

NetScientific PLC is a transatlantic healthcare IP commercialisation Group focused on technologies and companies that have the potential to treat chronic disease and significantly improve the health and well-being of people.

   For more information, please visit the website at      www.NetScientific.net 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ROMSEIFSLESSEEA

(END) Dow Jones Newswires

August 24, 2020 06:28 ET (10:28 GMT)