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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Newfound | LSE:NFND | London | Ordinary Share | NL0000686764 | ORD EUR0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1345J Newfound N.V. 04 December 2007 Newfound N.V. Result of EGM Fundraising Update Newfound N.V. ("Newfound" or the "Company") announces that all of the resolutions set out in the notice of extraordinary general meeting ("EGM") included in the Circular relating to the Subscription and Interim Loans dated 13 November 2007 (the "Circular") were duly passed at the Company's EGM held today at 12.00 noon (Central European Time). The #7 million subscription by Jeremy White and John Morgan, who are both Directors of the Company, announced on 13 November 2007 was conditional upon, inter alia, the passing of the resolutions at the EGM. Admission and dealings in the Subscription Shares are expected to commence on AIM at 8.00 a.m. on 5 December 2007. The Subscription Proceeds are required to secure the Company's financing requirements for the near term in order to fund the Group's revised business plan and to meet its obligations. In addition to the Subscription, as stated in the Circular, the Company is pursuing further equity fundraising on an ongoing basis. Accordingly, the Company has received Shareholder approval at the EGM for the issue of up to a further 50,000,000 Ordinary Shares in addition to the Subscription Shares in order to permit such further equity fundraising if and when required. Pursuant to this authority, the Company announces that it is currently seeking to raise limited further funds by way of a placing to institutional and other investors. Further details are expected to be announced imminently. As stated in the Circular, in the near term, there are a number of opportunities for the generation of additional capital through the operations of the business. In particular, the proposed transaction to sell land at Nevis for the development of a 5 star hotel continues to progress and there are bulk land sale opportunities at both Nevis and Humber Valley that could realise significant cash for the Group. In addition, the Board will also continue to pursue debt financing for ongoing resort development supported by the assets of the Group. Should these transactions materialise they would provide the Group with a platform from which to continue to develop the resorts at Humber Valley and Nevis. The Company's success in completing some or all of these transactions will, however, inevitably be critical for the prospects of the Group over the longer term. Enquiries: Newfound N.V. John Theophilus, Chief Executive Officer +44 (0) 20 7470 2487 Collins Stewart Adrian Hadden +44(0) 20 7523 8350 This information is provided by RNS The company news service from the London Stock Exchange END REGBDBDDUUGGGRS
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