Reconstruction Capital II Ltd Result of EGM (5952V)

TIDMRC2

RNS Number : 5952V

Reconstruction Capital II Ltd

29 October 2014

29 October 2014

Reconstruction Capital II Limited

Result of EGM

Reconstruction Capital II Ltd ("RC2" or the "Company"), announces that shareholders have supported both Resolutions which were proposed at today's Extraordinary General Meeting of Shareholders ("EGM") regarding the continuation of the life of the Company and the issuance of EUR8,450,000 of Convertible Loan Notes, as follows:

 
 Resolutions                              In favour           Against       Withheld 
-----------------------------------  -------------------  ---------------  --------- 
                                      Votes        %*      Votes     %* 
-----------------------------------  -----------  ------  --------  -----  --------- 
 Extraordinary resolution 
  to continue the Company 
  as presently constituted 
  for a further two years 
  until the Annual General 
  Meeting to be convened in 
  2016                                60,412,447   99.43   348,279   0.57   866,424 
-----------------------------------  -----------  ------  --------  -----  --------- 
 Ordinary resolution to authorise 
  the Directors to be authorised 
  to issue Convertible Loan 
  Notes 
  up to an aggregate nominal 
  amount of EUR8,450,000 including 
  the right to convert the 
  amounts outstanding 
  on the basis of 7.41 New 
  Ordinary Shares for every 
  EUR1.00 of outstanding amount 
  of principal of 
  Convertible Loan Notes (or 
  as the conversion ratio 
  may be adjusted under the 
  anti-dilution provisions 
  of 
  the Convertible Loan Notes).        61,278,871   99.43   348,279   0.57   0 
-----------------------------------  -----------  ------  --------  -----  --------- 
 

* Percentage of votes cast excludes Withheld votes.

Accordingly:

- the life of the Company will be continued for a further two years until the Annual General meeting to be convened in 2016; and

- the Company will issue Convertible Loan Notes up to an aggregate nominal amount of EUR8,450,000 as set out in the Circular which was posted to shareholders on 6 October 2014. Definitive Convertible Loan Note certificates will be despatched to Note holders by 7 November 2014.

Convertible Loan Note Subscriptions

The Company received applications from certain existing Shareholders to take up EUR8,450,000 in aggregate of the Convertible Loan Notes.

Following the Resolutions being passed at today's EGM Ion Florescu (or entities related to him), a former Director of the Company and substantial shareholder, will invest EUR6,210,000 in Convertible Loan Notes. Substantial shareholders in the Company subscribed for Notes per the table below:

 
                    Convertible                  % Issued Share Capital 
                     Loan Notes                   (prior to conversion 
                     subscribed   Ordinary        of Convertible Loan 
                     for (EUR)     Shares held    Notes) 
 Ion Florescu       6,210,000     28,297,656     28.30% 
 Reichmuth & Co. 
  (as nominee)      500,000       7,265,667      7.27% 
 

Furthermore, certain Directors, namely Howard I. Golden, Dirk Van den Broeck and Markus Winkler also subscribed for Notes per the table below:

 
                   Convertible                  % Issued Share Capital 
                    Loan Notes                   (prior to conversion 
                    subscribed   Ordinary        of Convertible Loan 
                    for (EUR)     Shares held    Notes) 
 Howard Golden     151,000       1,059,732      1.06% 
 Dirk Van den 
  Broeck           202,000       2,036,831      2.04% 
 Markus Winkler    110,000       500,000        0.50% 
 

Capitalised terms not otherwise defined in this announcement shall have the same meanings as set out in the Circular dated 6 October 2014.

For further information, please contact:

Reconstruction Capital II Limited

Ion Florescu / Ivanka Ivanova

Tel: [phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / David Hignell / Edward Thomas

Tel: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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