Result of EGM (5267Z)

TIDMSKHG

RNS Number : 5267Z

Sky High PLC

16 March 2012

SKHG

16 March 2012

SKY HIGH PLC

Result of General Meeting

Completion of Acquisition, Placing and Capital Reorganisation

Appointment of Directors

Sky High Plc ('Sky High' or the 'Company'), the data collection and analysis group, is pleased to announce that at its General Meeting held today all resolutions were duly passed. The resolutions were to approve, inter alia, the acquisition of the business and certain assets of Count on Us Limited (the Acquisition"), a placing of to raise approximately GBP371,000 (the "Placing") and a capital reorganisation whereby the nominal value of the existing ordinary shares of 10p each are redesignated as ordinary shares of 1p each (the "Capital Reorganisation"). Details of the Capital Reorganisation, Acquisition and Placing were set out in a circular to shareholders dated 20 February 2012.

The Acquisition, the consideration for which was satisfied entirely in new ordinary shares in Sky High, was also conditional on the raising of up to GBP500,000 of additional working capital. This condition has been satisfied through the raising of GBP371,000, before expenses, through the Placing with the balance coming from additional debt facilities agreed with the Company's bankers.

Application has been be made to the London Stock Exchange for the new ordinary shares resulting from the Capital Reorganisation, the Acquisition and the Placing, to be admitted to trading on AIM. It is expected that admission will become effective at 8.00 a.m. on 19 March 2012 ("Admission").

Voting rights

In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following admission of the new ordinary shares its issued share capital will consist of 21,517,946 Ordinary Shares. The Company does not hold any shares in treasury. Shareholders may use these figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Appointment of new Directors

Following completion of the Acquisition, the Company has today appointed Sir John Madejski and Nick Lanigan as non-executive directors of the Company.

The following details are disclosed in accordance with in accordance with Schedule 2(g) of the AIM Rules

Sir Robert John Madejski (aged 70)

His current directorships and partnerships are as follows:

Ark Hotels Limited

Benhamgoodheadprint Limited

Clearview Traffic Group Limited

Croftchase Limited

Goodhead Group Limited

John Madejski Academy

Madejski Ark LLP

Madejski Communications Limited

Madejski Stadium Hotel Limited

Madejski Hotel (Galapagos) Limited

The Reading Football Club Limited

Reading Broadcasting Company Limited

Reading F.C. Limited

The Reading Football Club (Holdings) plc

Sackville Properties Limited

Sackville Properties (Cadogan House)Limited

Sackville Property Developments Limited

Sackville Property Investments Limited

Sackville Property Management Limited

Sackville Developments (Warwick) Holdings Limited

The Leatherne Bottel Limited

Wealth Index Limited

Other directorships he has held in the last five years are as follows:

Milton Park Developments (Egham) Holdings Limited

Sackville Developments (Reading) Limited

Smiths Security Services Limited

Following Admission, Sir John Madejski, will hold 1,500,000 ordinary shares in Sky High representing approximately 7 per cent of the Company's issued share capital. In addition, Count on Us Limited which is owed by Clearview Limited of which Sir John Madejski is the ultimate controlling party, holds 4,135,999 ordinary shares in Sky High representing approximately 19.2 per cent of Sky High's issued share capital

Nicholas Anthony Lanigan (aged 45)

He is currently a director of Golden River Traffic Limited and Clearview Traffic Group Limited

There are no other disclosures required in accordance with Schedule 2(g) of the AIM Rules in respect of either Sir John Madejski or Mr Lanigan.

Commenting on the Acquisition, Mark Mattison, Chief Executive of Sky High, said

'Since the 20(th) of February I have had the opportunity to visit the COU offices and meet most of their staff and I am impressed by the enthusiasm for bringing the two companies together. I am excited about the prospect of delivering even better quality services to the enlarged customer base and the opportunities that the enlarged company will have in the future. I am also delighted to welcome Sir John and Nick to our Board.'

Enquiries:

 
 Contacts: 
 Sky High plc                      www.skyhighplc.co.uk 
 Mark Mattison, Chief Executive    [phone] 
 Alex Johnson, Finance Director    [phone] 
 
 WH Ireland Limited                www.wh-ireland.co.uk 
 Mike Coe / Marc Davies            [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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