Business
Notice of EGM
Notice of EGM.
About this update from Blackbird Plc
[{"type":"text","content":"\n Forbidden Technologies PLC\n24 April 2007\n\n\n24 April 2007\n\n\nForbidden Technologies plc\n('the Company' or 'Forbidden')\n\n\nNotice of EGM\n\n\nForbidden announces that on 27 March 2007 the Directors of the Company became\naware that the unaudited balance sheet in its unaudited management accounts\nshowed that the Company's net assets were £294,296 whereas the amount of its\npaid up share capital was £609,300. Pursuant to section 142 of the Companies\nAct 1985 ('the Act'), when the net assets of a public company are half or less\nthan half of its called-up share capital, the directors of such company are\nunder a duty to convene an extraordinary general meeting ('EGM') to consider\nwhether any, and if so what, steps should be taken to deal with the situation.\n\n\nAccordingly, in accordance with section 142 of the Act, the Company is today\nwriting to its shareholders with a notice convening an EGM to consider what\nsteps should be taken to deal with the situation. The Company is also proposing\nto take its shareholders permission at that meeting to increase its borrowing\nlimit from its current level to £2,000,000.\n\n\nAlthough the Company requires further cash, the Directors are considering a\nnumber of potential sources of funds and are confident that they will be able to\nput the resources in place that will continue to support the Company's\noperations. The proposed increase in the borrowing limit would facilitate one\nof these options.\n\n\nThe Directors believe that in the seven years of Forbidden's existence they have\nfollowed a policy of prudent financial management. Specifically, the Company\nhas no debt and has not taken any of the value of its intellectual property to\nthe balance sheet. The Directors believe that the Company has an exceptional\nproduct which is timed perfectly for the market.\n\n\nFor further information:\n\nForbidden Technologies plc 020 8879 7245\nStephen Streater, Chief Executive\nGreg Hirst, Business Development Director\n\nBell Lawrie 0141 221 7733\nKen Fleming\n\nCollege Hill 020 7457 2020\nCorinna Dorward/Adrian Duffield \n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]