Business
Issue of Equity and Notice of GM
Issue of Equity and Notice of GM.
About this update from Boston International Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7740I Boston International Holdings PLC 13 August 2019 \n\n \nBOSTON INTERNATIONAL HOLDINGS PLC\n(\"BIH\" or \"the Company\")\nNotice of General Meeting and Issue of Equity\n \nThe Board of BIH, a special purpose acquisition company formed to undertake one or more acquisitions of target companies or businesses in the FX sector, confirms that further to the announcement of 2 July 2019 regarding among other matters the serious loss of capital in BIH, the Company has today posted a Circular to shareholders giving notice that a general meeting of the Company will be held at the offices of Hill Dickinson LLP, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW on 6 September 2019 at 10.30 am (the \"General Meeting\").\nAs noted in the Company's update of 2 July 2019, the value of the Company's net assets is now less than half of its called-up share capital which is deemed to be a \"serious loss of capital\" within the meaning of section 656 of the Companies Act 2006 (\"Act\"). In those circumstances, the Directors are required, under section 656 of the Act, to convene a general meeting of the Company to consider whether any, and if so what, steps should be taken to deal with the situation.\nThe Board is continuing to undertake a review to determine the most appropriate future strategy for BIH and will update shareholders once this has been completed. In the meantime, however, the Directors would like to ensure that they address the matters arising under section 656 of the Act.\nIn light of the continuing strategic review, the Board does not consider it necessary for specific resolutions to be proposed at the General Meeting. The Board does however welcome dialogue with shareholders on this point and the General Meeting will provide a forum for such discussions to take place.\nThe Board notes that the status of a \"serious loss of capital\" under section 656 of the 2006 Act imposes no immediate risk to the Company given the current solvency of its balance sheet and cash flow. The Board will prudently manage the Company's remaining cash reserves and minimise its operating expenses whilst it reviews the future strategy for BIH.\nThe Board is also pleased to announce is pleased to announce a subscription for 6,000,000 new ordinary shares of £0.01 (\"Ordinary Shares\") at a pr...