Business
Notice of Meeting and Adoptio
Notice of Meeting and Adoptio.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n RNS Number : 0629W Zest Group PLC 12 November 2010 \n\n12 November 2010\n \nZest Group plc\n('Zest' or 'Company')\n \nPosting of Shareholder Circular and Notice of General Meeting\nProposed Adoption of an Investing Policy\nProposed Change of Company Name to Rare Earth Minerals Plc\n \nThe Company announces that it has, today, posted a circular to its shareholders (\"Circular\") setting out details of a proposed change in its strategy and an adoption of an investing policy in accordance with the AIM Rules for Companies, a proposed name change and a notice of a general meeting. Copies of the Circular are available from the Company's website, www.zestmusic.com. The General Meeting is to be held at Suite 3B, Princes House, 38 Jermyn Street, London, SW1Y 6DN on 29 November 2010 at 11am.\n \nBackground\n \nThe Company was formed to build a music business by acquiring new artists together with their music publishing rights and acquiring recording and publishing companies. The Company has made progress in developing its business objectives as set out in its Admission Document. However, in the six months to 31 March 2010 the Company reported a loss before taxation of £194,000 and further reported that it was reliant on external funding. The Directors have therefore come to the conclusion that whilst Zest's existing business may be able to deliver some value (and will be retained) it does not form the basis of a sustainable business for a publicly traded company. Accordingly, the Directors believe that it is in the Company's interests to adopt a new strategy for the development of the Company as an investing company and to take advantage of opportunities outside of the music industry.\n \nProposed Adoption of an Investing Policy\n \nThe Company's proposed investing policy, which is subject to shareholder approval, is to acquire a diverse portfolio of direct and indirect interests in exploration and producing rare earth minerals and/or metals projects and assets . In light of the nature of the assets and projects which will be the focus of the Investing Policy the Company will consider investment opportunities anywhere in the world.\nThe Directors have considerable experience investing, both in structuring and executing deals and in raising funds. The Directors will use this e...