Business
Successful Shareholder General Meeting Next Steps
Successful Shareholder General Meeting Next Steps.
About this update from Cirata Plc
[{"type":"text","content":"\n\n9 June 2023\nWANdisco plc \n \n (\"WANdisco\" or the \"Company\") \n \nSuccessful Shareholder General Meeting Next Steps\n \nWANdisco (LSE: WAND), the data activation platform is pleased to confirm that, following the passing of all resolutions proposed at the Shareholder General Meeting (\"GM\") on 6 June 2023, the Company will continue with the next phase of its fundraising plan (the \"Proposed Fundraise\") to raise up to $30 million and lift the current suspension of the Company's shares.\n \nThe Proposed Fund Raise\nFollowing the RNS titled 'Exploring Funding Options' published on 15 May 2023 (https://polaris.brighterir.com/public/wandisco/news/rns/story/w03zolw), management completed over 45 meetings covering a large majority of the shareholder base as part of a consultative process to assess the potential for the Proposed Fund Raise. As subsequently announced, 97.7% of votes cast at the 6 June 2023 General Meeting were in favour of the resolutions set out in the Circular (https://polaris.brighterir.com/public/wandisco/news/rns_widget/story/xlen3pw).\n \nWith advice from the Company's Nominated Advisor and joint brokers, and in consultation with other advisers, a range of options that emerged during shareholder consultation are being actively examined in detail and evaluated against certain criteria. Those criteria include:\n \n· equality of treatment for all shareholders;\n· the effect of any fundraising activity on the underlying value of the outstanding equity (including any requirement for covenants and refinancing risk as appropriate);\n· the ability to execute a capitalisation in the timescale available;\n· regulatory constraints;\n· completion of the FY22 audit sign off as a going concern;\n· minimisation of dilution; and\n· an orderly readmission of the Company's shares to trading on AIM.\n \nLifting of the Share Suspension\nThe Board will seek to have the share suspension lifted upon completion of the Proposed Fundraise and when audited accounts for the year to 31 December 2022 have been released. This is currently expected to be on or around 30 June 2023. Re-admission of the shares to trading on AIM will provide liquidity for shareh...