Business
EGM Statement
EGM Statement.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n Cardinal Resources plc\n06 November 2007\n\n\n CARDINAL RESOURCES PLC POSTS EGM CIRCULAR TO SHAREHOLDERS\n\n LONDON - Tuesday, 6 November 2007 \n\n Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an\n independent oil and gas exploration and production company operating in\n Ukraine, today mailed a circular to shareholders to notify them of an\n extraordinary general meeting ('EGM') to be held at 10:00 am on the 30\n November 2007 at the offices of Fox Williams LLP, Solicitors, Ten Dominion\n street, London EC2M 2EE. \n\n The circular addresses the following issues:\n --------------------------------------------\n\n • Capital reorganisation and reduction of share capital\n • Increase in borrowing powers\n\n The directors of Cardinal (the 'Directors') have been reviewing the\n existing capital structure and believe that it is in the best interests of\n the shareholders of the Company (the 'Shareholders') and the Company as a\n whole to effect a reorganisation and reduction of the share capital of the\n Company. \n\n The Company confirms, following the announcement on 30 October 2007, that\n pursuant to the terms of a framework agreement for the potential sale of\n its Ukrainian assets (the 'Transaction'), the Company is working toward\n signing a share purchase agreement ('SPA') to effect the Transaction by 9\n November 2007. However, there is no guarantee that the SPA will be\n executed, or, if it is executed, that the Transaction will be approved by\n Shareholders at a further extraordinary general meeting to be convened for\n that purpose.\n\n The Directors believe that a reduction of share capital and an increase in\n the borrowing powers of the Directors would increase the number of options\n available to the Company, including providing for the flexibility to raise\n additional equity/debt financing as opportunities become available should\n the Transaction fail to complete and/or to successfully execute the post\n Transaction investing strategy of the Company.\n\n Capital reorganisation and reduction of share capital:\n ------------------------------------------------------\n For the Company to have the flexibility to consider and conduct equity\n fund-raising initiatives at a price available in the market, without being\n restricted to a price of not less than 20p which is the current nominal\n value...