Business
Update on Voting & Action to be Taken
Update on Voting & Action to be Taken.
About this update from Directa Plus Plc
[{"type":"text","content":"\n\n24 June 2024\n \nDirecta Plus plc\n(\"Directa Plus\", the \"Group\" or the \"Company\")\n \nUpdate on Voting & Action to be Taken\n \nDirecta Plus (AIM: DCTA) a leading producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, provides an update on the importance of the vote at the upcoming General Meeting to approve the Fundraise announced on 11 June 2024, pursuant to which the Company has, subject to shareholder approval, raised gross proceeds of approximately £6.8 million.\n \nAs outlined in the Circular, in the event that all the Resolutions are not passed, Admission will not occur and the Company will not receive the funds from the Placing or the Subscription, which would limit the amount of working capital available to the Company. There is no certainty that other funding would be available on suitable terms or at all. Accordingly, in light of the Group's cash position, it would be likely that the Company would have to severely restrict its costs, potentially impacting its ability to progress its growth strategy and generate value for the Group.\n \nThe Company has been notified that certain existing shareholders, with a combined shareholding of approximately 19.82 per cent. of the Company, intend to vote against the Resolutions. The Board believes this action jeopardises the future viability of the business and will have a material adverse effect on the Group's business, financial condition, prospects, capital resources, cash flows, share price, liquidity, results and/or future operations. Accordingly, the Board will have no alternative but to seek other, emergency, forms of funding (which, if available, may be on terms significantly less favourable to the Company and its Shareholders) or to take steps to preserve and maximise value for its creditors.\n \nAccordingly, the Board reiterates its unanimous recommendation that all Shareholders vote in favour of the Resolutions.\n \nThe General Meeting to approve the Resolutions is expected to be held at the offices of Vistra, 7th Floor, 50 Broadway, London SW1H 0DB at 2.30 p.m. (BST) on 27 June 2024.\n \nShareholders are required to vote in favour of the resolutions for the Fundraise to proceed and have until 2.30 p.m. on 25 June 2024 to submit valid Forms of Proxy.\n \nTo be ...