Business
Proposed CVA, Fundraising and Notice of GM
Proposed CVA, Fundraising and Notice of GM.
About this update from Electric Guitar Plc
[{"type":"text","content":"\n\n11 March 2025\n \nElectric Guitar PLC\n(\"Electric Guitar\" or the \"Company\")\n \nProposed Company Voluntary Arrangement, Subscription for Ordinary Shares to raise £300,000, Share Capital Reorganisation and Notice of General Meeting\n \nThe Board of Electric Guitar PLC (LSE: ELEG) is pleased to announce a proposed subscription to raise £300,000 (the \"Subscription\") as part of a wider Company restructuring to enable the Company to pursue an acquisition strategy as a cash shell. The Board is proposing a Company Voluntary Arrangement (\"CVA\") with its creditors alongside the Subscription, as well as a Share Capital Reorganisation to amend the nominal value of the Company's ordinary shares (the \"Proposals\").\nA circular containing a notice convening a general meeting to consider the Proposals to be held at 11:00 a.m. on 27 March 2025 at the offices of Broadfield Law UK LLP, One Bartholomew Close, London, EC1A 7BL will be posted to shareholders today and made available on the Company's website at electricguitarplc.com.\nExtracts from the circular containing further details of the Proposals including the timetable are set out below. Unless otherwise defined, definitions used in this announcement are set out at the end of this announcement.\n \nContacts:\n \n\n\n\n\n\n\n\n\nElectric Guitar PLC\nRichard Horwood, COO\n \n\n\[email protected]\n\n\n\n\nAllenby Capital (Nominated Adviser and Broker)\nJeremy Porter / Piers Shimwell / Dan Dearden-Williams\n \n\n\n020 3328 5656\n \n\n\n\n\n\n\n\n\n\n \nFurther information on the Proposals and General Meeting\nThe following sections are extracted from the circular that will be posted to shareholders today, a full version of which will be available later today on the Company's website at electricguitarplc.com.\n \n1. Introduction\n \nWe are writing to provide you with an explanation of the background to and reasons for the Proposals and to explain why the Independent Directors consider the Proposals to be in the best interests of the Company and its Shareholders as a whole.\n \nYou should read the whole of this document and not rely solely on the summarised information contained in this Part I (Letter from the Chair).\n \nFurther to the Company's announcement of 24 December 2024 regarding...