Business
Result of EGM
Result of EGM.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 5185K Europa Oil & Gas (Holdings) PLC 15 July 2011 \n\nEuropa Oil & Gas (Holdings) Plc\n(\"Europa\" or the \"Company\")\n \nResult of General Meeting\n \n \nThe Company is pleased to report that at its General Meeting held earlier today, shareholders approved the resolutions effecting, amongst other things, the Placing to raise approximately £2.1m before expenses and the adoption of new articles of association.\n \nIn addition, the Company has successfully concluded its negotiations with Yorkville on the terms of the SEDA and the Loan Note and has today entered into definitive agreements consistent with the terms set out in the announcement and circular to shareholders of 28 June 2011. The Company will issue a US$1.6 million (approx £1 million) SEDA-backed loan note to Yorkville and Yorkville will provide a £5 million (the \"Commitment Amount\") standby equity credit line. The Loan Note is conditional on Admission (as defined below) occurring. Further information concerning the terms of the SEDA are set out below.\n \nAdmission to trading on AIM of the Placing Shares (\"Admission\") is expected to occur on 18 July 2011. Following Admission, Europa's total issued and voting share capital will comprise 130,077,728 ordinary shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.\n \nThe SEDA\n \nThe SEDA will be available (unless otherwise terminated earlier in accordance with this its terms) for 36 months from today. The number and timing of advances whereby Yorkville will be obliged to subscribe an amount (each an \"Advance\") for new ordinary shares in the Company shall be at the discretion of the Company, provided that the Company shall not be entitled to request more than one Advance every ten trading days (unless Yorkville agrees otherwise). The Company shall not be obliged to request any Advances and there shall be no penalty for not requesting an Advance. \n \nIf the Company does request an Advance, the Advance amount (\"Advance Amount\") shall not exceed any of the following:\n \nI. 200% of the average volume weighted daily trading value of the ordinary shares of the Compa...