Business
Result of EGM and Admission of New Ordinary Shares
Result of EGM and Admission of New Ordinary Shares.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 9516Z EQTEC PLC 20 December 2017 \n\n20 December 2017\n \nEQTEC plc\n \n(\"EQTEC\" or the \"Company\")\n \nResult of Extraordinary General Meeting (\"EGM\") and Admission of New Ordinary Shares\n \n \nFurther to the Company's announcement of 27 November 2017, EQTEC is pleased to announce that at the EGM held earlier today in respect of the proposed acquisition of Eqtec Iberia SL, all Resolutions were duly passed.\n \nThe ordinary resolution to approve the authority to issue and allot shares and the special resolutions relating to the disapplication of pre-emption rights and the authorisation of share buyback were all passed.\n \nAccordingly, the Consideration Shares (consisting of 833,864,531 Ordinary Shares) will be issued to the Vendors pursuant to the terms of the Acquisition Agreement. \n \nEqtec Iberia is 66.99 percent owned by EBIOSS, which currently also holds 50.03 percent of EQTEC, and 33.01 percent owned by Inava, a company owned by certain employees of Eqtec Iberia. As EBIOSS is a substantial shareholder in the Company, the Acquisition is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules. The Directors, having consulted with the Company's nominated adviser, Northland, consider that the terms of the Acquisition are fair and reasonable insofar as Shareholders are concerned.\n \nIn addition, EQTEC is pleased to announce that following the passing of the resolutions, it has raised £1.6 million (before expenses) through a Placing of 246,153,847 Ordinary Shares in the capital of the Company at 0.65 pence per share. EQTEC will use the proceeds from the Placing to fund the working capital needs of the Enlarged Group and the continued development of its near-term pipeline.\n \nPursuant to the Acquisition and Placing, application will be made for the admission of 1,160,787,609 new Ordinary Shares to trading on AIM. The new Ordinary Shares, which will be issued fully paid, will rank pari passu in all respects with the existing Ordinary Shares. \n \nFurther to the announcement on 19 December 2017, completion of the Acquisition will take place by 29 December 2017 and the Company will update the market in due course as to the revised date for Admission of the new Ordinary Shares to trading on AIM under the code EQT.\n \nF...