Business
Publication of Circular & Notice of GM
Publication of Circular & Notice of GM.
About this update from Huddled Group Plc
[{"type":"text","content":"\n \n \n 8 March 2023\n \n \n \n \n \n \n Let's Explore Group PLC \n \n \n \n (\"LETS\"\n \n , the \"Company\" or the \"Group\"\n \n )\n \n \n \n \n \n \n Publication of Circular and Notice of General Meeting\n \n \n \n \n \n \n The Company is pleased to announce that today it will be publishing a circular (the \"Circular\") containing details of a proposed off-market purchase of the Company's ordinary shares of 0.040108663 pence each in the capital of the Company (\"Ordinary Shares\"), and a proposed capital reduction (together the \"Proposals\"), and a notice of a general meeting of the Company (the \"General Meeting\"). The General Meeting will be held at 2:00 p.m. on 27 March 2023 at St. James Room 1, 116 Pall Mall, St. James's, London, SW1Y 5ED.\n \n \n On 2 February 2023, the Company sent a circular to the Company's Shareholders (\"Shareholders\") detailing the disposal of the Location Based Entertainment business (the \"LBE Sale\") and outlining the proposals to return the majority of the proceeds of the LBE Sale to Shareholders. To allow the Company to return capital to Shareholders and provide flexibility to make future distributions and to complete the Off-Market Buy Backs, the Company requires distributable reserves. Accordingly, the Board is seeking approval, subject to the consent of the Court, for the Capital Reduction and for the amount of the reduction to be transferred to the Company's profit and loss account to create distributable reserves.\n \n \n In addition, and as previously announced, the Company proposes to buy back and cancel 21,657,193 shares, plus 13,283,833 shares to be issued pursuant to exercise of options, from Rod Findley, Ken Musen and Alasdair Ritchie, (who are remaining with the Location Based Entertainment business) as outlined in the circular of 2 February 2023. These 34,941,026 shares are being purchased at a price of 3.65p per share with a net cost to the Company of £943,252. The Circular includes details of the purchase of these shares which is also subject to the necessary shareholder and UK Court approvals.\n \n \n The expected timetable of principal events and the Chairman's statement from the Circular are set out below. Unless otherwise indicated, all defined terms in this announcement shall have the same meaning as described in the Circular.\n \n \n \n Enquirie...