Business
Notice of General Meeting and
Notice of General Meeting and.
About this update from Malvern International Plc
[{"type":"text","content":"\n RNS Number : 0539O AEC Education plc 27 February 2009 \n \n27 February 2009\nAEC Education plc\n\n('AEC' or the 'Company')\n\nNotice of General Meeting and Proposed Placing\n\nGeneral Meeting\n\nThe board of AEC confirms that AEC has today dispatched a circular to shareholders convening a general meeting to be held at the offices of WH Ireland Limited at 24 Martin Lane, London EC4R 0DR on 16 March 2009 at 10.00a.m. (the 'General Meeting') at which resolutions will be proposed:\n\n\n\n\n\n1.\n\n\nauthorising the Directors to allot: (i) ordinary shares of 10 pence each in the capital of the Company ('Ordinary Shares') up to an aggregate nominal value of £2,000,000 for the purposes of a proposed placing (the 'Placing'); and (ii) generally to allot relevant securities of up to a further £2,000,000 in nominal value; and\n\n\n\n\n\n2.\n\n\ndisapplying shareholders' statutory pre-emption rights, inter alia, for the purposes of the Placing up to an aggregate nominal value of £2,000,000 and to grant a further authority to allot equity securities for cash on a non-pre-emptive basis up to an aggregate nominal value of £190,000 (representing approximately five per cent. of the share capital of the Company following the Placing and assuming the maximum number of Placing Shares are issued pursuant to the Placing).\n\n\n\n\n\nA copy of the circular will shortly be available from the Company's website www.aeceducationplc.co.uk.\n\nBackground to and reasons for the Placing\n\nThe Company is proposing to raise up to £2,400,000, before expenses by the issue of up to 20,000,000 Ordinary Shares (the 'Placing Shares') at 12 pence per Placing Share (the 'Placing Price'). The net proceeds from the Placing, together with other sources of finance, will be used to finance potential acquisition opportunities.\n\nAsian training markets are growing rapidly and are very accepting of Western based qualifications. The Company is looking to utilise its position within the Asian training market to capture additional growth and benefit from further upside offered by well chosen acquisition targets.\n\nThe Directors consider the UK to be a strategically important market with which to enhance the Company's growth oppor...