Business
Proposed Capital Reorganisation & Notice of AGM
Proposed Capital Reorganisation & Notice of AGM.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \n \n 16 May 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n METALS EXPLORATION PLC\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proposed Capital Reorganisation, Publication of Annual Report & Accounts and Notice of Annual General Meeting\n \n \n \n \n \n \n Metals Exploration plc (AIM: MTL) (\"\n \n Metals Exploration\n \n \" or the \"\n \n Company\n \n \")\n , a gold producer in the Philippines, announces that the Company's Annual Report and Accounts for the year ended 31 December 2021 has been published today.\n \n \n \n \n \n \n Annual General Meeting\n \n \n \n \n \n \n The Annual General Meeting of the Company (\"AGM\") will be held on at 3.00 p.m. on 17 June 2022 at the offices of Armstrong Teasdale, 38 - 43 Lincoln's Inn Fields, London WC2A 3PE and at any adjournment thereof.\n \n \n \n \n \n A circular (the \"Circular\") to shareholders containing the notice convening the Company's AGM and information in connection with a proposed capital reorganisation will be posted to shareholders together with the Company's Annual Report and Accounts. Copies of the Annual Report and Accounts and Circular (which includes the notice of AGM are available on the Company's website at\n \n \n https://www.metalsexploration.com/\n \n \n .\n \n \n \n \n \n Capitalised terms in this announcement have the same meanings as in the Circular.\n \n \n \n \n \n \n Capital Reorganisation\n \n \n \n \n \n \n \n \n Shareholders will be invited to approve a Capital Reorganisation at the AGM as detailed in the Circular. The proposals are subject to, inter alia, Shareholder and Court approval and following implementation, the Company will have a single class of ordinary shares of £0.0001 each in issue.\n \n \n \n \n \n The proposed Capital Reorganisation will consist of two elements: (i) a Sub-Division of each Existing Ordinary Share into one New Ordinary Share and one Deferred Share; and (ii) a Capital Reduction by way of both the cancellation of the Deferred Shares and the cancellation of the Company's Share Premium Account.\n \n \n The purpose of the Capital Reorganisation as a whole is: (i) to enable the Company to issue shares in future at an issue price which significantly exceeds their nominal value; and (ii) to create a reserve by cancelling the deferred share ...