Business
Notice of EGM
Notice of EGM.
About this update from Mobilityone Limited
[{"type":"text","content":"\n MobilityOne Limited\n22 November 2007\n\n\n MobilityOne Limited ('MobilityOne' or 'Company')\n\n Proposed share buyback, updates to the Company's Articles of Association\n and notice of the Extraordinary General Meeting\n\nThe Board of MobilityOne Limited ('Board') is pleased to announce that it is\ntoday posting a circular to MobilityOne shareholders convening an Extraordinary\nGeneral Meeting ('EGM') at which it will be proposed that the Company be\nauthorised to purchase up to 30 per cent. of the Company's issued share capital\n('Share Buyback').\n\nThe Directors of the Company believe that the Share Buyback will provide the\nCompany with another option to utilise its financial resources more effectively.\nThe Share Buyback is expected to stabilise the supply and demand of the ordinary\nshares of the Company ('Ordinary Shares') as well as the market price of the\nOrdinary Shares. In addition, the Share Buyback will maximise the shareholder\nvalue as it is expected to increase the earnings per share and net asset value\nper share. The Ordinary Shares to be purchased will be cancelled pursuant to the\nShare Buyback, which will result in a lower number of Ordinary Shares being\ntaken into account for the purpose of computing the earnings per share and net\nasset value per share. Accordingly, the Board is proposing that the Company be\nauthorised to make purchases of the Ordinary Shares. The authority would permit\na maximum of 30 per cent. of the Company's issued share capital to be purchased,\nrepresenting 28,181,161 Ordinary Shares. The minimum and maximum prices at which\nshares could be purchased would be 2.5 pence (being the par value of the\nOrdinary Shares) and 12.5 pence (being the placing price of the Ordinary Shares\npursuant to the Company's admission on AIM on 5 July 2007), respectively. The\nauthority would expire on 16 June 2009, a date not being later than 18 months\nafter passing of the resolution for the Share Buyback unless renewed at or prior\nto that time.\n\nThe Board is also proposing that the Company's Articles of Association be\nupdated.\n\nDetails of the proposals are contained in the circular. The EGM is being\nconvened for 9.00 a.m. on 17 December 2007.\n\nA copy of the circular convening the EGM, which is being dispatched to\nshareholders today, is also available on the Company's website\nwww.mobil...