Business
RE: EGM
RE: EGM.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n Evolutec Group PLC\n02 July 2007\n\n EVOLUTEC GROUP PLC\n\n\n2 July 2007\n\n\nProposed adjournment of Extraordinary General Meeting ('EGM')\n\n\nOn 6 June 2007 Evolutec Group plc ('Evolutec' or the 'Company') sent a circular\nto shareholders containing a notice of extraordinary general meeting relating to\nthe proposed distribution of net cash to shareholders by way of liquidation and\nthe proposed cancellation of admission of Evolutec's shares from the AIM Market\nof the London Stock Exchange plc (the 'Circular'). This Circular was sent out\nafter concluding an extensive strategic review of options open to the Company\nand following consultation with major institutional shareholders. The board of\ndirectors ('Board') felt that the proposed distribution of net cash by way of\nliquidation provided shareholders with certainty as to quantum and timing. The\nCircular contained a notice of EGM to be held on Friday 6 July 2007 at which\nspecial and extraordinary resolutions would have been proposed to enable the\nliquidation and the cancellation of admission of Evolutec's shares to AIM be\nimplemented (the 'Resolutions').\n\n\nSince sending the Circular the Board has received written confirmation from\nGartmore Investment Limited ('Gartmore') that they have increased their holding\nin Evolutec through market purchases and that they now hold 23.9 per cent. of\nthe issued share capital of Evolutec. Furthermore Gartmore have advised the\nBoard that they will not vote in favour of the Resolutions. The Resolutions are\nspecial and extraordinary requiring the approval of three-quarters of those\nshareholders voting in person or by proxy (unless a poll is demanded, in which\ncase, 75 per cent. of the votes cast in person or by proxy must be in favour of\nthe Resolutions). As another institutional shareholder has indicated that it\ntoo will vote against the Resolutions, the Board is of the view that the\nResolutions will not be passed.\n\n\nGartmore have proposed that Evolutec continues as a listed entity with a view to\nconsidering possible transactions which would involve reversing another business\ninto Evolutec. Accordingly, a resolution to adjourn the EGM indefinitely will\nbe proposed. If passed, the Resolutions will not be put to the meeting and the\nEGM will be adjourned indefinitely.\n\n\nThe regulatory team at AIM have confirmed ...