Business
Circular re proposed Investing Policy
Circular re proposed Investing Policy.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4925B CSS Stellar PLC 18 February 2011 \n \n\n \n18 February 2011\nCSS Stellar plc\n(\"CSS\" or the \"Company\")\nPROPOSED ADOPTION OF INVESTING POLICY \nSUB-DIVISION OF SHARE CAPITAL\nRENEWAL OF AUTHORITY TO ALLOT SHARES AND DISAPPLICATION OF PRE-EMPTION RIGHTS\nNOTICE OF GENERAL MEETING\nCSS Stellar plc, the entertainment and sports management company, announced on 17 December 2010 that it had entered into arrangements with GP Sports Holdings Limited (\"GPSH\"), a company wholly-owned by Julian Jakobi, the Company's Chairman, and Adrian Sussmann, a consultant to the Company, whereby the Company would cease to undertake its Motorsports client business (the \"Arrangements\"). \nFollowing completion of the Arrangements, the Company effectively ceased to own, control or conduct any trading business and, as a result, is deemed under Rule 15 of the AIM Rules to be an investing company. The Company has today sent a circular to shareholders with details of the proposed investing policy of the Company. The circular will also be made available on the Company's website www.css-stellar.com.\nAs the issue of new shares by a public company at a price below their nominal value is prohibited by UK company law, the Company is currently unable to issue new shares as the ordinary shares of the Company are currently trading on AIM at a price below their nominal value of 5p per share. Although the Board has no current plans to issue new shares in the Company, the Directors believe that having the ability to issue new shares may be advantageous in the future and accordingly are seeking (i) shareholders' authority to a sub-division of the existing ordinary shares and (ii) a renewal of shareholders' authority to allot new ordinary shares and to disapply pre-emption rights.\nThe circular therefore contains details of a proposed sub-division of the existing ordinary shares of 5p each into new ordinary shares of 1p each and deferred shares of 4p each. The rights attaching to the new ordinary shares will in all material respects be the same as the rights attaching to the existing ordinary shares and there will be the same number of such shares as there are existing ordinary shares presently in issue. Existing share certificates will remain valid.\nEnclosed with the circular is a notice convening a Genera...