Business
Proposed adoption of investing policy
Proposed adoption of investing policy.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6509R CSS Stellar PLC 08 November 2011 \n \n\n\n\n\n\n\n\n\n8 November 2011\n\n\n\n\n \nCSS Stellar plc\n(the \"Company\")\n \nProposed adoption of investing policy\nShare issue authority\n \nFurther to the announcement of 4 November 2011, the Company has convened a general meeting of shareholders to be held at Suite 3B, Princes House, 38 Jermyn Street, London SW1Y 6DN at 11.00 a.m. on 23 November 2011 to consider a resolution to change the Company's existing investing policy so as to permit acquisitions in the natural resources sector, both exploration and production, in addition to, as currently permitted, in the leisure, corporate services, consultancy and brand licensing sectors. This will enable the Company to take full advantage of the experience and contacts of its newly appointed directors, David Lenigas and Don Strang. The proposed investing policy is set out in the Appendix below.\nThe Placing as announced on 4 November 2011 will utilise some of the authority to issue shares granted at the Company's last annual general meeting. The Directors therefore believe that, in the context of the Company's proposed investing policy, it is in the best interests of the Company and shareholders that the current available authorities in respect of the issue of new shares should be updated. The authorities being sought (which, if granted, replace the current authorities granted at the Company's last annual general meeting) will enable the Board to take advantage of market conditions, as and when they present themselves, to allow the efficient implementation of the Company's proposed investing policy either by allowing the Company to raise capital through the fresh issue of equity or by the issue of new equity in the Company as consideration for acquisitions in accordance with the Company's proposed investing policy.\nThe circular to shareholders will be available on the Company's website www.cssstellar.com\n \nFor further information, contact:\n \n\n\n\n\nCSS Stellar plc\n\n\n\n\n\n\n\nJulian Jakobi\nDavid Lenigas\nDonald Strang\n \n\n\nTel: 020 7535 7225\nTel: 020 7440 0640\nTel: 020 7440 0640\n\n\n\n\nNorthland Capital Partners Limited (Nominated Adviser and Broker)\n\n\n\n\n\n\n\n\nLuke Cairns / Edward Hutton \n \n\n\nTel: 020 7796 8800\n\n\n\n\n \nAPPENDI...