Mavinwood PLC
29 June 2005
Mavinwood Plc
('Mavinwood' or 'the Company')
Result of EGM and Placing
The Board of Mavinwood announces that its proposal to acquire Ansa Holdings
Limited ('Ansa'), a market leader in the insurance claims management sector,
offering drainage services to a wide range of UK insurance companies, was
approved by shareholders at the Company's EGM this morning. The acquisition,
which the Company expects to complete this afternoon, constitutes a reverse
takeover under the AIM Rules.
The Company also announces that it intends, in connection with the acquisition,
to issue 250,000,000 New Ordinary Shares at 8p per share, raising £20,000,000
(before expenses).
Application will be made, following completion, for the Company's enlarged share
capital of 332,896,474 ordinary shares, to be readmitted to trading on AIM
tomorrow.
All of the other resolutions proposed at the EGM were also passed.
Contacts:
Kevin Mahoney, Chief Executive 020 7661 9650
Michael Vincent, Finance Director 020 7661 9651
John Coles, Weber Shandwick 020 7067 0749
Louise Carpenter, Seymour Pierce Limited: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
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