Business
Result of EGM, Placing and Acquisition
Result of EGM, Placing and Acquisition.
About this update from Restore Plc
[{"type":"text","content":"\n \n\n Mavinwood Plc\n (\"Mavinwood\" or \"the Company\")\n\n Result of EGM, Placing and Acquisition\n\nThe Board of Mavinwood announces that all resolutions proposed at the Company's EGM held this\nmorning were duly passed.\n\nAccordingly, the Company's acquisition of Independent Inspections Holdings Limited, a national\ncarpet and upholstery service business which offers a complete and seamless validation/restoration\nand replacement service to the insurance industry throughout the United Kingdom, is expected to\ncomplete tomorrow.\n\nThe Company also announces that it intends, in connection with the acquisition, to issue\n100,000,000 new Ordinary Shares at 12p per share (\"Placing Shares\"), raising £12,000,000 (before\nexpenses).\n\nApplication has been made for the Placing Shares and 7,843,137 ordinary shares to be issued as part\nconsideration for the acquisition to be admitted to trading on AIM tomorrow.\n\nKevin Mahoney Chief Executive of Mavinwood said:\n\n\"This is an excellent acquisition for us and together with ANSA, a drainage insurance claims\nspecialist, makes us a major provider of services to the insurance industry. It also continues our\nstrategy of building a support services group with a focus on emergency insurance claims\nmanagement and document storage.\n\n\"As well as funding this acquisition, the Placing provides us with the capacity to pursue further\nacquisition opportunities.\"\n\nContacts:\n\nMavinwood plc\nKevin Mahoney, Chief Executive 020 7661 9650\nMichael Vincent, Finance Director 020 7661 9651\n\nThreadneedle PR\nJohn Coles 020 7936 9604\n\nSeymour Pierce Limited\nJonathan Wright 020 7107 8000\n\nMavinwood plc\n\n\t\t\t\t\t\t \n ","length":2000,"tagName":"div"}]