Business
Further re: Publication of Circular & Notice of GM
Further re: Publication of Circular & Notice of GM.
About this update from Tern Plc
[{"type":"text","content":"\n \nRNS Number : 3255L Silvermere Energy PLC 09 August 2013 \n \n\n9 August 2013\n \nSilvermere Energy Plc\n(\"Silvermere\" or \"the Company\")\n \nFurther re: Publication of Circular & Notice of General Meeting\n \nProposed Cloud & Mobile Commercialisation Strategy and change of name\n \nFurther to the announcement dated 31 July 2013, at the General Meeting convened by the Company to be held at 11.00 a.m. on 16 August 2013 at the offices of Peterhouse Corporate Finance Limited, 31 Lombard Street EC3V, 9BQ (which will follow the meeting of creditors to consider the Company Voluntary Arrangement at 10.30am on 16 August 2013), the shareholders will be asked to consider and, if thought fit, approve the Proposals as set out in the shareholder circular which has been published on the Company's website. \n \nThe Proposals are as follows:\n \n· Disposal of the Mustang Asset, the Company's sole commercial asset held via its subsidiary, by transfer to Dominion in full and final settlement of all monies owed between them and of any future liabilities;\n· A Capital Reorganisation of the Company's share capital which results in the sub-division of each Existing Ordinary Share into one New Ordinary Share of £0.00001 each and one New Deferred Share of £0.00099 each;\n· The Company Voluntary Arrangement to resolve to issue 69,090,144 New Ordinary Shares to preferential and unsecured creditors, estimated at £1,192,635;\n· A conditional Subscription of £200,000 zero coupon, unsecured Convertible Loan Notes and Placing of 43,478,261 New Ordinary Shares to raise £300,000 (before expenses);\n· The implementation of a new Investing Policy focused on Cloud and Mobile Commercialisation; and\n· A change of name to Tern PLC.\n \nLatest time and date for receipt of Forms of Proxy in respect of the General Meeting is 11.00 a.m. on 14 August 2013.\n \nTern, the investment group, will be providing the funding for the proposed CVA process by the investment of £300,000 for working capital post the General Meeting. This investment is made with the full support of Board of Silvermere and major creditors.\n \nPost the General Meeting, assuming app...