Business
Results of GM
Results of GM.
About this update from Tern Plc
[{"type":"text","content":"\n \nRNS Number : 9042L Silvermere Energy PLC 16 August 2013 \n \n\nSilvermere Energy plc\n('Silvermere' or 'the Company')\n \nResult of General Meeting\n \n \nThe Directors of Silvermere are pleased to confirm that, at the General Meeting held today, the resolution was duly passed. \n \nAs a result, shareholders have approved the Company resolution to implement a corporate voluntary arrangement ('CVA') as described in the circular dated 31 July 2013; as well as a capital reorganisation, fund raising of £300,000, disposal of Silvermere's interest in the Mustang Asset, new investing policy and a change of name of the Company to Tern Plc.\n \nFollowing further demand from professional investors, the Company has, in addition to the Placing Shares, received applications for a further 30,161,290 New Ordinary Shares of each in the Company at a price of 0.124 pence per ordinary share, raising a further £37,400. It is issuing 69,090,144 to the Supervisor of the CVA to be issued to the creditors and 3,043,478 in satisfaction of amounts due to Peterhouse Corporate Finance.\n \nApplication for admission of these additional New Ordinary Shares to AIM has been made and dealings in the existing share capital are expected to recommence on 21 August 2013 when dealings in the enlarged issued share capital are also expected to commence.\n \nPursuant to the above, the enlarged issued share capital of the Company will, immediately following admission, comprise 180,318,245, Ordinary Shares of £0.00001 each.\n \nThe change of name from Silvermere to Tern will take effect from the date when the certificate of change of name is issued, and upon receipt of the certificate by London Stock Exchange, the Company's ticker will change to TERN.L. The Company's website will become www.ternplc.com.\n \n \nHIGHLIGHTS\n \n· The new investing policy is to invest principally, but not exclusively, in the information technology sector within Europe.\n \n· Tern Plc will seek to target established software businesses with revenue and Intellectual Property (IP)\n \n· The intention is to focus on cloud, internet and mobile businesses.\n \n· It aims to add value by improving capital efficiencies and building sales a...