Business
Notice of GM, proposed capital reorganisation
Notice of GM, proposed capital reorganisation.
About this update from Tooru Plc
[{"type":"text","content":"\n \nRNS Number : 9450C RiverFort Global Opportunities PLC 13 February 2020 \n\n13 February 2020\n \n \nRiverFort Global Opportunities plc \n(\"RGO\" or the \"Company\")\nCapital reorganisation and reduction to enable the payment of dividends \nProposed expansion of investing policy \nAs previously announced, the Board has been working on ways to provide additional returns to investors. In particular, given the profitability of the Company as a result of investing in opportunities arranged by RiverFort Global Capital Limited, the Company's investment adviser, the Board expects that the Company will shortly be in a position to start paying dividends to shareholders. In order to do this, the Company has to eliminate the brought forward deficit on its profit and loss account by way of a capital reorganisation and capital reduction (\"Capital Reorganisation\"). \nThe Capital Reorganisation needs to be approved by Shareholders at a general meeting (\"GM\"). It is proposed that as part of the Capital Reorganisation, every 100 existing ordinary shares of 0.1p each will be consolidated and then subdivided into 1 deferred share of 9.9p each and 10 new ordinary shares of 0.01p each, effectively representing a 1 for 10 consolidation and reduction in the number of shares in issue. The Capital Reorganisation will also eliminate the very small shareholdings in the Company, thereby saving expense for both the Company and shareholders. \nThe Company is also seeing an increasing number of attractive investment opportunities in both the property and specialist industrial sectors. It therefore makes sense to have a degree of flexibility with regard to investment sector so that the Company is able to invest in the most attractive opportunities presented to it which will ultimately be of greater benefit to shareholders. The Board is therefore proposing that the Company expands its investing strategy so as to be able to invest in these sectors. \nAs part of the business at the GM, the Company will also need to renew its existing authorities to issue shares given the adjustment to the Company's nominal ordinary share capital. Permission will also be sought to enable the Company to make market purchases of its own shares in the event that it is appropriate to do so. \nApplication will be made for the admission of...