Business
Result of GM, Board Changes and Amended Interims
Result of GM, Board Changes and Amended Interims.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8530T Sarantel Group PLC 25 November 2013 \n \n\nFor immediate release\n25 November 2013\n \nSarantel Group Plc\n(\"Sarantel\" or the \"Company\")\nResult of General Meeting\nIssue of Equity\nBoard Changes\nAmended Interim Results\n \nOn 8 November 2013 the Board of Sarantel posted a circular to Shareholders (the \"Circular\") setting out details of a proposed refinancing of the Company, a capital reorganisation and proposed adoption of an Investing Policy (the \"Proposals\"). Other than where stated, capitalised terms used in this announcement shall have the same meaning as defined in the Circular.\n \nAt the General Meeting held earlier today, all resolutions were duly passed. As a result, the Company will complete the capital reorganisation and will now operate in line with the investing policy proposed in the Circular.\n \nAs an investing company, Sarantel will be required to make an acquisition which constitutes a reverse takeover under the AIM Rules or otherwise implement its investing policy within 12 months of 4 October 2013, the date on which PWC entered into a sale agreement for the sale of Sarantel Limited's business and assets, failing which, the Company's Ordinary Shares would then be suspended from trading on AIM. If the Company's Investing Policy has not been implemented within 18 months of the Sale the admission to trading on AIM of the Ordinary Shares would be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to Shareholders. \n \nFollowing completion of the Subscription and Admission, the Company will have 610,730,177 New Ordinary Shares (comprising 610,711,787 New A Ordinary Shares and 18,390 New B Ordinary Shares) in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules. \n \nApplication for admission to trading on AIM has been made to the London Stock Exchange in respect of the Ne...