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Notice of AGM, Rule 9 Waiver & Notice of Results
Notice of AGM, Rule 9 Waiver & Notice of Results.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n\n \n\n \nNotice of AGM, Proposed Share Buyback, Rule 9 Waiver and Notice of Interim Results\nWater Intelligence plc (AIM: WATR.L) (\"Water Intelligence\", the \"Company\" or \"Group\"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, announces today that it has posted a Circular to Shareholders giving a Notice of Annual General Meeting, to be held at 10:30am on Monday 7 October 2024.\nFurther to the Chairman's Statement in the Group's 2023 Annual Report, published on 27 June 2024, this Circular includes resolutions to enable the Group to have the full flexibility to pursue its approach to capital allocation, including the ability to repurchase some of the Company's ordinary shares to return capital to and provide liquidity for shareholders. Further details in relation to the Circular and some of the resolutions to be proposed at the Annual General Meeting can be found at the bottom of this announcement.\nThe Group also announces that it plans to release its Interim Results for the six months to 30 June 2024 during the week commencing 23 September 2024.\n \nProposed Share Buyback and Rule 9 Waivers\nThe Company has historically sought authority and received approval from its Shareholders to make market purchases of its own shares, with the most recent authority being granted at the Company's AGM on 26 July 2023, permitting the Company to repurchase up to 873,384 Ordinary Shares. This authority is due to expire at the end of the AGM and it is proposed that the Company be authorised to continue to make market purchases up to an aggregate of 1,956,769 of its Ordinary Shares (the \"Proposed Buyback Authority\"). The Company has been previously restricted from using these authorities in a meaningful manner owing to the Concert Party being interested in more than 30 per cent. but less than 50 per cent. of the total voting rights of the Company. Any repurchases of Ordinary Shares under such buyback authority is liable to trigger an obligation for the Concert Party to make an offer, in cash, for the entire issued and to be issued share capital of the Company, pursuant to Rule 9 of the City Code. Therefore, the Company is seeking the approval of Independent Shareholders for a waiver from this obligation to provide the...