Business
Proposed Capital Reorganisation and Notice of GM
Proposed Capital Reorganisation and Notice of GM.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \nRNS Number : 2994R Water Intelligence PLC 07 March 2016 \n\nWater Intelligence plc (AIM: WATR.L)\n \n(\"Water Intelligence\" or the \"Company\")\nProposed Share Capital Reorganisation\nProposed Share Capital Reduction\nand\nNotice of General Meeting\nWater Intelligence, a leading provider of non-invasive, leak detection and remediation services, announces that it has commenced the process of seeking Shareholder approval to undergo a Capital Reorganisation and Capital Reduction and will today post a Circular convening a General Meeting. The purpose of this reorganisation is to create distributable reserves in order to put the Company in a position to be able to pay dividends and/or buy back its shares in future, should it be appropriate to do so. \n \nThe Capital Reorganisation will also serve to remove a large number of Shareholders (in excess of 1,000) who collectively hold approximately 0.26 per cent. of the Company's total issued share capital, thus removing a significant financial and administrative burden on the Company.\n \nA Notice convening the general meeting of the Company convened for 10.00 a.m. on 29 March 2016 has been set out in the Circular. The GM is to be held at 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT for the purpose of considering and, if thought fit, passing the Resolutions.\n \n\n\n\n\nWater Intelligence plc\n\n\n \n\n\n\n\nPatrick DeSouza (Executive Chairman)\n \n\n\nTel: +1 203 654 5426\n\n\n\n\nWH Ireland Limited\n\n\n \n\n\n\n\nAdrian Hadden / James Bavister\n \n\n\nTel: 020 7220 1666\n \n\n\n\n\nCertain sections of the Chairman's letter from Circular have been included below and amended for RNS formatting purposes. The Circular can be reviewed in full at the Company's website (www.waterintelligence.co.uk).\nIntroduction\nI am writing in connection with the proposals announced today to rationalise the Company's shareholder register and to create distributable reserves in order to put the Company in a position to be able to pay dividends and/or buy back its shares in future, should it be appropriate to do so.\nThe Company has a share register which includes a large number of Shareholders holding a very small percentage of the total Ordinary Shares, which creates a significant financial and logistical burden for the Company. Therefore...