Business
Result of GM
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About this update from Xps Pensions Group Plc
[{"type":"text","content":"\n RNS Number : 8309P eXpansys Plc 23 July 2010 \n \n\nFor immediate release: 23 July 2010 \n \neXpansys plc\n \n(\"eXpansys\", the \"Group\" or the \"Company\")\n \nResult of General Meeting\n \nApproval of Acquisitions and Placing\n \neXpansys, the online consumer electronics retailer, is pleased to announce that all resolutions proposed at the General Meeting of the Group held today were duly passed. Shareholders have approved the acquisitions of Data Select Network Solutions Limited (\"DSNS\") and PJ Media Limited (\"PJ Media\"), two businesses controlled by Peter Jones CBE, for a combined consideration of £38 million together with a placing of 535,714,286 new ordinary shares at 5.6 pence per share to raise £30 million before expenses.\n \nThe acquisitions of DSNS and PJ Media are the first stage in eXpansys' strategy to become a leading global online technology superstore. eXpansys is an established online retailer of consumer electronics in 50 countries. Today eXpansys sells wireless devices on a predominantly 'SIM-FREE' basis, however, the Directors believe that the opportunity presented by the acquisition of DSNS, which specialises in the B2B sale of SIM cards in the UK, will open up the whole network-connected market to eXpansys and enable it to offer a complete mobile solution to a far greater number of customers. eXpansys is a well-known reseller of wireless 'smartphone' devices, one of the fastest growing segments in the mobile market, and which the Directors believe could represent as much as half of all mobile sales within the next two years. The strength of this existing position, combined with DSNS' network and Mobile Virtual Network Operator (MVNO) relationships is expected to be a core component of eXpansys' growth strategy. The Directors aim to significantly grow the presence of the enhanced eXpansys in Europe initially and, eventually, in the USA and Asia, where eXpansys has existing operations.\n \nThe enlarged group is further enhanced by the acquisition of PJ Media, an e-commerce and web publishing business with expertise in the telecommunications sector. The Directors expect that PJ Media will be instrumental in optimising the eXpansys website on a global basis, in driving traffic to the sites and enhancing the eXpansys online customer experience. Furthermore, the ...