Arcontech Group PLC Annual Report, Notice of AGM & Share Consolidation (0569I)
26 August 2016 - 4:00PM
UK Regulatory
TIDMARC
RNS Number : 0569I
Arcontech Group PLC
26 August 2016
ARCONTECH GROUP PLC
("Arcontech", the "Company" or the "Group")
Posting of Annual Report, Notice of AGM
and Proposed Share Consolidation
Arcontech (AIM: ARC), the provider of products and services for
real-time financial market data processing and trading, confirms
that its Annual Report and Accounts for the year ended 30 June
2016, together with the Notice of the Annual General Meeting, have
been posted to shareholders. The documents are available to
download from the Company's website http://www.arcontech.com.
The Company's Annual General Meeting will be held at the
Company's offices at 1st Floor, 11-21 Paul Street, London EC2A 4JU
on 27 September 2016 at 10.00 a.m.
Proposed Share Consolidation
Contained within the Notice of AGM is a letter to shareholders
describing proposals for a consolidation of share capital ("Share
Consolidation"), and the resolutions required to effect this will
be put to shareholders at the forthcoming AGM.
As at 25 August 2016, the Company had 1,545,731,537 existing
ordinary shares of GBP0.001 each ("Existing Ordinary Shares") in
issue. With shares of low denominations, small absolute movements
in the share price can represent large percentage movements
resulting in high volatility. The Share Consolidation is expected
to assist in reducing the aforementioned volatility in the
Company's share price and enable a more consistent valuation of the
Company. The Board also believes that the bid/offer spread on
shares priced at low absolute levels can be disproportionate to the
share price and therefore to the detriment of shareholders.
Therefore the Directors are proposing that every 125 Existing
Ordinary Shares be consolidated into one new ordinary share of
GBP0.125 each ("New Ordinary Shares").
Following the Share Consolidation, shareholders will still hold
the same proportion of the Company's ordinary share capital as
before the Share Consolidation. Other than a change in nominal
value, the New Ordinary Shares will carry equivalent rights under
the Articles of Association to the Existing Ordinary Shares.
The Board believes that the Share Consolidation will result in a
more appropriate number of ordinary shares in issue for a company
of Arcontech's size and may also help to make the New Ordinary
Shares more attractive to investors going forward.
Full details of the Share Consolidation, including the treatment
of fractional holdings, are set out in the Notice of AGM and the
accompanying explanatory notes.
The expected timetable for the Share Consolidation is set out
below.
Notice of AGM posted to Shareholders 26 August 2016
Latest time and date for receipt of Forms of 10.00 a.m. on 25
Proxy September 2016
Annual general meeting 10.00 a.m. on 27
September 2016
Record date for consolidation 5.00 p.m. on 27 September
2016
Existing Ordinary Shares disabled in CREST and 5.00 p.m. on 27 September
share register closed 2016
Expected date on which New Ordinary Shares admitted 8.00 a.m. on 28 September
to AIM 2016
Expected date on which CREST accounts are to 28 September 2016
be credited
Expected date by which definitive new share certificates 12 October 2016
are to be despatched
ISIN of New Ordinary Shares GB00BDBBJZ03
Enquiries:
020 7256
Arcontech Group plc 2300
Richard Last, Chairman and
Non-Executive Director
Matthew Jeffs, Chief Executive
020 7220
finnCap Ltd (Nomad & Broker) 0500
Carl Holmes/Simon Hicks
To access more information on the Group please visit:
www.arcontech.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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