PowerFilm, Inc Special Meeting Results (2352Q)
16 June 2015 - 4:00PM
UK Regulatory
TIDMPFLM
RNS Number : 2352Q
PowerFilm, Inc
15 June 2015
PowerFilm, Inc.
Special Meeting Results
15 June 2015, PowerFilm, Inc. (AIM: PFLM), ("PowerFilm" or the
"Company"), the developer and manufacturer of thin flexible solar
panels, today announces the results of its Special Meeting held on
15 June 2015.
Shareholders passed Resolution 1 for cancellation of the
admission of trading of the common shares of PowerFilm, Inc. on the
AIM Market of the London Stock Exchange plc, with 86.5% of the
votes cast in favor.
Shareholders also passed Resolution 2 to delete Section 7 of the
Company's Certificate of Incorporation, with 62.0% of the
outstanding Common Shares voted in support of the resolution.
Resolutions with their corresponding voting results are as
follows:
RESOLUTION 1
THAT in accordance with Rule 41 of the AIM Rules for Companies,
the cancellation of the admission to trading on the AIM Market of
the London Stock Exchange plc of the common shares of $0.01 each in
the capital of the Company, be and is hereby approved, and that the
directors of the Company be authorised to take all steps which they
consider to be necessary or desirable in order to effect such
cancellation.
The AIM Rules provide that Cancellation must be conditional upon
the approval of a shareholder resolution by not less than 75 per
cent of the votes cast by shareholders in a Special Meeting,
whether in person or by proxy.
Voting Results:
For: 22,660,432 Common Shares
Against : 3,547,910 Common Shares
Abstain: 2,500 Common Shares
Result: Resolution passed.
RESOLUTION 2
THAT, subject to and conditional upon the approval of Resolution
1 above, the wording of Section 7 of the Company's Certificate of
Incorporation be deleted in its entirety and replaced with the
words "[Intentionally deleted]"
Resolution 2, was proposed as a resolution to be approved by an
affirmative vote of a majority of the voting power of all of the
outstanding Common Shares. As of May 15, 2015 the Company had
36,494,825 outstanding shares.
Voting Results:
For: 22,643,932 Common Shares
Against : 2,447,910 Common Shares
Abstain: 1,117,500 Common Shares
Result: Resolution passed.
Accordingly, it is expected that Cancellation will become
effective at 7.00 a.m. London, UK time on 24 June 2015.
Shareholders should note therefore that the last day of dealings in
Common Shares of the Company on AIM will be 23 June 2015.
PowerFilm will maintain an "investors" section on the Company's
website at http://www.powerfilmsolar.com/investors/ providing
information on certain significant events and/or developments in
which Shareholders may be interested.
Immediately following the Cancellation, there will be no market
facility for dealing in the Shares and no price will be publically
quoted. As a result the Board recognises that the Cancellation will
make it more difficult for the Shareholders to buy and sell Shares
should they want to do so. In view of this and in order to assist
Shareholders, the Board intends to facilitate an Alternative
Dealing Facility expected to be put in place shortly after the date
of Cancellation to enable Shareholders to continue to trade Shares.
The Alternative Dealing Facility is a book the Company will keep
which will list self-identified current and prospective
shareholders interested in trading Shares of the Company. Once the
facility has been arranged, it will be made available to
Shareholders via the Company's website at
http://www.powerfilmsolar.com/investors/. The Directors intend that
facility will be maintained by the Company for a period of not less
than 90 days following the date of Cancellation. Shareholders
should note, however, that the Company cannot make any assurances
that a purchaser will be available for Shares or as to the price
which may be agreed.
For further information, please contact:
PowerFilm, Inc. +1 (515) 292 7606, ext. 102
Frank Jeffrey
Mike Coon
Stifel Nicolaus Europe Limited, Nominated Adviser +44 20 7710 7600
Giles Balleny
A copy of this announcement will be available on the PowerFilm
website at http://www.powerfilmsolar.com. The common shares of
PowerFilm, Inc. are traded on the AIM Market of the London Stock
Exchange and are not registered under the US Securities Act 1933,
as amended. Such shares may not be offered or sold to residents of
the United States or to persons acting on their behalf, or to other
persons who are "United States Persons" within the meaning of
Regulation S as promulgated under the Securities Act of 1933,
unless such shares have been registered under the Securities Act or
there is an available exemption from registration.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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