RiverFort Global Opportunities PLC Notice of GM, proposed capital reorganisation (9450C)
13 February 2020 - 11:22PM
UK Regulatory
TIDMRGO
RNS Number : 9450C
RiverFort Global Opportunities PLC
13 February 2020
13 February 2020
RiverFort Global Opportunities plc
("RGO" or the "Company")
Capital reorganisation and reduction to enable the payment of
dividends
Proposed expansion of investing policy
As previously announced, the Board has been working on ways to
provide additional returns to investors. In particular, given the
profitability of the Company as a result of investing in
opportunities arranged by RiverFort Global Capital Limited, the
Company's investment adviser, the Board expects that the Company
will shortly be in a position to start paying dividends to
shareholders. In order to do this, the Company has to eliminate the
brought forward deficit on its profit and loss account by way of a
capital reorganisation and capital reduction ("Capital
Reorganisation").
The Capital Reorganisation needs to be approved by Shareholders
at a general meeting ("GM"). It is proposed that as part of the
Capital Reorganisation, every 100 existing ordinary shares of 0.1p
each will be consolidated and then subdivided into 1 deferred share
of 9.9p each and 10 new ordinary shares of 0.01p each, effectively
representing a 1 for 10 consolidation and reduction in the number
of shares in issue. The Capital Reorganisation will also eliminate
the very small shareholdings in the Company, thereby saving expense
for both the Company and shareholders.
The Company is also seeing an increasing number of attractive
investment opportunities in both the property and specialist
industrial sectors. It therefore makes sense to have a degree of
flexibility with regard to investment sector so that the Company is
able to invest in the most attractive opportunities presented to it
which will ultimately be of greater benefit to shareholders. The
Board is therefore proposing that the Company expands its investing
strategy so as to be able to invest in these sectors.
As part of the business at the GM, the Company will also need to
renew its existing authorities to issue shares given the adjustment
to the Company's nominal ordinary share capital. Permission will
also be sought to enable the Company to make market purchases of
its own shares in the event that it is appropriate to do so.
Application will be made for the admission of the new ordinary
shares for trading on AIM subject to the Company receiving approval
for the Capital Reorganisation. Furthermore, the Company will
shortly be applying for the number of new ordinary shares required
to provide a whole number of shares in preparation for the Capital
Reorganisation if approved. No admission will be sought for the
Deferred Shares which will have no material value. The Company will
then apply to the Court to implement the reduction of capital so as
to eliminate the deficit on the Company's profit and loss account.
The Capital Reorganisation will not have any impact on the
Company's carried forward tax losses.
A circular and notice of GM (the "Document") will be posted to
shareholders in order to convene a general meeting of the Company
for 11.30am on Wednesday 4 March 2020, at which the permission of
shareholders will be sought to proceed with the Capital
Reorganisation. The Document will shortly be available on the
Company website at www.riverfortglobalopportunities.com.
Phillip Haydn-Slater, Non-executive Chairman commented:
"The Capital Reorganisation represents the next step in our work
to create value for shareholders and we look forward to providing
shareholders with further information in due course "
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information please contact:
RiverFort Global Opportunities
plc +44 20 3368 8978
Phillip Haydn-Slater,
Non-executive Chairman
-----------------
Nominated Adviser +44 20 7628 3396
-----------------
Beaumont Cornish
-----------------
Roland Cornish/Felicity
Geidt
-----------------
Joint Broker +44 20 7186 9950
-----------------
Shard Capital Partners
LLP
-----------------
Damon Heath/ Erik Woolgar
-----------------
Joint Broker +44 20 7562 3351
-----------------
Peterhouse Capital Limited
-----------------
Lucy Williams
-----------------
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Date of the Document and posting 13 February 2020
of the Form of Proxy
Latest time and date for receipt 11:30 a.m. on 2 March 2020
of the Form of Proxy
-----------------------------------------------------------
General Meeting 11:30 a.m. on 4 March 2020
-----------------------------------------------------------
Consolidation and Sub-Division 6:00 p.m. on 4 March 2020
Record Date
-----------------------------------------------------------
Expected effective date of 5 March 2020
the Consolidation and Sub-Division
-----------------------------------------------------------
Expected date of admission 5 March 2020
of New Ordinary Shares to trading
on AIM
-----------------------------------------------------------
Expected date CREST accounts 5 March 2020
are to be credited with New
Ordinary Shares
-----------------------------------------------------------
Expected date share certificates 17 March 2020
in respect of New Ordinary
Shares are to be dispatched
-----------------------------------------------------------
The dealing codes for the New Ordinary Shares will be:
TIDM RGO
ISIN GB00BKKD0862
---------------------
SEDOL BKKD086
---------------------
LEI 2138005SIG2RM953YX87
---------------------
Notes:
(1) References to times are to London time (unless otherwise
stated).
(2) The timing of the events in the above timetable is
indicative only and may be subject to change.
(3) If any of the above times or dates should change, the
revised times and/or dates will be notified by an announcement to a
regulatory information service.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
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END
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