TIDMMLD
RNS Number : 4637R
Mirland Development Corporation PLC
09 December 2016
9 December 2016
Mirland Development Corporation PLC
(the "Company")
Results of General Meeting, the Subscription and the Open
Offer
In relation to the Settlement Plan approved by Shareholders and
Bondholders on 5 September 2016, on 17 November 2016 the Company
posted to Shareholders a circular in relation to, inter alia, the
Capital Raising, the Share Consolidation, AIM Cancellation and
proposed amendments to the Articles, including the terms of a
capital raising to raise gross proceeds of approximately US$14.1
million (the "Circular"). The Capital Raising, comprising a
Subscription of 162,270,901 Subscription Shares and an Open Offer
of 26,635,854 Open Offer Shares, the Share Consolidation, AIM
Cancellation and proposed amendments to the Articles were each
conditional upon, inter alia, the passing of the Resolutions at the
General Meeting.
General Meeting
The Company is pleased to announce that at the General Meeting
held earlier today each resolution was passed by the requisite
majority.
The full text of the resolutions passed at the EGM can be found
in the circular to shareholders of the Company dated 17 November
2016 and Notice of EGM which is available at
http://www.mirland-development.com/investors/notifications.
Capital Raising
Subscription
The Company is also pleased to announce the subscription of
162,270,901 Subscription Shares to raise a total of US$12.1 million
(approximately GBP9.7 million) has been completed, conditional only
on admission of the Subscription Shares to trading on AIM. All
Subscription Shares have been subscribed for at a price of 6 penny
per Subscription Share.
Open Offer
The Company is also pleased to announce the results of the Open
Offer, which closed for acceptances at 11.00 a.m. on 8 December
2016. Valid acceptances have been received in respect of 618,177
Open Offer Shares each representing a percentage take up of 2.3 per
cent of the Open Offer Shares.
The Company also received valid acceptances in respect of 2,229
Excess Open Offer Entitlements. Qualifying Shareholders who have
applied for Offer Shares will receive the full number of Open Offer
Shares applied for by them and those that made an application under
the Excess Application Facility will receive 100 per cent of Excess
Shares applied for by them.
Pursuant to the terms of the Subscription Agreement, the
Subscribers have subscribed for the new Ordinary Shares available
under the Open Offer not taken up by Qualifying Shareholders (being
26,015,448 Open Offer Shares) amounting to approximately US$1.9
million (approximately GBP1.5 million). Together with the
subscription of the Open Offer Shares, the Company has therefore
raised further aggregate gross proceeds of approximately US$2
million (approximately GBP1.6 million) before expenses.
The total number of shares the Subscribers have subscribed for
under the Subscription and the Open Offer is 188,286,349 new
Ordinary Shares.
Admission of the Subscription Shares and the Open Offer
Shares
Application will be made for the 188,906,755 new Ordinary Shares
to be admitted to trading on AIM and it is expected that the
Subscription Shares and the Open Offer Shares will be admitted to
trading on AIM at 8.00 a.m. on 19 December 2016.
TASE Admission and AIM Cancellation
In order to implement the Settlement Plan, at 7.30 a.m. on 20
December 2016 trading in the Company's shares will be suspended,
during such time Shareholders will not be able to trade in those
shares. AIM Cancellation and TASE Admission are expected to occur
on 22 December 2016.
Expected timetable of principal events
In relation to the Settlement Plan, The expected timetable is
outlined below:
Expected date by which CREST stock accounts are to be credited for New Ordinary Shares 19 December 2016
in
uncertificated form
Consolidation Record Date 6.00 p.m. on 19 December 2016
Adoption of the Amended Articles 6.00 p.m. on 19 December 2016
Termination of the Depository Interest structure 6.00 p.m. on 19 December 2016
Expected time and date of the Share Consolidation 7.00 p.m. on 19 December 2016
Expected date of suspension of trading on AIM 7.30 a.m. on 20 December 2016
Expected date of admission of the Enlarged Share Capital on TASE and commencement of 22 December 2016
dealings
in the Company's shares on TASE
Effective date of the Settlement Plan 22 December 2016
Expected date of cancellation of trading on AIM 22 December 2016
Each of the times and dates in the above timetable is subject to
change. If any of the above times and/or dates change, the revised
times and/or dates will be notified to Shareholders by announcement
through a Regulatory Information Service. References to time in
this document are to GMT unless otherwise stated.
All terms in this announcement have the meaning given to them in
Circular unless otherwise defined herein.
For further information please contact:
MirLand Development Corporation
plc
Yevgeny Steklov
+357 (25) 871
Yevgeny@mirland-development.com 785
FTI Consulting
Dido Laurimore / Ellie Sweeney/Tom
Gough +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect" and words of similar meaning, include all
matters that are not historical facts. These forward-looking
statements involve risks, assumptions and uncertainties that could
cause the actual results of operations, financial condition,
liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from
the impression created by the forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Given
those risks and uncertainties, prospective investors are cautioned
not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date of such
statements and, except as required by the FCA, the London Stock
Exchange, the AIM Rules or applicable law, the Company undertakes
no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Investec Bank plc ("Investec"), which is authorised and
regulated by the Financial Conduct Authority, is acting only for
the Company in connection with the matters described in this
announcement and is not acting for or advising any other person, or
treating any other person as its client, in relation thereto and
will not be responsible for providing the regulatory protection
afforded to clients of Investec or advice to any other person in
relation to the matters contained herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBBBDDXXGBGLC
(END) Dow Jones Newswires
December 09, 2016 06:37 ET (11:37 GMT)
Mirland (LSE:MLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mirland (LSE:MLD)
Historical Stock Chart
From Apr 2023 to Apr 2024
