11th Apr 2014 09:16
LONDON (Alliance News) - Shares in PeerTV PLC dropped Monday after it said that it needs to call a general meeting to retrospectively ratify shares issues due to an administrative error.
Since its last annual general meeting on July 22, 2013, it has raised over GBP1.3 million of additional capital to strengthen its balance sheet, issuing nearly 68.2 million shares.
It said Friday that it has also raised a further GBP22,000 from investors, for which 2.2 million share have been issued, but not yet admitted to AIM.
"Unfortunately, due to an administrative error, since October 24, 2013, these share issues have been effected in excess of the share authorities that were granted to the board by the shareholders at the Annual General Meeting," the company said in a statement.
PeerTV said that whilst this has not invalidated the issue of these shares, a general meeting needs to be convened to retrospectively ratify these share issues.
PeerTV share dropped 12.9% Friday morning and was trading at 0.980 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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