28th Mar 2019 18:35
LONDON (Alliance News) - PhotonStar LED Group PLC on Thursday reiterated its warnings to shareholders that voting against fundraising plans could jeopardise the company.
In connection with the proposed orderly wind down of PhotonStar's operating business, the company is seeking authority to raise further funds and highlighted part of its circular regarding the plans.
"Should the proposals be voted down, the directors will be forced to consider the viability of the company's future," the circular reads.
The conditional subscription of PhotonStar's directors, as well as its conditional equity issues, are both dependent on the resolutions being passed.
"These funds will not be available to the company if the resolutions are not passed. No other issue of shares has been contemplated by the directors at this time," PhotonStar said.
"The directors therefore urge shareholders to approve the resolutions proposed at the general meeting on [April 5]," the company added.
Shares in Photonstar closed down 6.4% at 0.012 pence on Thursday.