22nd Mar 2024 13:38
(Alliance News) - Secured Property Developments PLC on Friday that it plans to adopt a new investment strategy focused on "the next computing paradigm", to consolidate and sub-divide its share capital, and to change its name to Mollyroe PLC.
Shares in Secured Property were untraded at 20.00 pence on Friday afternoon in London. They were last traded for 24.00p on December 20.
The London-based company, focused on investment and development in the commercial property market, will put the changes to shareholders at a general meeting on April 29.
Secured Property, soon to be Mollyroe if shareholders approve the relevant special resolution, said it also proposes to revamp its investment strategy "to focus on opportunities in the technology sector".
The company believes that "opportunities are likely to arise in spatial computing and intelligent natural interfaces are the next computing paradigm which will fundamentally change human and machine interaction".
It continued: "We are already seeing the impact of this rapidly evolving technology across all sectors (driverless cars being the most commonly quoted example), further, the interplay between these technologies and technologies traditionally created for the games industry...[is] disrupting numerous sectors from training, AI-driven simulation, architectural visualisation and data visualisation solutions that assimilate rich and complex data into intuitive, interactive spatial simulations for more rapid and efficient analysis, insight and learning."
Secured Property also proposes consolidating and sub-dividing its ordinary shares of 20 pence each on a one for 0.05 basis, into 40.3 million ordinary shares of 0.01p each.
It said each existing 1p share will then be sub-divided into one ordinary share of 0.01p each, and one deferred share of 0.99p.
As of Friday, Secured Property said it has 2.0 million ordinary shares of 20p each in issue.
By Emma Curzon, Alliance News reporter
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