26th Jun 2007 17:04
Newcourt Group plc ('Newcourt' or the 'Company'), a leading, Irish based,support services group, today announced that a circular has been sent today toshareholders to convene an Extraordinary General Meeting (EGM) of the Company.The purpose of the EGM is to seek shareholder approval to increase theauthorised share capital of the Company and to increase its authorities. A summary of a statement by Newcourt Chairman, James Osborne, contained in theCircular is set out below:- "Since its foundation in 2002, Newcourt has developed and grown by means of anumber of strategic acquisitions in the outsourced services and recruitmentsectors, coupled with strong organic growth within the underlying businessesthat it has bought. We are currently reviewing a number of acquisition opportunities in Ireland andthe UK, some of which are large relative to Newcourt's existing market value. Inorder to avail of these opportunities, and others that may arise, we may need toraise additional capital or issue shares as consideration at short notice. Thecurrent authorisations and limitations may be insufficient for these purposesand the time required to increase them could put us at a competitivedisadvantage. Having given this matter careful consideration, your board hasdecided to seek shareholder approval for certain amendments to the necessaryauthorisations in advance to enable us to move quickly when required. Shareholders should note that the board does not intend to exercise the newauthorities unless in the context of significant acquisitions of the kindcontemplated above. Your Directors consider that it is in the interests of the Company to pass theresolutions set out in the Notice of Extraordinary General Meeting. YourDirectors intend to vote in favour of the resolutions in respect of their ownbeneficial shareholdings which together amount to 8,474,467 ordinary sharesrepresenting approximately 9.9% of the existing issued share capital of theCompany." The EGM will be held at the offices of A&L Goodbody, International FinancialServices Centre, North Wall Quay, Dublin 1 on Thursday 19 July 2007 at 9.30 amto seek shareholder approval to increase the Company's authorised share capitaland its authority to issue and allot shares. Copies of the circular areavailable from A&L Goodbody, International Financial Services Centre, North WallQuay, Dublin 1. Newcourt also announces that it has issued 319,543 ordinary shares at EUR 1.662each, amounting to EUR 531,080, as part of the deferred consideration payablefor the acquisition of Ecom Interaction Services Limited in May 2006. Application will be made for the new ordinary shares to be admitted to tradingon the IEX market of the Irish Stock Exchange and the AIM market of the LondonStock Exchange. About Newcourt Group plc Newcourt is a leading provider of support services, employing over 2,700 staffthroughout the island of Ireland. The Group has two primary operating divisions:Support Services & Student Accommodation and Recruitment & Aviation Outsourcing. Contacts \* TDamien Murray Mark Kenny/Jonathan Neilan Newcourt Group K Capital Source Tel: +353 1 668 8242 Tel: +353 1 631 5500 Email: [email protected]\* T Copyright Business Wire 2007Related Shares:
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