16th Oct 2006 07:00
Mwana Africa PLC16 October 2006 Notice of Extraordinary General Meeting London, 16th October 2006 - Mwana Africa plc ("Company") is today posting acircular to shareholders containing a notice to convene an Extraordinary GeneralMeeting on 9 November 2006 where a special resolution is to be proposed tocancel the Share Premium Account of the Company. The cancellation is proposed inorder to eliminate the deficit on the Company's profit and loss account as wellas create distributable reserves to enable the Company to reduce the number ofissued Ordinary Shares in the Company through a scheme to buy back OrdinaryShares. The Company believes that the cancellation of the whole of the SharePremium Account will provide the Company with greater flexibility in respect ofits balance sheet as well as bringing forward the date upon which the Directorscould consider the declaration of dividends out of any future profits whichwould otherwise have to have been applied first in eliminating the deficit. Asalready announced, the Company is seeking authority to purchase up to 26,203,565of its own Ordinary Shares at the Annual General Meeting on 20 October 2006. It is anticipated, assuming the special resolution is passed at theExtraordinary General Meeting, that the Court Order confirming the cancellationof the Share Premium Account will be made on or about 6 December 2006. Thecancellation of the Share Premium Account will only take effect when an officecopy of the Court Order is duly registered by the Registrar of Companies whichis expected to take place on 13 December 2006. The Extraordinary General Meeting will be held at the offices of JP MorganCazenove Limited, 20 Moorgate, London EC2R 6DA on 9 November 2006 at 11:00 a.m. ENDS Enquiries: Oliver Baring, Executive Chairman Tel: 020 7654 5588Kalaa Mpinga, Chief ExecutiveMwana Africa plc Tom Randell / Maria Suleymanova Tel: 020 7653 6620Merlin This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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