28th Nov 2006 14:34
Spiritel PLC28 November 2006 For Immediate Release 28 November 2006 SPIRITEL PLC ("Spiritel" or "the Company") Notice of EGM Spiritel plc (AIM: STP), the telecommunications company, announces that noticeof an extraordinary general meeting (EGM), to be held on 20 December 2006, hasbeen posted to shareholders. To ensure the ability of the Company to pursue opportunities if and when theybecome available, the Directors are seeking approval to increase the Company'sauthorised ordinary share capital and to grant the Board the power to allot newordinary shares for cash on a non-pre-emptive basis. The Company believes it is desirable to be in a state of preparedness to takeadvantage of market conditions as they arise, with the flexibility to pursueopportunities where the issue of equity is in the Company's interest.Accordingly, the Company is seeking to increase its authorised share capitalfrom £9,100,000 to £14,100,000 by the creation of an additional 500 million newordinary shares of 1p each. Section 80 of the Companies Act 1985 (the "Act") prohibits directors fromallotting any shares in the Company without prior authority from shareholders.Section 89 of the Act gives holders of equity securities certain rights ofpre-emption on the issue for cash of new equity securities. The Company is therefore seeking a new section 80 authority in respect of amaximum nominal amount of £5,000,000 to reflect the increase in the authorisedordinary share capital and a new section 89 power in respect of the allotment ofequity securities up to an aggregate nominal amount of £5,000,000. The authorityand the power will expire at the end of the Company's annual general meeting tobe held in 2007, unless renewed at that meeting. The EGM for shareholders will be held at 2.00pm on 20 December 2006 at theoffices of Lane & Partners LLP, 15 Bloomsbury Square, London WC1A 2LS. Copies of the notice of the EGM will be available for public viewing at theregistered office of the Company, 18 King William Street, London EC4N 7BP. For further information please contact:Spiritel plc 020 7160 0100Alastair Mills, Chief Executive Teather & Greenwood 020 7426 9000Sindre Ottesen Buchanan Communications 020 7466 5000Mark CourtMary-Jane Johnson Notes for Editors: About Spiritel plcSpiritel plc (AIM: STP) is a telecommunications group that joined the AIM marketof the London Stock Exchange in July 2004. We have multiple routes to market forour products and services, which include a range of both traditional andemerging telecoms technologies. Spiritel's client base includes corporate,wholesale and retail customers served directly through our value added resellerdivision Spiritel Retail, via web portals and through independent resellers. Spiritel, in partnership with Oxfam, has launched the directory enquiriesservice 118 918, from which Oxfam receives 9p from every call made. For further information please visit www.spiritelplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
STP.L