20th Jan 2009 07:00
20 January 2009
Kedco plc
Extraordinary General Meeting
Share Issue Authority
The Board of Kedco plc ("Kedco" or the "Company") today announces that an Extraordinary General Meeting is being convened for 2 p.m. on 13 February 2009 at the offices of Kedco, Unit 1 Eastgate Avenue, Eastgate Business Park Little Island, Cork at which it will be proposed that the Company be authorised to issue Ordinary Shares and that statutory pre-emption rights in favour of the Company's Ordinary Shareholders be disapplied.
A circular containing the Notice of Extraordinary General Meeting has been posted to Shareholders today and is available on the Company's website: www.kedco.com
Introduction
The Company's shares were admitted to trading on AIM on 20 October 2008. Since that time, Kedco has continued to pursue its business strategy of working with customers seeking to generate electrical power from sustainable fuel sources. As was set out in the Admission Document, it is the Directors' intention to undertake a fundraising during early 2009. The proceeds from any fundraising would potentially allow the Company to develop a number of identified opportunities for project joint ventures.
Ordinarily, the Company would be statutorily obliged to offer any fresh issue of shares first to its existing shareholders in proportion to their current shareholdings. As well as giving the Company authority to issue Ordinary Shares, the purpose of the Extraordinary General Meeting is to request approval for the disapplication of such pre-emption rights in order to allow the Board to issue equity securities on a non pre-emptive basis so as to give the Company the flexibility to raise further funds without having to incur the expense and delay that would be involved in a rights issue or open offer.
Extraordinary General Meeting
The grant of general authorities to issue Ordinary Shares and/or other securities of the Company requires Ordinary Shareholder approval. Accordingly, an Extraordinary General Meeting of the Company is being convened for the purposes of granting the Directors authority to allot Ordinary Shares and to disapply pre-emption rights in connection with such allotments.
For further information, please contact:
|
Financial Dynamics Edward Westropp/Alex Beagley/ James Melville-Ross |
+44 (0)20 7831 3113 |
|
Deloitte Corporate Finance - Nomad Jonathan Hinton/David Smith |
+44 (0)20 7936 3000 |
|
Lewis Charles Securities Kealan Doyle/Nicholas Nicolaides |
+44 (0)20 7456 9100 |
Related Shares:
Eqtec