10th Jul 2006 10:54
Sefton Resources Inc10 July 2006 SEFTON RESOURCES, INC. ("SEFTON" OR "THE COMPANY") Sefton is pleased to announce that at the AGM held today all of the resolutionstabled in the circular dated 17 June 2006 were duly passed. These resolutions included a resolution authorising the Company to consolidateits authorised and issued share capital on the basis that every existing 15common shares of no par value be consolidated into one common share of no parvalue ("New Common Shares") (with fractional entitlements being aggregated andsold for the benefit of the Company). In order to complete the 15:1 consolidation, the Board has resolved that therecord date for such consolidation be close of business on Friday 28 July 2006and application will be made for admission of all of the New Common Shares totrading on AIM with effect from Monday 31 July 2006. Prior to proposing the resolutions, Jim Ellerton, the Chairman and CEO,explained to the meeting that further to Sefton's announcement on 14 June 2006of its consolidated results for the year ended 31 December 2005, and followingthe final review of these results by the auditors, amendments have been made tothe statutory accounts to take account of the value associated with an option toconvert to stock, accounted for within a loan note made to the Company fromcertain individuals. This is a non-cash item. The amendments are as follows: • To the Consolidated Balance Sheets: A discount of US$119,000 has been added under Notes Payable, which reduces totalliabilities by the same amount to US$1,862,517. Total liabilities andStockholder Equity remains unchanged at US$8,118,521. • To the Consolidated Statement of Operations: The sum of US$38,000 has been added to Interest Expenses. This represents lessthan 2% of the total expenses. • To the Statement of Cash Flows: A line entitled "Amortization of discount on convertible notes payable" in thesum of US$38,000 has been added to Cash Flows from Operating Activities. The amended statutory accounts can be accessed at www.seftonresources.com. For further information, contact: John James (Jim) Ellerton, Chairman & CEO Tel: 00 1 303 759 2700 Jeremy Delmar-Morgan, Director Tel: 020 874 84066 David Millham, Investor Relations Tel: 020 779 69999 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SER.L