1st Jul 2008 07:00
Bidtimes Plc ("Bidtimes" or the "Company")
1 July 2008
Result of EGM
Further to the announcement on 6 June 2008, the Board is pleased to announce that all of the resolutions proposed at the EGM held on 30 June, were duly passed. The resolutions were as follows:
1. an ordinary resolution to adopt the revised investment strategy as set out in Part I of the circular;
2. an ordinary resolution to appoint Anthony Thomas Brennan as a director and as executive chairman of the Company, conditional upon Admission;
3. an ordinary resolution to appoint Julian Peter Moore as a non-executive director, conditional upon Admission;
4. conditional on the passing of resolution 1, an ordinary resolution to authorise the Directors to allot relevant securities (as defined in section 80 of CA 1985) up to an aggregate nominal amount of the authorised but unissued share capital of the Company; and
5. conditional on the passing of resolution 4, a special resolution to allow the Directors, subject to the limits set out in that resolution, to issue shares for cash on a non-pre-emptive basis, including a specific authority to allot shares, other than the Placing Shares, up to an aggregate nominal amount of £250,000.
The Placing has raised approximately £440,000, before expenses, by the issue of 80,000,000 Placing Shares at 0.55p per share, and will provide additional funding for an extension of the Company's investment strategy into mineral and energy resources. The Company has, along with the Proposed Directors, identified joint venture exploration opportunities in Australia. The Company will continue to identify opportunities in the minerals and energy sectors in line with the investment strategy.
On Completion, the Investors will together, be the beneficial owners of, in aggregate, 80,000,000 Ordinary Shares, representing 82.16 per cent. of the Enlarged Share Capital.
Application has been made for the 80,000,000 new Ordinary Shares to be admitted to trading on AIM and Completion and Admission of the Placing Shares is expected to occur today, when suspension of the Ordinary Shares from trading on AIM will also be lifted.
With effect from Completion, Anthony Thomas Brennan and Julian Peter Moore will be appointed to the Board. Kitwell Consultants Limited and Russell Stevens, the Company's joint secretary, will also resign upon Completion and Headstream Capital Limited, a company wholly owned by Julian Moore, will be appointed in their place.
Following Admission, the Company will have 97,373,523 Ordinary Shares in issue.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
All definitions in this announcement bear the same meaning as those set out in the circular posted to Shareholders dated 6 June 2008, unless otherwise stated.
Further enquiries:
Bidtimes Plc
Nigel Brent Fitzpatrick
Non Executive Director
+44 (0) 113 290 8766
www.bidtimes.com
Related Shares:
Powerhouse Ener