25th Feb 2005 17:39
FOR IMMEDIATE RELEASE 25 February 2005 INTERNET MUSIC & MEDIA PLC ("the Company" or "IMM") TO BE RENAMED TIMESTRIP PLC ("Timestrip") RESULT OF ANNUAL GENERAL MEETING ("AGM") RESULT OF EXTRAORDINARY GENERAL MEETING ("EGM") The Company is pleased to announce that at the AGM held at 10.30am today, allresolutions have been passed.The Company is also pleased to announce that at the EGM held at 11.00am today,all resolutions have been passed as follows:Ordinary Resolutions:1 to subdivide each Existing Ordinary Shares of 0.2p each into 10 OrdinaryShares of 0.02p each;2 to authorise the Directors to conclude the acquisition of Timestrip Limitedand to approve the waiter of Rule 9 of the City Code in respect of theAcquisition ( on a poll);3 to approve the B, C, D and Placing Warrants; andSpecial Resolution:1 to change the Company's name to Timestrip plc.A total of 50,581,250 new Ordinary Shares of 0.02p each have been issuedpursuant to the Placing to raise a total of ‚£2,023,250 before expenses. Theacquisition of Timestrip Limited has been completed.Admission is expected to become effective and trading in the total of245,378,940 Ordinary Shares of 0.02p to commence on 28 February 2005. New sharecertificates will be sent out in respect of all shareholders.In accordance with the arrangements, Leo Knifton and Nigel Weller have steppeddown as Directors of the Company and Stephen Oakes has been appointed Chairman.Paul Freedman and Reuben Isbitsky have been appointed joint Chief Executivesand Spencer Leslie as Non-Executive Director.The name of the Company has been changed to Timestrip PL C.Stephen Oakes said "we are delighted with the acquisition of Timestrip and lookforward to the development of the Company under the new management team of PaulFreedman and Reuben Isbitsky. We remain excited about the prospects forTimestrip and its development as an international brand".For further information:Stephen Oakes, Chairman 0207 251 3762Paul Freedman, Joint CEO and founding Director, Timestrip 07786 391868Falcon Securities 0207 375 1177Shane Dolan, Biddicks 07947 118383Roland Cornish, Beaumont Cornish Limited 020 7 628 3396ENDRelated Shares:
Time Finance