Satellite Solutions Wldwide Grp PLC Annual Financial Report and Notice of AGM (6403M)
April 30 2018 - 11:07AM
UK Regulatory
TIDMSAT
RNS Number : 6403M
Satellite Solutions Wldwide Grp PLC
30 April 2018
Satellite Solutions Worldwide Group plc
("SSW" or the "Company")
Publication of Annual Report and Accounts and Notice of Annual
General Meeting 2018
Share consolidation
Change of name
Satellite Solutions Worldwide Group plc (AIM:SAT), a leading
provider of fast broadband services, announces that its Annual
Report and Accounts for the financial year ended 30 November 2017,
the Notice of its Annual General Meeting ("AGM") and accompanying
circular, together with a Form of Proxy have been posted to
shareholders.
The AGM will be held on Wednesday 23 May 2018 at 1.00pm at the
offices of Shepherd and Wedderburn LLP, Condor House, 10 St. Paul's
Churchyard, London, EC4M 8AL.
A copy of the Annual Report and Accounts, the notice of AGM and
the accompanying circular will also be available on the Company's
website at: www.satellitesolutionsworldwide.com
Share consolidation
As announced on 26 April 2018, the Company is proposing to
reorganise its share capital by way of a consolidation (the
"Consolidation"). Upon implementation of the Consolidation, every
15 ordinary shares of 1p each in the capital of the Company
("Existing Ordinary Shares") then in issue will be consolidated
into 1 new ordinary share of 15p ("New Ordinary Share").
Shareholder approval of the Consolidation is being sought at the
AGM and, subject to shareholder approval, the Consolidation is
expected to become effective at 8.00 a.m. on 24 May 2018.
The Board believes that the Consolidation will result in a more
appropriate number of shares in issue for a company of SSW's size
in the UK market. The Consolidation may also help to make the
consolidated shares more attractive to future investors and may
result in a narrowing of the bid / offer spread, thereby improving
liquidity whilst also lowering price volatility.
As all of the Existing Ordinary Shares are proposed to be
consolidated, the proportion of issued ordinary shares in the
Company held by each Shareholder immediately before and immediately
after the Consolidation will, save for fractional entitlements,
remain unchanged.
Shareholders are also being asked to approve an amendment to the
Company's articles of association (the "Articles") at the AGM in
connection with the proposed sale of fractional entitlements
arising from the Consolidation.
Further details of the Consolidation, and the proposed amendment
to the Articles, are set out in the circular to shareholders
accompanying the notice of AGM.
The New Ordinary Shares arising upon implementation of the
Consolidation will have the same rights as the Existing Ordinary
Shares including voting, dividend and other rights.
As at the date of this Announcement, the Company has 682,610,252
Ordinary Shares in issue. It is expected that, immediately prior to
the AGM, the Company will have 844,650,090 Existing Ordinary Shares
in issue (assuming that (i) the Placing Shares and the
Consideration Shares referred to in the Company's announcement of
26 April 2018 are allotted and issued and (ii) no other ordinary
shares are allotted and issued by the Company between the date of
this document and the Annual General Meeting and excluding any
ordinary shares issued in connection with the consolidation as
described below).
Following the Consolidation, the Company's new ISIN Code will be
GB00BD5JMP10 and its new SEDOL Code will be BD5JMP1.
The expected timetable of principal events is set out below. The
dates and times are indicative only and subject to change. Any
changes to the indicative timetable information will be notified by
a regulatory announcement.
Change of name
As indicated in the Company's announcement of 26 April 2018, it
is envisaged that the Directors will, in accordance with the
Articles, resolve on the date of AGM to change the name of the
Company to "Bigblu Broadband plc" with such change of name to
become effective upon the issue of the certificate of incorporation
on change of name by the Registrar of Companies. At that time, the
Company's AIM ticker symbol will be changed to BBB. The Company's
website address will be changed to www.bbb-plc.com. The Company
believes that the change of name will better reflect its global
services and operations.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
FOR AGM AND CONSOLDIATION
2018
Latest time and date for receipt of the Forms 1.00 p.m. on 21 May
of Proxy
AGM 1.00 pm. on 23 May
Latest time and date for dealings in Existing close of business
Ordinary Shares on 23 May
Record time and date for the Consolidation ("Record close of business
Date") on 23 May
Admission effective/ commencement of dealings 8.00 a.m. on 24 May
in New Ordinary Shares
CREST accounts credited with the New Ordinary 24 May
Shares
Despatch of definitive certificates for New by 7 June
Ordinary Shares
Notes:
(1) The dates and/or times set out in the timetable above are
indicative only and may be subject to change.
(2) If any of the above times and/or dates should change, the
revised times and/or dates will be notified by an announcement to a
regulatory information service.
(3) To facilitate the Consolidation, it is expected that
immediately prior to the Record Date, up to 14 Existing Ordinary
Shares may be issued to ensure that the number of Existing Ordinary
Shares is exactly divisible by 15.
Contacts:
Satellite Solutions Worldwide Group www.satellitesolutionsworldwide.com
PLC
Andrew Walwyn, Chief Executive Officer Via Walbrook PR
Numis Securities (Nomad and broker) Tel: +44 (0)20 7260 1000
Oliver Hardy (Corporate Advisory)
James Black / Jonathan Abbott (Corporate
Broking)
Walbrook PR (PR advisers) Tel: +44 (0)20 7933 8780
Paul Cornelius / Nick Rome/ Sam or ssw@walbrookpr.com
Allen
This information is provided by RNS
The company news service from the London Stock Exchange
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