Crown Place VCT PLC Agm Statement
November 08 2017 - 7:56AM
UK Regulatory
TIDMCRWN
At an Annual General Meeting of Crown Place VCT PLC, duly convened at
The City of London Club, 19 Old Broad Street, London EC2N 1DS on 8
November 2017 at 11:00 am the following resolutions were passed:
Ordinary resolutions numbers 1 to 6 were passed.
The following items of Special Business were passed of which resolution
7 was passed as ordinary resolution and 8 to 11 were passed as special
resolutions.
Special business
7. Authority to allot shares
The Directors be generally and unconditionally authorised, in accordance
with section 551 of the Companies Act 2006 (the "Act"), to exercise the
powers of the Company to allot shares or grant rights to subscribe for
or to convert any securities into shares up to a maximum aggregate
nominal amount of GBP3,242,220 (or GBP324,222 following the reduction in
nominal value proposed by resolution number 11) (representing
approximately 20 per cent. of the issued ordinary share capital as at
the date of this Notice) provided that this authority shall expire 18
months from the date that this resolution is passed, or, if earlier, at
the conclusion of the next Annual General Meeting of the Company, but so
that the Company may, before such expiry, make an offer or agreement
which would or might require shares to be allotted or rights to
subscribe for or convert securities into shares to be granted after such
expiry and the Directors may allot shares or grant rights to subscribe
for or convert securities into shares pursuant to such an offer or
agreement as if this authority had not expired.
8. Authority for the disapplication of pre-emption rights
That the Directors be empowered, pursuant to section 570 of the Act, to
allot equity securities (within the meaning of section 560 of the Act)
for cash pursuant to the authority conferred by resolution number 7
and/or sell ordinary shares held by the Company as treasury shares for
cash as if section 561(1) of the Act did not apply to any such allotment
or sale.
Under this power the Directors may impose any limits or restrictions and
make any arrangements which they deem necessary or expedient to deal
with any treasury shares, fractional entitlements, record dates, legal,
regulatory or practical problems in, or laws of, any territory or other
matter, arising under the laws of, or the requirements of any recognised
regulatory body or any stock exchange in, any territory or any other
matter.
This power shall expire 18 months from the date that this resolution is
passed or, if earlier, the conclusion of the next Annual General Meeting
of the Company, save that the Company may, before such expiry, make an
offer or agreement which would or might require equity securities to be
allotted after such expiry and the Directors may allot equity securities
in pursuance of any such offer or agreement as if this power had not
expired.
9. Authority to purchase own shares
That, subject to and in accordance with the Company's Articles of
Association, the Company be generally and unconditionally authorised,
pursuant to and in accordance with section 701 of the Act, to make one
or more market purchases (within the meaning of Section 693(4) of the
Act) of Ordinary shares of 10p (or 1 penny following the reduction in
nominal value proposed by resolution number 11) each in the capital of
the Company ("Ordinary shares") on such terms as the Directors think fit,
and where such shares are held as treasury shares, the Company may use
them for the purposes set out in section 727 of the Act, provided that:
(a) the maximum aggregate number of shares authorised to be purchased is
14.99 per cent. of the issued Ordinary shares as at the passing of this
resolution;
(b) the minimum price, exclusive of any expenses, which may be paid for
an Ordinary share is 10p (or
1 penny following the reduction in nominal value proposed by resolution
number 11);
(c) the maximum price, exclusive of any expenses that may be paid for
each Ordinary share is an amount equal to the higher of: (a) 105 per
cent. of the average of the middle market quotations as derived from the
London Stock Exchange Daily Official List, for a share over the five
business days immediately preceding the day on which the Ordinary share
is purchased; and (b) the amount stipulated by Article 5(1) of the
Buy-back and Stabilisation Regulation 2003;
(d) the authority hereby conferred shall, unless previously revoked or
varied, expire at the conclusion of the next Annual General Meeting of
the Company or 18 months from the date of the passing of this resolution,
whichever is earlier; and
(e) the Company may make a contract or contracts to purchase Ordinary
shares under this authority before the expiry of the authority which
will or may be executed wholly or partly after the expiry of the
authority, and may make a purchase of Ordinary shares in pursuance of
any such contract or contracts.
Under the Companies (Acquisition of Own Shares) (Treasury Shares)
Regulations 2003, shares purchased by the Company out of distributable
profits can be held as treasury shares, which may then be cancelled or
sold for cash. The authority sought by this special resolution is
intended to apply equally to shares to be held by the Company as
treasury shares in accordance with the Regulations.
10. Authority to sell treasury shares
That the Directors be empowered to sell treasury shares at the higher of
the prevailing current share price and the price at which they were
bought in.
11. Reduction of share capital and cancellation of capital redemption
and share premium reserves
That:
(a) the share capital of the Company be reduced by cancelling and
extinguishing 9 pence of the amount paid up or credited as paid up on
each of the Ordinary shares of 10 pence each in the capital of the
Company which are in issue at 6 pm on the day before the date of the
final hearing of the Company's application to reduce its share capital
and cancel its capital redemption and share premium reserves (the "Final
Hearing");
(b) the amount standing to the credit of capital redemption and share
premium reserves of the Company at 6 pm on the day before the date of
the Final Hearing be and is hereby cancelled.
For further information please contact:
Albion Capital Group LLP
Tel: 020 601 1850
8 November 2017
LEI No 213800SYIQPA3L3T1Q68
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Crown Place VCT PLC via Globenewswire
http://www.closeventures.co.uk
(END) Dow Jones Newswires
November 08, 2017 08:56 ET (13:56 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Crown Place Vct (LSE:CRWN)
Historical Stock Chart
From Apr 2024 to May 2024
Crown Place Vct (LSE:CRWN)
Historical Stock Chart
From May 2023 to May 2024