Mercantile Ports & Logistics Ltd Result of AGM (7224J)
December 06 2018 - 9:26AM
UK Regulatory
TIDMMPL
RNS Number : 7224J
Mercantile Ports & Logistics Ltd
06 December 2018
6 December 2018
Mercantile Ports & Logistics Limited
("MPL" or the "Company")
Result of General Meeting and Open Offer and Related Party
Transaction
Mercantile Ports & Logistics Limited (AIM: MPL), which is
developing a modern port and logistics facility in Navi Mumbai,
India, is pleased to announce that all resolutions put to
Shareholders in connection with the proposed Placing, Open Offer
and Subscription to raise up to GBP29.82 million, as announced by
the Company on 16 November 2018, were duly passed.
Furthermore, MPL announces that the Open Offer to raise up to
GBP2.07 million closed for acceptances at 11am yesterday and
received valid acceptances in respect of 103,504,424 Offer Shares
from Qualifying Shareholders (including all applications of Offer
Shares applied for under the Excess Application Facility). Valid
acceptances will be satisfied in full. This figure of 103,504,424
shares represents take-up of 100 per cent. of the Offer Shares,
raising GBP2.07 million.
The Company's Chairman, Nikhil Gandhi, applied for 55,631,262
Offer Shares through his beneficially owned entity, SKIL Global
Ports & Logistics Limited ("SKIL Global"), representing his
basic entitlement and any shares to be allocated under the Excess
Application Facility. Mr Gandhi has now been informed that
55,631,262 shares will be allocated to him, held via SKIL Global,
under the Open Offer for a total consideration of GBP1,112,625.24.
Mr Gandhi has made arrangements for GBP1,112,625.24 to be
transferred to an account controlled by the Company and the
55,631,262 Offer Shares will be issued to him, held via SKIL
Global, upon receipt of these monies. A further announcement will
be made when those shares have been admitted to trading on AIM.
Related party transaction
Mr Gandhi's participation in the Open Offer is considered to be
a related party transaction for the purposes of the AIM Rules for
Companies. Given the absence of independent directors for the
purposes of opining on the fairness of the terms of the
transaction, as each Director has participated in the Transaction,
the Company's nominated adviser considers that that the
participation in the Open Offer by Mr Gandhi is fair and reasonable
insofar as the Shareholders are concerned.
Admission
Application has been made for 1,435,373,162 new Ordinary Shares
to be admitted to trading on AIM at 8:00am on 7 December 2018
("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 1,849,390,861 Ordinary Shares, with voting rights.
The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of Ordinary Shares in the Company with
voting rights will be 1,849,390,861. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Unless otherwise defined, capitalised terms shall have the same
meaning as those defined in the Company's circular to shareholders
dated 17 November 2018.
-ENDS-
MPL C/O Newgate Communications
+44 (0) 20 3757 6880
Cenkos Securities plc Stephen Keys
(Nomad and Broker) +44 (0) 20 7397 8900
Newgate Communications Adam Lloyd
(Financial PR) Fiona Norman
+44 (0) 20 3757 6880
mpl@newgatecomms.com
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END
RAGFSUFIMFASEFE
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