Turbo Power Systems Inc Result of AGM and cancellation of AIM admission (2752G)
May 25 2017 - 9:15AM
UK Regulatory
TIDMTPS
RNS Number : 2752G
Turbo Power Systems Inc
25 May 2017
TURBO POWER SYSTEMS
Press Release
25 May 2017
Turbo Power Systems Inc
("TPS" or the "Company")
Result of Annual General and Special Meeting
and Cancellation of the Company's Common Shares to Trading on
AIM
TPS, the innovative high-speed electrical machines and power
electronic systems provider, is pleased to announce that at its
Annual General and Special Meeting held earlier today, all proposed
resolutions were duly passed, including, inter alia, the special
resolution to approve the proposed cancellation of the admission of
the Company's Common Shares to trading on AIM ("Cancellation").
As a result, the last day of dealings of the Company's Common
Shares on AIM will be Friday 2 June 2017 and the Cancellation will
become effective at 7.00 a.m. on Monday 5 June 2017, subject to a
dealing notice, as defined in the AIM Rules for Companies, being
issued.
Details of a Matched Bargain Facility to facilitate the trading
of the Company's Common Shares following the Cancellation of the
AIM listing will shortly be made available to Shareholders on the
Company's website at www.turbopowersystems.com/investors, with
detail on the main terms set out below:
-- The facility will be made available through BritDAQ Ltd, who
will provide a platform to buy or sell the Company's Common Shares
through the BritDAQ website (www.britdaq.com).
-- BritDAQ will be Authorised and Regulated by the Financial
Conduct Authority from 1 June 2017.
-- Gold BritDAQ membership (membership is free) is required.
-- If Common Shares are held through a nominee company, then the
Shareholder should request that the Common Shares be transferred
(using a Share Transfer Form) into their own name when ready to
trade. An on-line share certificate will be issued at no
charge.
-- When a Shareholder wishes to trade on BritDAQ, the
Shareholder enters the buy or sell quantity and the associated
price. Other BritDAQ members will then be able to match that offer
or propose a counter-bid or counter-offer. Once agreed BritDAQ will
deal with the administration and arrange for the associated
transfer of funds between the parties, at which point a fee for the
service will become due and payable by the shareholder.
-- On the BritDAQ website investors can subscribe to Breakers,
the BritDAQ update system, for any company on the BritDAQ platform
that interests them.
-- Further information can be found on www.britdaq.com or via admin@britdaq.com
The Matched Bargain Facility will be made available by BritDAQ
Ltd upon the Cancellation becoming effective.
Shareholders should note that, following the Cancellation
becoming effective, inter alia, there will be no formal market
mechanism enabling the Shareholders to trade Common Shares on AIM
and, furthermore, no other recognised market or trading facility
(other than the proposed Matched Bargain Facility referred to in
above) will be available to enable trading of the Common Shares and
it may be more difficult for Shareholders to determine the market
value of their investment in the Company at any given time.
The Company will endeavour to continue to provide certain
facilities and services to Shareholders that they currently enjoy
as shareholders of an AIM company. Following the Cancellation, the
Company will:
-- continue to communicate information about the Company
(including annual accounts) to its Shareholders, as required by
law, and the Company will continue to hold annual general meetings;
and
-- continue to maintain its website, www.turbopowersystems.com
and to post updates on the website from time to time (being at
least every six months), although Shareholders should be aware that
there will be no obligation on the Company to include all of the
information required under AIM Rule 26 or to update the website as
required by the AIM Rules.
All defined terms in this announcement, unless otherwise
defined, will have the same meaning as those defined in the
Management Proxy and Information Circular dated 19 April 2017,
available at
www.turbopowersystems.com/investors/press-releases/pr-2017 .
For further information, please contact:
Turbo Power Systems Tel: +44 (0)191
Ric Piper, Chairman 482 9200
Carlos Neves, Chief Executive
Officer
Charles Rendell, Chief Financial
Officer
finnCap (NOMAD and broker) Tel: +44 (0)20
Henrik Persson, Emily Watts 7220 0500
Kreab (financial public relations) Tel: +44 (0)20
Robert Speed 7074 1800
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFLSEFIEFID
(END) Dow Jones Newswires
May 25, 2017 10:15 ET (14:15 GMT)
Turbo Power Systems (LSE:TPS)
Historical Stock Chart
From Apr 2024 to May 2024
Turbo Power Systems (LSE:TPS)
Historical Stock Chart
From May 2023 to May 2024