Result of General Meeting (2090Y)
December 17 2010 - 8:15AM
UK Regulatory
TIDMTSEG
RNS Number : 2090Y
TSE Group PLC
17 December 2010
17 December 2010
TSE Group plc
("TSE" or the "Company")
Result of General Meeting
Refocus of Strategy, Placing, Board Changes and Change of
Name
On 23 November 2010, the Company announced the following
proposals: a refocusing of the Company's strategy to one of
building an international communications and marketing business;
the appointment of David Wright as the new Chief Executive Officer;
a placing of new ordinary shares to raise GBP2.75 million; and
change of name, all conditional, inter alia, upon shareholder
approval.
The Board is pleased to announce that shareholders approved all
resolutions proposed at the General meeting held earlier today.
Changes to the Board
David Wright has become Chief Executive Officer with immediate
effect. David has considerable knowledge and experience of building
an international marketing and communications business. He was
founder of Citigate, one of the leading public relations companies
within the UK and in 1997 reversed Citigate into Incepta Plc,
becoming Chief Executive and subsequently Chairman.
Other than the information disclosed in the announcement on 23
November, there are no further disclosures to be made in accordance
with schedule 2(g) of the AIM Rules.
As previously announced Robin Courage has retired from the Board
with effect from conclusion of the General Meeting held earlier
today and the Board would like to take this opportunity to thank
Robin for his contribution to the Group during his tenure as a
director.
Change of Name
Shareholders have approved the proposed change of name to Porta
Communications plc, which is expected to become effective from 20
December 2010. The Company's new EPIC will be PTCM.
New share certificates will be issued, following which existing
share certificates will no longer be valid. Shareholders will still
be able to trade in ordinary shares until the issue of new share
certificates
Placing
Application has been made for the 2.75 billion new ordinary
shares issued under the placing to be admitted to AIM. Admission to
AIM is expected to become effective, and dealings commence, on 20
December 2010.
In addition, 150 million new ordinary shares have been issued to
David Wright in lieu of fees and under an agreement dated 20 August
2007 relating to the acquisition of TSE Consulting an additional 8
million ordinary shares have been issued to each of Robin Courage
and Lars Haue-Pederson. Application will be made for these shares
to be admitted to AIM. Admission is expected to become effective
and dealings commence on 24 December 2010.
Adam Reynolds, Chairman, commented as follows:
"I am delighted that shareholders have today approved all
resolutions at the General Meeting. The Board intends to build an
international communications and marketing business. David has
substantial knowledge of this sector as he was the founder of
Citigate and subsequently became the CEO of Incepta Plc. Porta
Communications plc will act as a holding company with individual
divisions within which it is intended that the following services
will be provided: Public Relations (initially financial, corporate
and public affairs); advertising and related services (including
media buying and media bartering); and market research."
For further information please contact:
TSE Group plc Tel: +44(0)207 2451100
Adam Reynolds
Paul Foulger
Zeus Capital Tel: +44(0)161 8311512
Ross Andrews
This information is provided by RNS
The company news service from the London Stock Exchange
END
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