Result of General Meeting

RNS Number : 6888J
Brady Exploration PLC
16 June 2014
 



 

Immediate release                                                                                                  16 June 2014

 

                                                          Brady Exploration plc

(to be renamed Metal Tiger plc)

("Brady" or the "Company")

 

Result of General Meeting

 

The Board of the Company is pleased to announce that at the General Meeting of the Company held earlier today, the resolutions put to the meeting were duly passed by the Company's shareholders. The resolutions approved, inter alia, a subscription for new Ordinary Shares to raise £400,000 (before expenses) for the Company, the adoption of a New Investing Policy by the Company, a share capital reorganisation in the form of a sub-division of shares and the adoption of new articles of association. Following the conclusion of the General Meeting, the Proposals remain conditional only on Admission.

 

Pursuant to the Proposals the Company has raised £400,000 (before expenses) through a subscription for 80,000,000 New Ordinary Shares at a Subscription Price of 0.5 pence per Subscription Share. The net proceeds of the Subscription will be used by the Company to pursue opportunities in accordance with the Company's New Investing Policy, to repay existing creditors of Brady and to fund the Company's general working capital requirements.

 

Upon Admission, and subject to the issue respectively of the BlackStar Warrants and Brady Warrants, Cameron Parry and Paul Johnson will join the Board in the roles of Chief Executive and Non-Executive Director respectively and Nicholas Lee will step down from the Board. Accordingly the Board on Admission will comprise Cameron Parry (Chief Executive), Alex Borrelli (Non-Executive Chairman) and Paul Johnson (Non-Executive Director).

 

The Share Capital Reorganisation was also approved at the General Meeting. Accordingly, each ordinary share of 1 pence each on the register of members on 16 June 2014 (of which 61,905,803 are in issue) will be sub-divided into one new ordinary share of 0.01 pence each and one deferred share of 0.99 pence. The rights and benefits attaching to the New Ordinary Shares will, save for the change in nominal value, be identical in all respects to those of the Existing Ordinary Shares.

 

In addition, as outlined in the circular, BlackStar agreed to introduce Subscribers to take part in the Subscription, inject its key executive management, identified targets, branding and business strategy and has been issued with 25,000,000 New Ordinary Shares at 0.01 pence per New Ordinary Share as well as the BlackStar Warrants.

 

Application has been made to the London Stock Exchange for the Enlarged Share Capital to be admitted to trading on AIM. It is expected that such Admission will become effective and that dealings will commence in the Enlarged Share Capital on 17 June 2014.

 

Following the passing of the Resolutions, warrant instruments have been executed enabling the Company to issue the 40,000,000 BlackStar Warrants and the 61,905,803 Brady Warrants. The BlackStar Warrants have been issued to BlackStar and are exercisable at 0.5 pence per warrant for a period of three years. The Brady Warrants have been issued to the holders of the Ordinary Shares on a pro-rata basis to their existing shareholding in the Company as at 5.00 p.m. on 13 June 2014. Following the issue of the Brady Warrants and the BlackStar Warrants there will be a total of 101,905,803 warrants in issue. No application will be made for either the Brady Warrants or the BlackStar Warrants to be admitted to trading on AIM nor will any such application be made to any other exchange. It is anticipated that certificates for the Brady Warrants and the BlackStar Warrants will be posted during the week commencing 23 June 2014. Further details on the terms of the BlackStar Warrants and the Brady Warrants are contained in the circular sent to shareholders on 22 May 2014.

 

Following approval of the resolutions at the General Meeting the Company has applied to the Registrar of the Companies to change its name to Metal Tiger plc, which is expected to become effective later today. With effect from 17 June 2014, the Company's ticker is expected to change from "BRDY" to "MTR".  The ISIN and SEDOL numbers of the Company will not change.

 

The Enlarged Share Capital of the Company following Admission will be 166,905,803 ordinary shares of 0.01 pence each in the Company. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

Definitions in this announcement are consistent with those set out in the circular issued to shareholders of the Company on 22 May 2014 a copy of which is available on the investor section of the Company's current website (www.bradyexploration.com).

 

For further information on the Company, visit: www.bradyexploration.com or contact:

 

Alex Borrelli

 

Brady Exploration plc

Tel: +44 (0) 7747 020 600

 

 

 

Nick Naylor 

Nick Athanas

Michael McNeilly

 

Allenby Capital Limited

(Nominated Adviser and Joint Broker)

Tel: +44 (0) 20 3328 5656

 

 

 

Lucy Williams

Peterhouse Corporate Finance

(Joint Broker)

Tel: +44 (0) 20 7469 0935

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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