TIDMAERO
RNS Number : 5118Q
Strat Aero PLC
06 June 2018
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support
Services
6 June 2018
Strat Aero plc ("Strat Aero," the "Company" or the "Group")
Notice of AGM
Strat Aero announces that the Company's Annual General Meeting
("AGM") will be held at the offices of Peterhouse Capital Limited,
New Liverpool House, 15 Eldon Street, London, EC2M 7LD on 29 June
2018 at 10.30am.
The Notice of AGM and Forms of Proxy are being dispatched to
shareholders today and are also available on the website at
www.strat-aero.com.
The Notice of AGM includes an ordinary resolution to consolidate
every 20 ordinary shares of 0.01p each in the issued share capital
of the Company into one ordinary share of 0.2p each. Further
details are set out below.
- ENDS -
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please visit www.strat-aero.com or
contact:
Strat Aero plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Director) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Corporate Finance +44 20 7469 0930
Lucy Williams
Fungai Ndoro
Notes
Strat Aero plc is focused on the continued development of the
Company's 'Survey & Inspection' business, in addition to
implementing an enhanced growth strategy via the appraisal of
complementary acquisition or investment opportunities, and recently
acquired a 37% stake in Gyrometric Systems. This is in line with
the Company's stated objective to achieve improved financial
performance in the near term.
Consolidation of share capital
1. Introduction
The Directors recognise that having over 5 billion shares in
issue might create market stability issues and have, consequently,
decided to seek shareholders authority to consolidate every 20
existing ordinary shares of 0.01p ("Existing Ordinary Shares") into
one New Ordinary Share with a nominal value of 0.2p each ("the
Consolidation"). Resolution 8 described above seeks approval for
such Consolidation and further explanation of which is set out
below including some examples of the effect of Consolidation and a
timetable.
2. Consolidation of share capital
The Company's issued ordinary share capital currently consists
of 6,173,527,709 Existing Ordinary Shares of 0.01p each in the
capital of the Company ("Existing Ordinary Shares"). It is proposed
that every 20 Existing Ordinary Shares be consolidated into one New
Ordinary Share of 0.2p ("New Ordinary Share").
To effect the Consolidation, it will be necessary to issue a
further 11 ordinary shares of 0.01p, prior to the Consolidation, to
increase the number of Existing Ordinary Shares in issue to
6,173,527,720, a number which is exactly divisible by 20.
The table below gives some examples of the effect of the
Consolidation on specific shareholdings of Existing Ordinary
Shares:
Number of Existing Ordinary New Ordinary
Shares Shares issued
9 0
19 0
39 1
999 49
1,000 50
4,999 249
5,000 250
10,000 500
99,999 4,999
100,000 5,000
Following the Consolidation, there will be 308,676,386 New
Ordinary Shares in issue. Holders of Existing Ordinary Shares
("Existing Shareholders") should note that while the numbers of
shares held by them will change, the proportion of the issued
ordinary shareholdings in the Company held by each Existing
Shareholder immediately before and after the Consolidation will,
except for fractional entitlements, be unchanged.
Any Existing Shareholders holding fewer than 19 Existing
Ordinary Shares at 6.00 p.m. on 29 June 2018 (or such later date as
the Directors may determine and communicate to Shareholders by an
appropriate announcement to a Regulatory Information Service) ("the
Record Date") will cease to be a Shareholder of the Company. The
value of 19 Existing Ordinary Shares at the closing mid-market
price on 5 June 2018 (the last practical date before the posting of
this Circular) is 1.2 pence.
Existing Shareholders with a holding of more than 20 Existing
Ordinary Shares, but which is not exactly divisible by 20, will
have their holding rounded down to the nearest whole number of New
Ordinary Shares. Fractional entitlements to a New Ordinary Share
will be aggregated and sold in the market, for the best price
reasonably obtainable on behalf of those Shareholders entitled to
the fractions. As the net proceeds of sale will amount to less than
GBP3 for any entitled Shareholder, they will (in accordance with
usual market practice) be retained by the Company.
As a result of the Share Consolidation, the Company's new ISIN
will be GB00BFX0ZN92.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2018
Dispatch of this Document 6 June
Latest time and date for receipt 27 June
of Proxy Forms for GM
Record Date for Share Consolidation 29 June
and final day of trading for
the Existing Ordinary Shares
Admission of New Ordinary Shares 2 July
to AIM
New share certificates issued 9 July
and dispatched
SHARE CONSOLIDATION STATISTICS
Number of Existing Ordinary Shares
in issue 6,173,527,709
Additional Existing Ordinary
Shares to be issued 11
Consolidation ratio 1 New Ordinary
Share for every
20 Existing Ordinary
Shares
Number of New Ordinary Shares
following the Consolidation 308,676,386
ISIN number for the New Ordinary GB00BFX0ZN92
Shares
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NOAKMGGVGVFGRZM
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June 06, 2018 07:00 ET (11:00 GMT)
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