Result of EGM
August 20 2003 - 7:35AM
UK Regulatory
RNS Number:8723O
Orbis PLC
20 August 2003
Date: 20 August 2003
Orbis PLC
("Orbis" or the "Company")
Result of EGM and buy back of deferred shares
The Company is pleased to announce that all of the resolutions put to the EGM
held earlier today were approved by shareholders. As a result the Company is
now able to implement its proposed balance sheet restructuring set out in the
circular to shareholders dated 28 July 2003 (the "Circular"), incorporating the
reduction in its Existing Senior Facilities, the issue of Convertible Preference
Shares and Share Reorganisation. On conversion in full by the Senior Lenders of
the Convertible Preference Shares to be issued to them, they could, between
them, own up to 127,274,350 ordinary shares in the capital of the Company,
representing a maximum of 90.1 per cent. of the Company's share capital as
diluted by the issue of such ordinary shares.
The Company will also commence the application process to transfer its listing
from the Official List to the Alternative Investment Market and formally
establish the new management incentive arrangements in respect of the Executive
Directors.
As part of the Share Reorganisation the Company will purchase and cancel
16,083,503,600 Deferred Shares for the aggregate consideration of #1.00,
pursuant to the authority given by paragraph (f) of Resolution 2 passed at the
EGM.
A copy of the Circular has been submitted to the UK Listing Authority, and will
be available for inspection from 20 August 2003 at the UK Listing Authority's
Document Viewing Facility, which is situated at: Financial Services Authority,
25 The North Colonnade, Canary Wharf, London E14 5HS. Tel: +44 (0) 20 7066 1000.
For more information please contact:
Orbis PLC 01895 465 500
John Leach, Chairman
Michael Holmes, Chief Executive
Close Brothers Corporate Finance Limited 020 7655 3100
Martin Gudgeon
Gareth Davies
Holborn Public Relations 020 7929 5599
David Bick
Chris Steele
This information is provided by RNS
The company news service from the London Stock Exchange
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