Mercom Capital Plc Update on indicative proposal and GM adjournment (5644N)
October 27 2016 - 2:00AM
UK Regulatory
TIDMMCC
RNS Number : 5644N
Mercom Capital Plc
27 October 2016
27 October 2016
Mercom Capital Plc
("Mercom" or "the Company")
Update on indicative proposal from Calvet International
Limited
Adjournment of General Meeting
Further to the announcement of 21 October 2016, the Directors of
the Company are pleased to announce that the Company and Calvet
International Limited ("Calvet") have entered into non-binding
heads of terms which amongst other things provide, subject to
shareholder approval at a general meeting of the Company, for:
-- Cash fundraising of approximately GBP11.7m at 18p per share
with a small number of international investors combined with the
issuance of out of the money Warrants on a 1:2 basis;
-- Adoption of a new bespoke Investing Policy to invest in
established industry proven technology, media and internet
businesses;
-- Change of Company's name to Monchhichi PLC; and
-- Appointments of Simon Fry as Executive Chairman and Jean
Pascal Tranié as Senior Non-Executive Director of the Company (the
"Proposals").
The Proposed Directors
Simon Fry, 57, spent over 25 years in the investment banking
industry at Yamaichi, Credit Suisse First Boston and Nomura
International in London. At Nomura, he was responsible for all
European Debt and Equity Capital Markets and was a European Board
member and a member of both the Credit and the Risk committees. In
2000, he established his own business in the health and leisure
sector in London and subsequently bought into a Hong Kong-listed
technology incubator, TechPacific Capital Ltd, as a senior partner.
Among several other deals, Techpacific Capital Ltd acquired Crosby
Ltd., an established colonial brokerage business based in Hong Kong
which Simon and his partners transformed into a buy-out business
focused predominantly on quoted companies in Asia whose value was
largely intrinsic and represented by hard assets or commodities.
Whilst remaining an investor and senior board member of Techpacific
Capital Ltd, he was also the CEO of the Crosby Group which was
listed in London. In 2009, together with an ex Nomura colleague, he
set up a family office based in London to continue to manage his
own investments before becoming an adviser on investment
opportunities to certain family offices based in Switzerland. Over
the last seven years he has advised on a variety of investments
across oil and gas exploration and development, commercial real
estate, technology and internet with a particular focus on proven
disruptive businesses. Simon is currently based in California and
is the sole investment adviser to Calvet, a 12.57 per cent.
shareholder in Mercom.
Jean-Pascal Tranié, 57, is an experienced top executive in the
media and technology sectors and a seasoned venture capitalist with
a technology and environment management background. In 2003 he
co-founded Aloe Private Equity SAS, a European-based private equity
group with a focus on China and India, where he is President and
Chairman of the Management Board. He started his career in 1985 at
the Ministry of Finance in France after graduating from École
Polytechnique and obtaining a Masters degree in Public
Administration from ENA. He was associated with Vivendi from 1989
when he joined Compagnie Générale des Eaux, as Vivendi was then
known. He has held senior management roles at Vivendi Universal
where he served as General Manager of Vivendi's Media and
Multimedia Division for three years from 1995 to 1997. Between 1995
and 1997 he was CEO of Générale d'Images and served as General
Manager of Vivendi's cable networks division, overseeing its
digitization. In 1997 he joined Cegetel SA as Director of
Multimedia. His venture capital experience has included Founding
and General Partner of Viventures Partners from 1997 to 2003,
Senior Advisor to Terra Firma Capital Partners Limited in 2005-
2006 and acting as Chairman of the Management Board at Aloe Private
Equity and Aloe Energy. He also served on the Boards of Havas, UGC
S.A. Babelsberg Studios, Assystem and CS.
Full details of the Proposals together with a specific
explanation of the strategic rationale for the proposed adoption of
a distinctive new Investing Policy and notice of a general meeting
will be set out in a circular to be sent to Mercom Shareholders as
soon as reasonably practicable. Further information as required by
the AIM Rules for Companies on the appointment of a director will
also be provided. There can be no certainty at this point in time
that the Proposals will be completed.
The Directors of the Company announce that they will adjourn the
General Meeting called for 9.00 am (EST) on 27 October 2016 (the
"General Meeting") until further notice (the "Adjourned General
Meeting").
Mercom Shareholders who have already submitted forms of proxy
for the General Meeting and who do not wish to change their voting
instructions will not need to take any further action as their
forms of proxy will continue to be valid in respect of any such
Adjourned General Meeting.
Mercom Shareholders who have submitted forms of proxy for the
General Meeting but who wish to change their voting instructions
must submit a revised form of proxy, using the original form of
proxy which will be available on the Company's website at
www.mercomcapital.co.uk.
To be valid, forms of proxy (together with any power of attorney
or other authority (if any) under which it is signed, or a
certified copy thereof) in respect of any Adjourned General Meeting
should be completed, signed and returned so as to be received by
Mercom at Suite 702, 85 Richmond Street West, Toronto, Ontario
M5H2C9 or by fax at +14165043982 for registration as soon as
possible, but in any event not later than 48 hours before such
Adjourned General Meeting. Completion and return of a form of proxy
will not prevent a Mercom Shareholder from attending such Adjourned
General Meeting and voting in person.
To change your proxy instructions, simply submit a new proxy
appointment using the methods set out above. Note that the cut-off
time for receipt of proxy appointments (see above) also applies in
relation to amended instructions; any amended proxy appointment
received after the relevant cut-off time will be disregarded.
Further announcements will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information, please contact:
Mercom Capital Plc
John Zorbas 001 416 504 3978
Northland Capital Partners
Limited
Nominated Adviser and
Broker
Edward Hutton / Matthew
Johnson +44 (0) 20 3861 6625
Beaufort Securities
Limited
Joint Broker
Elliot Hance +44 (0) 20 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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