Result of general meeting
June 15 2009 - 6:39AM
UK Regulatory
TIDMSOV
RNS Number : 8944T
SovGEM Limited
15 June 2009
+-----------------------------------------+---------------------------------------+
| | 15 June 2009 |
+-----------------------------------------+---------------------------------------+
SovGEM Limited
("SovGEM" or "the Company")
Result of General Meeting
SovGEM Limited (AIM:SOV), announces that, at the Company's general meeting held
earlier today, all of the ordinary and special resolutions proposed to
shareholders (as set out in the circular to shareholders dated 20 May 2009)
('the Circular') were duly passed.
The ordinary and special resolutions included the approval of the acquisition of
Hanson Westhouse Holdings Limited ("Hanson Westhouse"), the Company's change of
name to Hanson Westhouse Holdings plc and the consolidation by a ratio of 5:1 of
the Company's ordinary shares into ordinary shares of 0.005 pence each ("New
Shares").
It is expected that the issued share capital of the Company as enlarged by,
inter alia, the acquisition of Hanson Westhouse and the placing of New Shares to
raise GBP850,000, will be admitted to trading on AIM on 16 June 2009
("Admission"). It is also expected that the Company will trade under its new
name with the stock market EPIC HWH.L from Admission. A total of 5,475,625 New
Shares have been issued in consideration for the acquisition, representing
approximately 47.78 per cent. of the enlarged share capital of the Company on
Admission, and a further 1,428,571 New Shares have been issued to raise
GBP850,000. The issued share capital of the Company on Admission will comprise
11,459,196 New Shares.
The proposed Board changes set out in the Circular will also become effective on
Tuesday 16 June 2009. William Staple has been appointed Chief Executive,
Jonathan Azis has been appointed Finance Director, and Sir Hayden Phillips and
Andrew Beeson have been appointed Non-executive Directors of the Company. Garth
Milne will remain as Chairman of the Company. The other SovGEM directors have
resigned, although Hugh de Lusignan, currently Chief Executive, and Douglas
Kearney, currently Finance Director, will continue working within the
Hanson Westhouse business.
Save as disclosed in the Circular there is no further information that is
required to be disclosed regarding the Directors under schedule 2(g) of the AIM
Rules for Companies.
Garth Milne, Chairman of SovGEM Limited, said: "We are extremely pleased that
all the resolutions have been duly passed and that the enlarged group can
commence trading as Hanson Westhouse Holdings plc tomorrow. We recognise the
market need for a return to high-quality, relationship-driven corporate broking
and advisory services. The Board of Hanson Westhouse and its
industry-recognised advisory panel is well placed in the market cycle, with the
right sector and geographic offering, to build a long-term successful business
on behalf of our shareholders.
"I would also like to take this opportunity to thank those of the SovGEM
directors who are not continuing with the enlarged group for their support and
assistance since SovGEM's admission to AIM in 2004."
- Ends -
For further information:
+-------------------------------------------------+------------------------------+
| SovGEM Limited | |
+-------------------------------------------------+------------------------------+
| Garth Milne, Chairman | Tel: +44 (0) 7768 992 470 |
+-------------------------------------------------+------------------------------+
| Hugh de Lusignan, Chief Executive Officer | Tel: +44 (0) 20 7389 0655 |
+-------------------------------------------------+------------------------------+
| hdelusignan@sovereigngroup.com | www.sovgem.com |
+-------------------------------------------------+------------------------------+
+-------------------------------------------------+------------------------------+
| Hanson Westhouse Holdings plc | |
+-------------------------------------------------+------------------------------+
| William Staple, Chief Executive | Tel: +44 (0) 20 7601 6100 |
+-------------------------------------------------+------------------------------+
| william.staple@hansonwesthouse.com | www.hansonwesthouse.com |
+-------------------------------------------------+------------------------------+
+-------------------------------------------------+------------------------------+
| Nominated Adviser | |
| Smith & Williamson Corporate Finance Limited | |
+-------------------------------------------------+------------------------------+
| Azhic Basirov / Joanne Royden-Turner | Tel: +44 (0) 20 7131 4000 |
+-------------------------------------------------+------------------------------+
| corpfinance@smith.williamson.co.uk | www.smith.williamson.co.uk |
+-------------------------------------------------+------------------------------+
+-------------------------------------------------+------------------------------+
| Broker | |
| Hanson Westhouse Limited | |
+-------------------------------------------------+------------------------------+
| Tim Metcalfe | Tel: +44 (0) 20 7601 6100 |
+-------------------------------------------------+------------------------------+
| tim.metcalfe@hansonwesthouse.com | www.hansonwesthouse.com |
+-------------------------------------------------+------------------------------+
Media enquiries:
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| Abchurch Communications Limited | |
+-------------------------------------------------+------------------------------+
| Henry Harrison-Topham / Jack Ballantyne | Tel: +44 (0) 20 7398 7714 |
+-------------------------------------------------+------------------------------+
| jack.ballantyne@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------------+------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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