Result of General Meeting 2014
The Board of Parkmead is pleased to announce that at the Company's General Meeting, held earlier today, all resolutions proposed were passed unanimously by shareholders.
The resolutions that were passed were specifically to authorise the issue of the 15,686,275 new Ordinary Shares being issued pursuant to the Placing, announced on 28 January 2014, which provides Parkmead with £40.0 million of financing.
Application has been made for the 15,686,275 Placing Shares to be admitted to trading on AIM. In addition, application has been made for 2,100,000 new Ordinary Shares to be admitted to trading on AIM, pursuant to the conversion by Tom Cross (Executive Chairman) of 2.1 million share appreciation rights (“SARS”), details of which were announced on 28 January 2014. Admission of both the Placing Shares and the new Ordinary Shares issued pursuant to the SARS conversion will take place at 08.00 a.m. on 14 February 2014. The Placing Shares and the new Ordinary Shares issued pursuant to the SARS conversion will rank pari passu with the Existing Ordinary Shares of the Company. Following Admission, the total issued share capital of the Company will be 87,412,344 Ordinary Shares.
Tom Cross, Executive Chairman of Parkmead, commented:
“The Board of Parkmead is delighted with the support that the Company has received from a number of high quality institutional investors in this oversubscribed fundraising. This important new funding has placed Parkmead in a very strong position with over US$66.0 million of funds, and enables the team at Parkmead to exploit the significant opportunities that exist within its current asset portfolio as well as taking advantage of corporate and M&A opportunities as they arise. The Board is looking forward to continuing the progress made over the last 12 months and considers the outlook for 2014, and beyond, to be very positive.”
Defined terms used in this announcement have the same meaning as set out in the appendix of the announcement released on 28 January 2014 in relation to the Placing.
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