Notice of EGM

RNS Number : 4629B
Cinpart PLC
28 October 2009
 



28 October 2009


    

CINPART PLC

('Cinpart' or the 'Company')


Reduction of Share Premium Account, Cancellation of Deferred Shares and Notice of Extraordinary General Meeting


Cinpart (AIM:CINP), the electrical products manufacturer and supplier, is pleased to announce that it is today posting a circular to shareholders convening an Extraordinary General Meeting ('EGM') at which it will be proposed that the Company's share premium account be reduced and that the Company's Deferred Shares of 0.49p and 9.5p be cancelled in order to create sufficient reserves to eliminate the Company's accumulated losses of £5,599,643, which existed as at 31 December 2008 ("the Proposals").


The purpose of the EGM is to seek shareholder approval to the Proposals to permit the share capital of the Company to be reduced by £5,599,643 and its retained losses as at 31 December 2008 to be reduced to £nil. The reduction in share capital will also be required to be approved by the High Court and an application will be made to the High Court immediately following the EGM, provided that the resolutions are passed.


By reducing the retained losses as at 31 December 2008 to £nil to the extent that profits are generated by the Company in the period following that date, the Company can consider the distribution of future profits earlier than otherwise would be the case, and in so doing provide greater flexibility to commence dividend payments should the opportunity arise.


The EGM is to be held at 10a.m. on 17 November 2009 at 2/F, Berkeley Square House, LondonW1J 6BD


The circular has been posted to shareholders today but is also available to download from the Company's website, www.cinpart.com.  



-ENDS-


Enquiries:


Cinpart Plc


Kevin Baker, Chief Executive

Christopher Foster, Executive Director


Tel: 020 3176 3033 

Tel: 020 3176 3031


Merchant John East Securities Limited (Nominated Adviser)

John East/Simon Clements

Tel: 020 7628 2200


Rivington Street Corporate Finance Limited (Joint Broker)

Monisha Varadan

Tel: 020 7562 3389


Mirabaud Securities LLP (Joint Broker)

Rory Scott


Tel: 020 7878 3360

Hansard Group (Public Relations) 


Vikki Krause


Tel: 020 7245 1100

  About Cinpart: 

Cinpart plc (AIM:CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 percent. 

Other wholly owned subsidiaries in the Company's group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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