Result of General Meeting

RNS Number : 2286D

Gas Turbine Efficiency PLC

18 March 2011

 



18 March 2011

Gas Turbine Efficiency PLC

("GTE" or the "Company")

Result of General Meeting

The Board of GTE announces that, at the General Meeting of the Company held earlier today, all resolutions as set out in the Notice of Meeting dated 1 March 2011 (the "Resolutions"), were duly passed.

The approval of the Resolutions at the General Meeting today means:  

·      effective from 7.00am on 18 April 2011 the admission and trading of the Company's ordinary shares on AIM will be cancelled (the "Delisting"); and

·      the Company can expect to be formally re-registered as a private limited company on or around 18 April 2011 (the "Re-registration");

The Company will issue a separate announcement confirming when the Delisting and Re-registration have become effective.    

The Company announced on 1 March 2011 a restructuring of its outstanding secured loan notes by converting them to equity, which was conditional upon, amongst other things, on the approval of the Resolutions. Upon the satisfaction of the remaining conditions to the restructuring:

·      loan notes, totalling approximately US$18.5m, will no longer become due and payable on 21 April 2011 but will be converted into preference shares;

·      the Company will be able to retain the net proceeds from the sale of the aviation business announced on 29 December 2010; and

·      the security arrangements associated with the loan notes will be eliminated allowing the Company to pursue a working capital facility.

The completion of the restructuring will provide the Company with a strengthened balance sheet, which will enable the Company to continue to explore strategic options including a sale of the Group while continuing to develop its business and operations.

The Company will also issue a separate announcement confirming when such conditions have been satisfied and the restructuring has been completed, which is anticipated to be 18 April 2011.

For further information:

Gas Turbine Efficiency plc	John Grant (Executive Chairman)	[phone]
Gas Turbine Efficiency plc	Steven Zwolinski (Chief Executive Officer)	[phone]
Matrix Corporate Capital LLP	Nick Ellis	[phone]
Financial Dynamics	Nina Delangle	[phone]

 

END

 

 

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