Publication of Circular

RNS Number : 5678T

Impax Environmental Markets PLC

15 November 2019

 

Impax Environmental Markets plc

LEI: 213800RAR6ZDJLZDND86

15 November 2019

Publication of Circular

Background

Throughout the current financial year, the Board of Impax Environmental Markets plc (the "Company") has had considerable success in stimulating demand for the Company's ordinary shares. In order to meet the continuing demand for the ordinary shares,  the Board is seeking an early renewal of its authority to issue, or sell from treasury, ordinary shares on a non pre-emptive basis. 

So far during the current financial year, the Company has sold approximately 19 million ordinary shares out of treasury, allowing the Board to increase the Company's capitalisation by more than £57 million.

At the 2019 AGM, the Board was given permission by shareholders to issue or sell from treasury, on a non pre-emptive basis, just over 18 million ordinary shares in the 12 months leading up to the 2020 AGM. Having thereby already sold over 14 million ordinary shares from treasury since shareholders granted that authority, the Company is getting uncomfortably close to its current ceiling.

The Board is pleased with the continuing demand for the ordinary shares and therefore wishes to request that shareholders increase the Company's capacity to issue new ordinary shares or sell ordinary shares from treasury on a non pre-emptive basis up until the Company's next AGM. As at 14 November 2019, the Company has approximately 26.6 million ordinary shares in treasury.

Publication of Circular and General Meeting

In the light of the above, the Company has today published a circular convening a general meeting (the "General Meeting") to be held at 2.30 p.m. on 4 December 2019 at the offices of Impax Asset Management, 7th Floor, 30 Panton Street, London SW1Y 4JR.

At the General Meeting, a resolution will be put to shareholders to give the Board authority to issue, or sell from treasury, up to 19,913,924 ordinary shares on a non pre-emptive basis (which represents approximately 10 per cent. of the Company's current issued share capital as at 14 November 2019).

If such authority is granted by shareholders, the Directors intend to use the authority to sell ordinary shares from treasury on a non pre-emptive basis only: (i) at a premium to net asset value; (ii) to meet demand from investors; and (iii) when the Directors believe that it is in the best interests of the Company and its shareholders to do so.

A copy of the circular has been submitted to the Financial Conduct Authority and will be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.do and on the Company's website at www.impaxenvironmentalmarkets.co.uk.

Enquiries:

Maria Matheou

PraxisIFM Fund Services (UK) Limited 0207 653 9690

Note: The content of the Company's web-pages and the content of any website or pages which may be accessed through hyperlinks on the Company's web-pages, other than the content of the document referred to above, is neither incorporated into nor forms part of the above announcement.

 

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