Result of General Meeting

RNS Number : 3351H

Infoserve Group PLC

18 February 2010

 



Infoserve Group Plc

Result of General Meeting

On 29 January 2010, Infoserve Group Plc ("Infoserve" or the "Company") announced that it had entered into conditional agreements with David Hood, the Company's senior non-executive director and major shareholder, relating to the conversion of £2m of existing loans from David Hood into 40,000,000 ordinary shares of 5p each in the Company ("Ordinary Shares") and the provision by David Hood of a further loan facility of up to £800,000 (the "Proposals").

At the general meeting of the Company which took place earlier today, the resolution to approve the waiver granted by the Panel on Takeovers and Mergers of the obligation that would otherwise arise for David Hood to make an offer to acquire all of the Ordinary Shares not already owned by him was duly passed.

The Proposals remain conditional upon admission of the new Ordinary Shares to trading on AIM ("Admission") which is expected to take place on 19 February 2010.

As a result of the passing of the resolution, and subject to Admission, David Hood has become entitled to an additional 40,000,000 Ordinary Shares and, subject to Admission, is now interested in 48,937,707 Ordinary Shares, representing 82.84% of the Company's enlarged issued share capital.

For further information, please contact: Infoserve Group Plc Steve Barnes, Chief Executive [e-mail]	www.infoservegroup.com Tel:  [phone]
Jonathan Simpson, Finance Director [e-mail]	Tel:  [phone]
Nominated Adviser WH Ireland Limited Robin Gwyn	Tel:  [phone]

 

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