Result of General Meeting

RNS Number : 0543K

Mavinwood PLC

13 April 2010

 



12 April 2010

Mavinwood plc

("Mavinwood" or the "Company")

Result of General Meeting

The Board of Mavinwood announces that at its General Meeting held on 12 April 2010, all resolutions were duly passed. Accordingly, the placing of 1,066,666,666 ordinary shares of 0.1 pence each in the Company (the "Placing") with Geraldton Services Inc ("Geraldton") is now unconditional. The proceeds of the Placing of £8 million (before expenses of £40,000) will be used to pay down the debt owed by the Company to Geraldton. After such payment the Company will owe Geraldton approximately £2.3 million.

Application has been made for 1,066,666,666 ordinary shares to be admitted to trading on AIM, which is expected to commence on 16 April 2010 ("Admission").

Following Admission, the issued share capital of the Company will comprise 1,532,937,811 Ordinary Shares, of which Geraldton will own up to 1,333,102,919 Ordinary Shares representing 86.96 per cent. of the issued share capital.

For further information, please contact:

Mavinwood
Charles Skinner, Chief Executive	Tel: [phone]
Cenkos Securities
Nicholas Wells / Beth McKiernan	Tel: [phone]
Threadneedle Communications
John Coles	Tel: [phone]

 

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