Notice of General Meeting

RNS Number : 4495C

Sabien Technology Group PLC

19 January 2018

 

For immediate release

19 January 2018

Sabien Technology Group plc
("Sabien" or the "Company")

Notice of General Meeting

Sabien Technology Group plc, the manufacturer of M1G and M2G boiler energy efficiency technologies, announces that a General Meeting of the Company's shareholders ("GM") will take place at 11.00 am on Wednesday, 14 February 2018 at 34 Clarendon Road, Watford, Herts WD17 1JJ.

As reported in the audited accounts for the year ended 30 June 2017 published on 7 December 2017, the Group will continue to need to raise additional equity funding to provide further working capital. While calendar year-end cash balances increased to £127,350 and €4,896 by the final payment of the Lakenheath contract announced in June 2017, the Company plans to raise additional equity funding in the early part of this year.

In order to enable the Company to be in a position to be able to raise funds for the Company without undue delay and for the Board to have the flexibility to respond quickly to favourable market opportunities, the Board is seeking now to increase their authority to allot shares in the Company, and for authorisation to allot those shares as if the statutory pre-emption rights set out in the Companies Act 2006 do not apply.

The Board is seeking authority to allot shares of up to an aggregate nominal value of £500,000. This will give the Board capacity to allot up to 100,000,000 Ordinary Shares of 0.5 pence each. These authorities shall expire on the earlier of five years from the date of the passing of the relevant Resolution and the next Annual General Meeting of the Company.

A circular including notice of the GM and providing details of the resolutions to be proposed at the GM is being posted to shareholders and is available on the Company's website at http://www.sabien-tech.co.uk.

This announcement is inside information for the purposes of Article 7 of Regulation 596/20014. The person who arranged for the release of this announcement on behalf of the Company was Alan O'Brien, Chief Executive Officer.

For further information please contact:

Sabien Technology Group plc
Alan O'Brien	[phone]
Beaumont Cornish Limited Michael Cornish / Roland Cornish www.beaumontcornish.com (Nominated Advisor & Broker)	[phone]

ENDS

 

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