Result of General Meeting

RNS Number : 3199L

Mercantile Ports & Logistics Ltd

09 September 2021

 

9 September 2021

Mercantile Ports & Logistics Limited

(the "Company")

Result of General Meeting

Further to the Company's announcements on 19 & 20 August 2021 regarding the conditional Placing, Subscription and PrimaryBid Offer to raise £10.1 million (before expenses) at a price of 0.45 pence per share, and the 100 to 1 Share Consolidation, the Company announces that all Resolutions put to Shareholders at today's General Meeting in connection with the Placing and Share Consolidation were duly passed.

A summary of the voting results is shown below:

	Votes	For	Against	Withheld	% Voting For*
Resolution 1	868,136,102	864,636,545	2,981,920	517,637	99.66%
Resolution 2	868,136,102	865,134,322	2,861,920	139,860	99.67%
Resolution 3	868,136,102	864,603,709	2,864,756	667,637	99.67%
Resolution 4	868,136,102	865,131,486	2,864,756	139,860	99.67%

* This represents the number of votes that were cast for the resolutions as a percentage of the number of votes cast in total for each resolution, excluding Withheld votes, either in person or by proxy

Accordingly, the Company will raise a gross total of £10.1 million via the Placing, Subscription and PrimaryBid Offer through the issue and allotment of 2,244,947,810 new Ordinary Shares. An application has been made for the 2,244,947,810  Placing Shares to be admitted to trading on AIM, which is expected to take place at 8.00 a.m. on 10 September 2021.

Immediately following Admission on 10 September 2021, the Company's issued share capital will comprise 4,149,969,933 Ordinary Shares, of which none are held in treasury. As per the Circular posted to shareholders on 20 August 2021, the 100 to 1 Share Consolidation is expected to take place on 13 September 2021. From 8.00 a.m. on 13 September 2021, the Company's issued share capital will comprise 41,499,699 Ordinary Shares, of which none are held in treasury.

Hunch Ventures Subscription Monies

As noted in the announcement of 19 August 2021, the Hunch Ventures Subscription is conditional upon the provision of the Bank Guarantee pursuant to the provisions of the Subscription Agreement. The Company is pleased to inform that Hunch Ventures has instead transferred the Subscription monies to one of the Group's Indian bank accounts and the Group now has access to the funds. The Company views this as a better result than a bank guarantee and as such satisfies the conditions of the Subscription.

Unless otherwise defined, capitalised terms within this announcement have the same meaning as those within the 'Definitions' section of the Company's announcement dated 19 August 2021 under RNS Number 2252J .

Enquiries:
MPL	Jay Mehta
	C/O Newgate Communications
	[phone]
Cenkos Securities plc (Nominated Adviser and Joint Broker)	Stephen Keys
	[phone]
Zeus Capital Limited (Joint Broker)	Daniel Harris/Andrew Jones/James Hornigold
	[phone]
Newgate Communications (Financial PR)	Isabelle Smurfit
	[phone]

 

END

 

 

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