Released: 28/11/2006
RNS Number:8438M
Spiritel PLC
28 November 2006
For Immediate Release 28 November 2006
SPIRITEL PLC
("Spiritel" or "the Company")
Notice of EGM
Spiritel plc (AIM: STP), the telecommunications company, announces that notice
of an extraordinary general meeting (EGM), to be held on 20 December 2006, has
been posted to shareholders.
To ensure the ability of the Company to pursue opportunities if and when they
become available, the Directors are seeking approval to increase the Company's
authorised ordinary share capital and to grant the Board the power to allot new
ordinary shares for cash on a non-pre-emptive basis.
The Company believes it is desirable to be in a state of preparedness to take
advantage of market conditions as they arise, with the flexibility to pursue
opportunities where the issue of equity is in the Company's interest.
Accordingly, the Company is seeking to increase its authorised share capital
from £9,100,000 to £14,100,000 by the creation of an additional 500 million new
ordinary shares of 1p each.
Section 80 of the Companies Act 1985 (the "Act") prohibits directors from
allotting any shares in the Company without prior authority from shareholders.
Section 89 of the Act gives holders of equity securities certain rights of
pre-emption on the issue for cash of new equity securities.
The Company is therefore seeking a new section 80 authority in respect of a
maximum nominal amount of £5,000,000 to reflect the increase in the authorised
ordinary share capital and a new section 89 power in respect of the allotment of
equity securities up to an aggregate nominal amount of £5,000,000. The authority
and the power will expire at the end of the Company's annual general meeting to
be held in 2007, unless renewed at that meeting.
The EGM for shareholders will be held at 2.00pm on 20 December 2006 at the
offices of Lane & Partners LLP, 15 Bloomsbury Square, London WC1A 2LS.
Copies of the notice of the EGM will be available for public viewing at the
registered office of the Company, 18 King William Street, London EC4N 7BP.
For further information please contact:
Spiritel plc 020 7160 0100
Alastair Mills, Chief Executive
Teather & Greenwood 020 7426 9000
Sindre Ottesen
Buchanan Communications 020 7466 5000
Mark Court
Mary-Jane Johnson
Notes for Editors:
About Spiritel plc
Spiritel plc (AIM: STP) is a telecommunications group that joined the AIM market
of the London Stock Exchange in July 2004. We have multiple routes to market for
our products and services, which include a range of both traditional and
emerging telecoms technologies. Spiritel's client base includes corporate,
wholesale and retail customers served directly through our value added reseller
division Spiritel Retail, via web portals and through independent resellers.
Spiritel, in partnership with Oxfam, has launched the directory enquiries
service 118 918, from which Oxfam receives 9p from every call made.
For further information please visit www.spiritelplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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