3Legs Resources plc Result of AGM and Grant of Options (7447U)
31 Julio 2015 - 6:46AM
UK Regulatory
TIDM3LEG
RNS Number : 7447U
3Legs Resources plc
31 July 2015
3Legs Resources plc
("3Legs" or "the Company")
Result of Annual General Meeting
Grant of Options
The Company announces that at the Annual General Meeting held
earlier today all resolutions, including the resolution to amend
the Company's investing policy, were duly passed.
The amended investing policy is set out below.
Grant of Options
The Board also announces that it has granted the remaining
options available for grant under the option pool announced on 29
April 2015 to Directors of the Company. The options are exercisable
at 0.232p per share at any time up to 16 February 2021 subject to a
condition that no option be exercised if such exercise would
trigger a requirement to make an offer under Rule 9 of the City
Code on Takeovers and Mergers.
Details of the options granted to the Directors are set out
below.
Director Options granted
Jim Mellon 8,623,053
Greg Bailey 8,623,053
Enquiries
3Legs Resources plc
Richard Armstrong Tel: 07787 500221
Colin Weinberg Tel: 07836 588504
Northland Capital Partners Limited Tel: 0207 382 1100
(Nominated Adviser and Broker)
Matthew Johnson
Edward Hutton
Peterhouse Corporate Finance Limited Tel: 0207 469 0934
(Joint Broker)
Lucy Williams
Duncan Vasey
Investing Policy
The Company will seek to invest in and/or acquire companies
within life sciences and related technologies. Initially the
geographical focus will be North America, Asia and Europe but
investments may also be considered in other regions to the extent
that the Board considers that valuable opportunities exist and
positive returns can be achieved.
In selecting investment opportunities, the Board will focus on
businesses, assets and/or projects that are available at attractive
valuations and hold opportunities to unlock embedded value. Where
appropriate, the Board may seek to invest in businesses where it
may influence the business at a board level, add their expertise to
the management of the business, and utilise their industry
relationships and access to finance; as such investments are likely
to be actively managed.
The Company's interests in a proposed investment and/or
acquisition may range from a minority position to full ownership
and may comprise one investment or multiple investments. The
proposed investments may be in either quoted or unquoted companies;
and may be in companies, partnerships, earn-in joint ventures, debt
or other loan structures, joint ventures or direct or indirect
interests in companies or projects. The Board may focus on
investments where intrinsic value can be achieved from the
restructuring of investments or merger of complementary
businesses.
The Board expects that investments will typically be held for
the medium to long term, although short term disposal of assets by
the Company cannot be ruled out if there is an opportunity to
generate an attractive return for Shareholders. The Board will
place no minimum or maximum limit on the length of time that any
investment may be held by the Company.
There is no limit on the number of projects into which the
Company may invest, and the Company's financial resources may be
invested in a number of propositions or in just one investment,
which may be deemed to be a reverse takeover under the AIM Rules
for Companies. The Directors intend to mitigate risk by appropriate
due diligence and transaction analysis. Any transaction
constituting a reverse takeover under the AIM Rules will also
require Shareholder approval. The Board considers that as
investments are made, and new promising investment opportunities
arise, further funding of the Company may also be required.
Where the Company builds a portfolio of related assets it is
possible that there may be cross holdings between such assets. The
Company does not currently intend to fund any investments with debt
or other borrowings but may do so if appropriate. Investments are
expected to be mainly in the form of equity, with debt potentially
being raised later to fund the development of such assets.
Investments in later stage assets are more likely to include an
element of debt to equity gearing. The Board may also offer new
ordinary shares in the capital of the Company by way of
consideration as well as cash, thereby helping to preserve the
Company's cash for working capital and as a reserve against
unforeseen contingencies including, for example, delays in
collecting accounts receivable, unexpected changes in the economic
environment and operational problems.
The Board will conduct initial due diligence appraisals of
potential businesses or projects and, where they believe further
investigation is warranted, intend to appoint appropriately
qualified persons to assist. The Board believes it has a broad
range of contacts through which it is likely to identify various
opportunities which may prove suitable. The Board believes its
expertise will enable it to determine quickly which opportunities
could be viable and so progress quickly to formal due
diligence.
The Company will not have a separate investment manager. The
Board proposes to carry out a comprehensive and thorough project
review process in which all material aspects of a potential project
or business will be subject to rigorous due diligence, as
appropriate. Due to the nature of life sciences and related
technologies it is unlikely that cash returns will be made in the
short to medium term; rather the Company expects a focus on capital
returns over the medium to long term.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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