Atlas Dev & Support Services Ltd Result of General Meeting (7454R)
10 Marzo 2016 - 10:30AM
UK Regulatory
TIDMADSS
RNS Number : 7454R
Atlas Dev & Support Services Ltd
10 March 2016
Atlas Development & Support Services Limited / Ticker: ADSS
/ Index: AIM / Sector: Support Services
10 March 2016
Atlas Development & Support Services Limited
('Atlas' or the 'Company')
Result of General Meeting
Atlas (AIM, NSE: ADSS), is pleased to announce that all
resolutions were duly passed at the Company's General Meeting held
earlier today. As a result, the Company's placing of new ordinary
shares of no par value in the Company ("Ordinary Shares") at a
price of 0.325p per Ordinary Share (as referred to in the
announcements made on 15 and 16 February 2016), will complete on 15
March 2016 when the Company will issue a further 1,064,307,692 new
Ordinary Shares (the "Placing Shares").
Carl Esprey, Chief Executive Officer of Atlas, said: "We are
delighted to receive the support of investors re the US$5 million
funding, which we believe is an endorsement of our widening
strategy. The proceeds of the placing are primarily being allocated
to finance the development of our industrial division, in
particular advancing the Chancho Project in Ethiopia, a new
state-of-the-art bottling facility 45km north of the capital, Addis
Ababa.
"The demand for quality glass bottles in Ethiopia is growing
rapidly, which at present is mainly satisfied by expensive imports.
Indeed preliminary discussions with potential end users have been
extremely positive with regards to the Chancho Project delivering
high quality locally produced bottles.
"A pre-feasibility study has already returned highly positive
results with excellent forecast IRRs and with the available
finance, we can now rapidly advance the Chancho Project and build
shareholder value. In particular, the funds will be allocated to
breaking the ground and construction of ancillary buildings,
deposits on long lead items, site preparation/water drilling and
for the services of engineering consultants and performance of
feasibility studies.
"Following the appointment of MH Engineering Plc, a leading
Ethiopian firm which is providing a full range of design services
including architectural, engineering, structural, sanitary,
electrical and mechanical design and quantity surveying services,
work is advancing at pace. We have many development milestones to
reach which will increase the inherent value of the project,
including the completion of a full feasibility focussed on an
initial plan to produce 105 million 330ml bottles per annum. I look
forward to updating the market regularly on these as we look to
crystallise what I believe is a hugely exciting opportunity for
both the Company and its shareholders."
Information on change of name
Formal registration of the Company's change of name is expected
to take place shortly and a further announcement will be made in
due course in this regard. The TIDM (tradable instrument display
mnemonic) of the Company will change simultaneously with the formal
name change.
Admission of new Ordinary Shares to trading on AIM
Application has been made for the Placing Shares, which will
rank pari passu in all respects with the existing Ordinary Shares,
to be admitted to trading on AIM ("Admission"), which is expected
to be effective from 8.00 a.m. on 15 March 2016.
Total Voting Rights
The Company has no Ordinary Shares held in treasury. The total
number of voting rights in the Company following the issue of the
Placing Shares will therefore be 1,497,370,885. This figure may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure and
Transparency Rules.
** ENDS **
For further information please visit www.atlassupport.com or
contact:
Carl Esprey Atlas Tel: +44 (0)
20 7408 9200
Callum Stewart Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Ashton Clanfield Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Edward Burbidge Burbidge Capital Tel: +254 (0)
202 100 102
Hugo de Salis St Brides Partners Tel: +44 (0)
Ltd 20 7236 1177
Charlotte St Brides Partners Tel: +44 (0)
Heap Ltd 20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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