Result of AGM
15 Julio 2009 - 8:09AM
UK Regulatory
TIDMHCEG
RNS Number : 7252V
Healthcare Enterprise Group PLC
15 July 2009
Healthcare Enterprise Group plc
("HCEG", "the Company" or "the Group")
RESULT OF AGM
The Board of Healthcare Enterprise Group plc, a business engaged in the medical
product and disinfectant markets, is pleased to announce that all of the
Resolutions proposed at the Company's Annual General Meeting ("AGM") held today
were duly voted and passed.
Accordingly, and pursuant to the announcement released on 19 June 2009, the
reorganisation of the Company's existing share capital on the basis that every
250 existing ordinary shares of 0.1 pence be consolidated into one new ordinary
share of 25 pence ("New Ordinary Shares") will take effect on 21 July 2009 in
accordance with the Circular sent to shareholders.
Further, the approval of the capitalisation of its existing indebtedness by the
issue of new ordinary shares and the transfer by HCEG of some of its shares in
certain subsidiaries was also approved.
Application has, therefore, been made to AIM for the admittance of a total of
4,392,126 new ordinary shares of 25 pence each; the trading of such shares is
expected to commence at 8:00 a.m. on 21 July 2009. The ISIN for the new
consolidated and capitalisation shares is GB00B6030H73.
The Circular summarising the Proposals is available on the Company's website at
www.hcegroup.com
Commenting on the Company's recently approved corporate actions, Lyndon Gaborit,
Executive Deputy Chairman said:
"These actions have released the Company from significant indebtedness totalling
GBP3.26 million and has reduced the Company's obligation to provide all the
funding for the development and roll out of the two main underlying businesses.
Whilst the Company will retain a significant shareholding in both Ebiox and
Reproductive Sciences, the approved actions has the added benefit of allowing
those businesses to flourish with additional investment from other
shareholders, whilst allowing the Company to choose whether or not to
participate in part or in full in future financing.
We are very pleased with the progress in the Ebiox business under the
stewardship of John Honey, which has attracted new customers and is negotiating
the distribution of additional products to meet the upsurge in demand caused by
the swine flu pandemic. Significant progress is also being made with
Reproductive Sciences which is currently undergoing approvals for its
Fertiligent "Evie" pregnancy aid device from the US Food & Drug Administration.
The Company will now be actively seeking additional investments in the
healthcare and wellness markets. The Company intends to act as a consolidator
of smaller quoted and unquoted companies in that sector. With its established
shareholder base, access to institutional and private funding and its
experienced management team, the Directors believe that the Company is well
placed to expand by acquiring smaller businesses which have good products or
services but which lack the critical mass to gain significant market entry. The
creation of a larger listed entity will allow entrepreneurs and business
managers the opportunity to combine with a larger entity to provide both
diversification of risk and economies of scale."
Further enquiries:
Healthcare Enterprise Group plc
Lyndon Gaborit, Executive Deputy Chairman
Gron Ffoulkes-Davies, Chief Financial Officer Tel: + 44 (0) 1925 898 201
Daniel Stewart & Company plc
Graham Webster/Stewart Dick Tel: + 44 (0) 20 7776 6550
Notes to Editor:
Healthcare Enterprise Group plc companies include Ebiox Limited, a specialist
disinfectant and decontamination company which has a range of proprietary
products patented and approved for sale in multiple world markets; Reproductive
Sciences Limited which invests in medical devices product development,
particularly in the area of women's health; and investments in healthcare
products and services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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