Result of Court Meeting and General Meeting (6733W)
November 23 2010 - 8:40AM
UK Regulatory
TIDMPROV
RNS Number : 6733W
Proventec PLC
23 November 2010
Press Release 23 November 2010
Proventec plc
("Proventec" or the "Company")
Result of Court Meeting and General Meeting
The Board of Proventec plc (AIM: PROV, Alternext: ALPTC) is
pleased to announce that, at the Court Meeting held earlier today,
the proposed Scheme of Arrangement (the "Scheme") was approved by
the requisite majority of Note Holders. Details of the Scheme are
set out in the circulars posted to Note Holders and Proventec
Shareholders on 29 October 2010.
At the subsequent General Meeting of Proventec, also held
earlier today, the resolutions to seek approval for the allotment
of the New Ordinary Shares necessary to implement the Scheme, and
the resolution to update the Company's articles of association,
were passed by the requisite majorities. The resolutions are set
out in the notice of the meeting contained in the circular to
Shareholders.
It is intended that sanction of the Scheme by the Court will be
sought on 6 December 2010 and it is expected the Scheme will become
effective on 7 December 2010. A further announcement will be made
in due course.
The approvals from the Note Holders and Shareholders at today's
meetings mark a major milestone towards the successful
reconstruction of the Company's balance sheet, which, upon its
conclusion, will see the Company emerge with a stable financial
platform from which to drive forward its business streams. The
Company would like to take this opportunity to thank all its
stakeholders (including its customers, suppliers and employees) for
their ongoing support during this process.
Results of the votes for all resolutions are available on the
Company's website at www.proventecplc.com.
Unless the context otherwise requires, terms defined in the
Circular have the same meaning in this announcement.
- Ends -
For further information, please contact:
Proventec plc
David Chestnutt, Chief Executive Tel: + 44 (0) 151 706 0626
dchestnutt@proventecplc.com www.proventecplc.com
Seymour Pierce Limited
Nicola Marrin Tel: + 44 (0) 20 7107 8047
Corporate Finance www.seymourpierce.com
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Simone Tel: +44 (0) 20 7398 7728
Elviss
simone.elviss@abchurch-group.com www.abchurch-group.com
Notes to editors:
Proventec manages a complementary portfolio of integrated
businesses that specialise in hygienic solutions. Headquartered in
Liverpool, UK, the Company operates in global markets, pioneering
developments within the healthcare, food manufacturing, hospitality
industries, transportation, construction, and other sectors.
Companies in Proventec's portfolio include:
Company Business area Employees
The world's leading provider of low
pressure, chemical-free, specialist dry
OspreyDeepClean saturated steam cleaning technology. 34
Provider of general cleaning products
Contico Manufacturing and janitorial equipment and supplies. 45
Manufacturer and distributer of
automated cleaning systems and
products including portable high
pressure washers, self-service
Frank vehicle wash stations and dry steamers. 22
Proventec Healthcare provides innovative solutions for infection
control and effective cleaning in the healthcare sector. The
Company's specialist steam cleaning technology has been
successfully proven in clinical trials with University College
London Hospitals to rid all areas and combat the spread of
micro-organisms, including 'superbugs' such as MRSA and Clostridium
difficile. The Company, which employs a team of five, has developed
specialist, patented tooling, which has been designed to be used
within hospitals on a daily basis and enable the user to clean
difficult to reach areas including mattresses, bed frames and
curtains without the use of antimicrobial chemicals that may
contribute to microbial resistance.
The Company joined the AIM Market in June 2002 and was dual
listed on Alternext in May 2008. For further information please
visit www.proventecplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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