MPS Minorplanet

 

TIDMMPS 
 
RNS Number : 3526Y 
Minorplanet Systems PLC 
01 September 2009 
 
1 September 2009 
 
 
 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE 
OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 
 
 
MINORPLANET SYSTEMS PLC 
 
 
REFINANCING - RESULTS OF EXTRAORDINARY GENERAL MEETING AND LITIGATION UPDATE 
 
 
Minorplanet Systems Plc ("Minorplanet") announces that at its Extraordinary 
General Meeting held on 1 September  2009 all resolutions in relation to the 
Refinancing, as outlined in the circular to shareholders dated 6 August 2009 
(the "Circular"), were duly passed. 
 
 
As part of the Refinancing the Company announced an Open Offer. The Open Offer 
closed at 11.00 a.m. on 27 August  2009. Applications under the Open Offer were 
received for 988,328 New Ordinary Shares. The New Ordinary Shares available 
under the Open Offer were not placed subject to clawback nor were they 
underwritten. Consequently, the balance of 6,047,168 New Ordinary Shares that 
were available will not be issued. The Company has, through the Refinancing, 
raised GBP1.45 million before expenses. 
 
 
Admission of the new Placing and Open Offer Shares is expected to take place on 
2 September 2009 and definitive Share Certificates for the Placing and Open 
Offer are expected to be despatched to shareholders by 9 September 2009. 
 
 
In addition to the funds raised under the Placing and Open Offer, as set out in 
the Circular the Company has negotiated additional funding of up to GBP400,000 
through Block Discount Loan Facilities with Siemens Financial Services Limited 
and ING Lease (UK) Limited. 
 
 
Finally, the Company is pleased to announce that it has reached a settlement 
with Asbury Park S.A. ("Asbury"). Minorplanet has agreed pay to Asbury the sum 
of EUR170,000 secured by a debenture and payable in the following instalments: 
 
 
  *  EUR70,000 on 14 September 2009; 
  *  EUR50,000 on 14 September 2010; and 
  *  EUR50,000 on 14 March 2011. 
 
 
 
In addition, the Company has granted Asbury a transferable warrant to subscribe 
for up to 450,000 New Ordinary Shares of 20 pence each in the capital of 
Minorplanet at an exercise price of 30p per share, exercisable by not later than 
14 September 2012. 
 
 
The Board believes that the settlement is in the best interests of the Company 
in that it eliminates a significant uncertainty relating to future costs and 
potential liability attributable to this long standing dispute in respect of its 
former Spanish subsidiary. 
 
 
- Ends - 
 
 
For further information, please contact: 
 
 
+-----------------------------------------+------------------------------+ 
| Minorplanet Systems plc                 |           Tel: 0113 346 7777 | 
+-----------------------------------------+------------------------------+ 
| Terry Donovan, Chief Executive          |                              | 
+-----------------------------------------+------------------------------+ 
| Richard Hopkin, Finance Director        |                              | 
+-----------------------------------------+------------------------------+ 
|                                         |                              | 
+-----------------------------------------+------------------------------+ 
| Rawlings Financial PR Limited           |           Tel: 01653 618 016 | 
+-----------------------------------------+------------------------------+ 
| Catriona Valentine                      |                              | 
+-----------------------------------------+------------------------------+ 
|                                         |                              | 
+-----------------------------------------+------------------------------+ 
| Shore Capital and Corporate Limited     |           Tel: 020 7408 4090 | 
+-----------------------------------------+------------------------------+ 
| Guy Peters/Edward Mansfield             |                              | 
+-----------------------------------------+------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 REGCKDKBPBKDPCK 
 

Grafico Azioni Minorplanet Systems (LSE:MPS)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Minorplanet Systems (LSE:MPS)
Storico
Da Giu 2023 a Giu 2024