Result of GM
01 Novembro 2010 - 1:36PM
UK Regulatory
TIDMOTV
RNS Number : 3961V
Otium Ventures PLC
01 November 2010
1 November 2010
OTIUM VENTURES PLC
("Otium"or the "COmpany")
Result of General meeting
The Company is pleased to announce that all the resolutions, set out in the
circular sent to shareholders on 14 October 2010 (the "Circular"), were duly
passed at the General Meeting ("GM") held earlier today. As a result the
Company will receive an injection of up to GBP225,000 of new capital which will
enable it to discharge its liabilities under the CVA and provide working capital
for the foreseeable future.
The Company's shares, which were suspended pursuant to Rule 1 of the AIM Rules
for Companies, will recommence trading with effect from 7.30am on 2 November
2010.
Following approval of the resolutions, an application for the admission of the
Enlarged Share Capital of 391,409,135 ordinary shares of 0.01p each has been
made to the AIM Market of the London Stock Exchange consisting of 69,192,972 new
ordinary shares issued pursuant to the Share Capital subdivision and 322,216,163
new ordinary shares issued as set out in the Circular. Admission of the
Enlarged Share Capital will occur at 8.00am on 2 November 2010 ("Admission").
Included within the Enlarged Share Capital are 11,738,361 shares being issued to
the Directors in lieu of unpaid accrued fees. Following Admission Alex Lubin
and Paul Seakens will hold 5,969,181 and 5,969,180 Ordinary Shares respectively
representing approximately 1.5% of the Enlarged Share Capital each.
Following Admission the Company's shareholders with a notifiable interest are as
follows:
+---------------------+---------------------+---------------------+
| Shareholder | Number of Ordinary | % of Enlarged Share |
| | Shares | Capital |
+---------------------+---------------------+---------------------+
| John McKeon | 213,845,175 | 54.6 |
+---------------------+---------------------+---------------------+
| Palmdale Investment | 117,383,599 | 29.9 |
| SA | | |
+---------------------+---------------------+---------------------+
The Company is considering a number of opportunities, but it is unlikely that it
will be in a position to announce a deal by 15 November 2010 and as a result the
Company's shares will be suspended from trading on that date in accordance with
Rule 15 of the AIM Rules. The Company then has until 12 May 2011 to complete a
reverse takeover or its shares will be cancelled from trading on AIM.
For further information please contact:
Otium Ventures Plc
Paul Seakens Director Tel:
+44 (0) 20 3005 9924
Alex Lubin - Director
Daniel Stewart & Company Plc
Antony Legge Tel
+44 (0) 20 7776 6550
Oliver Rigby
This information is provided by RNS
The company news service from the London Stock Exchange
END
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