Result of General Meeting
On 20 June 2013, Forbidden Technologies plc announced details of a Placing and Open Offer in which it had conditionally raised proceeds of up to GBP9.0 million before expenses. On 12 July 2013, the Company announced that it had received valid acceptances in respect of 4,557,778 new Ordinary Shares pursuant to the Open Offer and therefore the total amount being raised is GBP8.9 million before expenses.
The Board is pleased to announce that today, at a General Meeting of the Company, shareholders approved all the resolutions by the relevant majorities. Therefore, the Placing and Open Offer are now unconditional, save for the admission of the new Ordinary Shares.
The Company has applied for admission to trading on AIM for both the 4,557,778 new Ordinary Shares to be issued pursuant to the Open Offer and the 1,470,000 new Ordinary Shares to be issued to VCT investors in the Firm Placing. It is expected that these new Ordinary Shares will become effective and dealings will commence at 8.00 a.m. on 16 July 2013. The Company has also applied for admission to trading on AIM for the 38,530,000 new Ordinary Shares to be issued to non-VCT investors pursuant to the Firm Placing. It is expected that these new Ordinary Shares will become effective and dealings will commence at 8.00 a.m. on 17 July 2013.
In addition, certain Directors applied for and received new Ordinary Shares pursuant to the Open Offer. The resultant shareholding of each Director is outlined below.
Current % holding
Open Offer uptake
Shareholding following Open Offer
% holding after Second Admission