REG - Beacon Rise Holdings - Notice of Extraordinary General Meeting

Beacon Rise HoldingsAnnouncement

19/04/2023 17:00

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RNS Number : 8090W  Beacon Rise Holdings PLC  19 April 2023

Beacon Rise Holdings plc

Wednesday, 19 April 2023

 

Becon Rise Holdings plc

Notice of Extraordinary General Meeting ("EGM")

 

Beacon Rise Holdings plc (the "Company") announces that an Extraordinary
General Meeting will be held at 3 p.m. on Monday, 15 May 2023, at Boot Room,
154-160 Fleet Street, Blackfriars, London, EC4A 2DQ.

 

The purpose of the EGM is to consider pursuant to section 656(1) of the
Companies Act 2006 (the Act), whether any, and if so, what steps should be
taken to address the fact that the net assets of the Company have fallen to
half of its called-up share capital.

 

It has recently come to the attention of the Board of Directors of the Company
(the Board) that the value of the Company's net assets is less than half of
its called-up share capital (deemed to be a serious loss of capital). Pursuant
to section 656 of the Act, the directors of a public company are required to
call a general meeting, where the net assets of the company are half or less
than half of its called-up share capital, in order to allow the shareholders
of the Company to consider whether any, and if so, what steps should be taken
to deal with the situation.

 

The Board is of the view that the status of a "serious loss of capital" under
section 656 of the Act does not pose any immediate risk to the current
solvency of the Company.  The Board will continue to prudently manage the
Company's remaining cash reserves and minimise its operating expenses.

 

In light of the above, the Board does not consider it necessary for specific
resolutions to be proposed at the General Meeting. The Board does, however,
welcome dialogue with shareholders on this point and the General Meeting will
provide a forum for such discussions to take place.

 

A Notice of EGM and a Form of Proxy is now available to view on the company's
website: https://www.beaconrise.uk/index.php/investors/77-general-meeting
(https://www.beaconrise.uk/index.php/investors/77-general-meeting)

 

END

 

 

 

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