REG - Electric Guitar PLC - Result of Creditors Meeting & General Meeting

Electric GuitarAnnouncement

27/03/2025 12:00

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RNS Number : 5363C  Electric Guitar PLC  27 March 2025

27 March 2025

 

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Result of Creditors Meeting & General Meeting

 

Further to the Company's announcement of 11 March 2025, the Board of Electric
Guitar plc (LSE: ELEG) is pleased to announce that at the General Meeting held
earlier today, all resolutions were duly passed. In addition, at a meeting of
creditors held earlier today, the Company Voluntary Arrangement proposal was
approved by the requisite majority of creditors.

 

The Company's ordinary shares were suspended from trading on AIM on 26
November 2024 pending clarification of the Company's financial position. With
the approval of the CVA and passing of the resolutions for the Proposals at
the General Meeting, the Company will apply to London Stock Exchange for
trading in its Ordinary Shares to be restored on AIM, subject to completion of
the Subscription for £300,000 in new equity financing. The Company has made
application to London Stock Exchange for the 875,000,000 Subscription Shares,
as well as 68,147,959 CLN Shares, to be admitted to trading on AIM on or
around 1 April 2025.

 

The Proposals included the Share Capital Reorganisation to amend the nominal
value of the Company's Ordinary Shares to 0.01 pence each and the Company has
made application to London Stock Exchange for the 257,145,740 Existing
Ordinary Shares to be re-admitted to trading on AIM with this new nominal
value on or around 1 April 2025.

 

Further updates on Admission and restoration of trading on AIM will be
provided in due course.

 

With the requisite approvals provided for the CVA, the Supervisor will now
proceed to allocate creditor claims to CVA Shares. The Company will make
application to London Stock Exchange for the 236,782,175 CVA Shares, as well
as up to a further 306,665,817 CLN Shares, to be admitted to trading on AIM on
or around 28 April 2025.

 

Any capitalised terms used but not otherwise defined take the meaning given to
them in the Company's announcement of 11 March 2025.

 

Contacts:

 

 Electric Guitar PLC                                     info@electricguitarplc.com

 Richard Horwood, COO

 Allenby Capital (Nominated Adviser and Broker)          020 3328 5656

 Jeremy Porter / Piers Shimwell / Dan Dearden-Williams

 

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