REG - Holders Technology - Result of General Meeting

Holders TechnologyAnnouncement

15/12/2023 12:45

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RNS Number : 0224X  Holders Technology PLC  15 December 2023

15 December 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Holders Technology plc

("Holders Technology", the "Group" or the "Company")

Result of General Meeting

 

Holders Technology (AIM:HDT) announces that the ordinary resolution and two
special resolutions proposed at the General Meeting of the Company held this
morning were duly passed.  Voting on the Resolutions, which was by way of a
poll, was as follows:

 

 Ordinary Resolutions                                                             For                            Against                        Total votes validly cast  No. of votes withheld
                                                                                  No. of votes  % of votes cast  No. of votes  % of votes cast
 1.THAT, the Company be generally authorised for the purposes of section 701 of   2,506,014     91.53            231,976       8.47             2,737,990                 4,000
 the Companies Act 2006 (the "Act") to make one or more market purchases
 (within the meaning of section 693(4) of the Act) of ordinary shares of £0.10
 each (the "Ordinary Shares") in the capital of the Company, in connection with
 the Tender Offer and Repurchase.

 

 Special Resolutions                                                              For                            Against                        Total votes validly cast  No. of votes withheld
                                                                                  No. of votes  % of votes cast  No. of votes  % of votes cast
 2.THAT, the cancellation of the admission of the Ordinary Shares to trading on   2,498,124     91.17            241,976       8.83             2,740,100                 1,890
 AIM, the market of that name operated by London Stock Exchange plc, be and is
 hereby approved.
 3.THAT, conditional upon the Resolution numbered 2 being approved by             2,498,124     91.17            241,976       8.83             2,740,100                 1,890
 Shareholders at the Meeting and upon De-Listing taking effect: (a) the Company
 be re-registered as a private company; and (b) the new Articles of Association
 be adopted, with effect from the issue of the certificate of incorporation as
 a private limited company.

 

As at 6.00 p.m. on 13 December 2023, being the voting record date for the
General Meeting, the Company's issued share capital consisted of 4,224,164
Ordinary Shares, carrying one vote each. Therefore, the total voting rights of
the Company were 4,224,164.

 

The result of the General Meeting will also be made available on the Company's
website: https://www.holderstechnology.com/investor-information/
(https://www.holderstechnology.com/investor-information/) .

 

The Board urges Shareholders to carefully read the Circular published on 29
November 2023, which provides information about the background to, and reasons
for, the Tender Offer.  The Tender Offer is conditional upon the Acceptance
Condition being satisfied, further details of which are available in the
Circular. The Circular can be found on the Company's website.

 

Shareholders who wish to tender their Ordinary Shares in the Tender Offer
should note that the Tender Offer remains open until 1.00 p.m. on 20 December
2023, unless otherwise extended in accordance with the terms and conditions
set out in the Circular.  If the Acceptance Condition is satisfied the Tender
Offer will remain open for acceptances for a further 14 calendar days from the
Closing Date to enable Shareholders who have not yet tendered their Ordinary
Shares in the Tender Offer to do so if they wish. In order to do so,
Shareholders must lodge their completed Tender Forms with the Company's
receiving agent, Neville Registrar, or submit their instructions via CREST.

 

For further information, contact:

 Holders Technology plc                                                    01896 758781
 Rudi Weinreich, Executive Chairman
 Victoria Blaisdell, Group Managing Director
 Mehul Shah, Group Finance Director
 Website www.holderstechnology.com (http://www.holderstechnology.com/)

 SP Angel Corporate Finance LLP (Financial Adviser, Nominated Adviser and  020 3470 0470
 Broker)
 Matthew Johnson/Harry Davies-Ball, Corporate Finance
 Abigail Wayne, Corporate Broking

 

Important Notices

S.P. Angel Corporate Finance LLP ("SP Angel"), which is authorised and
regulated by the FCA, is acting as nominated adviser and broker to the Company
for the purposes of the AIM Rules. Persons receiving this announcement should
note that SP Angel is acting exclusively for the Company and no one else and
will not be responsible to anyone, other than the Company, for providing the
protections afforded to customers of SP Angel or for advising any other person
on the transactions and arrangements described in this announcement. SP Angel
makes no representation or warranty, express or implied, as to the contents of
this announcement and SP Angel does not accept any liability whatsoever for
the accuracy of or opinions contained (or for the omission of any material
information) in this announcement and shall not be responsible for the
contents of this announcement. Nothing in this paragraph shall serve to
exclude or limit any responsibilities which SP Angel may have under FSMA or
the regulatory regime established thereunder.

 

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or solicitation of any offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any securities or the
solicitation of any vote or approval in any jurisdiction. Any offer (if made)
will be made solely by certain documentation which will contain the full terms
and conditions of any offer (if made), including details of how such offer may
be accepted. This announcement has been prepared in accordance with English
law and the Code and information disclosed may not be the same as that which
would have been prepared in accordance with laws outside the United Kingdom.
The release, distribution or publication of this announcement in jurisdictions
outside the United Kingdom may be restricted by the laws of the relevant
jurisdictions and therefore persons into whose possession this announcement
comes should inform themselves about, and observe, any such restrictions. Any
failure to comply with the restrictions may constitute a violation of the
securities laws of any such jurisdiction.

 

Forward-looking statements

This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would", "could" or
"should" or, in each case, their negative or other variations or comparable
terminology. These forward-looking statements include matters that are not
facts. They appear in a number of places throughout this announcement and
include statements regarding the Directors' intentions, beliefs or current
expectations concerning, amongst other things, the Group's results of
operations, financial condition, liquidity, prospects, growth and strategies.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances. A number of factors
could cause actual results and developments to differ materially from those
expressed or implied by the forward-looking statements, including, without
limitation: ability to find appropriate investments in which to invest and to
realise investments held by the Group; conditions in the public markets; the
market position of the Group; the earnings, financial position, cash flows and
return on capital of the Group; the anticipated investments and capital
expenditures of the Group; changing business or other market conditions; and
general economic conditions.

Forward-looking statements contained in this announcement based on past trends
or activities should not be taken as a representation that such trends or
activities will continue in the future. Subject to any requirement under the
AIM Rules, Prospectus Rules, the Disclosure and Transparency Rules or other
applicable legislation or regulation, the Company does not undertake any
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Investors should not
place undue reliance on forward-looking statements, which speak only as of the
date of this announcement.

 

No Profit Forecast

No statement in this announcement or incorporated by reference into this
announcement is intended to constitute a profit forecast or profit estimate
for any period, nor should any statement be interpreted to mean that earnings
or earnings per share will necessarily be greater or less than those for the
preceding financial periods of the Company.

 

Notice for US Shareholders

The Tender Offer relates to securities in a non-US company which is registered
in the UK and is subject to the disclosure requirements, rules and practices
applicable to companies listed in the UK, which differ from those of the
United States in certain material respects. This announcement has been
prepared in accordance with UK style and practice for the purpose of complying
with English law and the AIM Rules, and US Shareholders should read this
entire announcement and the Circular, including Part 2. The financial
information relating to the Company, which is available for review on the
Company's website, has not been prepared in accordance with generally accepted
accounting principles in the United States and thus may not be comparable to
financial information relating to US companies.

The Tender Offer is not subject to the disclosure and other procedural
requirements of Regulation 14D under the US Exchange Act. The Tender Offer
will be extended into the United States in accordance with the requirements of
Regulation 14E under the US Exchange Act to the extent applicable. Certain
provisions of Regulation 14E under the US Exchange Act are not applicable to
the Tender Offer by virtue of Rule 14d-1(c) under the US Exchange Act. US
Shareholders should note that the Ordinary Shares are not listed on a US
securities exchange and the Company is not subject to the periodic reporting
requirements of the US Exchange Act and is not required to, and does not, file
any reports with the US Securities and Exchange Commission thereunder.

It may be difficult for US Shareholders to enforce certain rights and claims
arising in connection with the Tender Offer under US federal securities laws
since the Company is located outside the United States and all of its officers
and directors reside outside the US. It may not be possible to sue a non-US
company or its officers or directors in a non-US court for violations of US
securities laws. It also may not be possible to compel a non-US company or its
affiliates to subject themselves to a US court's judgment.

The receipt of cash pursuant to the Tender Offer by a Shareholder who is a US
person may be a taxable transaction for US federal income tax purposes and
under applicable US state and local, as well as foreign and other, tax laws.
Each Shareholder is urged to consult his, her or its independent professional
adviser immediately regarding the tax consequences of tendering any Ordinary
Shares in the Tender Offer.

To the extent permitted by applicable law and in accordance with normal UK
practice, the Company, SP Angel or any of their respective affiliates, may
make certain purchases of, or arrangements to purchase, Ordinary Shares
outside the United States during the period in which the Tender Offer remains
open for participation, including sales and purchases of Ordinary Shares
effected by SP Angel acting as market maker in the Ordinary Shares. These
purchases, or other arrangements, may occur either in the open market at
prevailing prices or in private transactions at negotiated prices. In order to
be excepted from the requirements of Rule 14e-5 under the US Exchange Act by
virtue of Rule 14e-5(b)(10) thereunder, such purchases, or arrangements to
purchase, must comply with applicable English law and regulation, including
the AIM Rules, and the relevant provisions of the US Exchange Act. Any
information about such purchases will be disclosed as required in the UK and
the United States and, if required, will be reported via a Regulatory
Information Service and will be available on the London Stock Exchange website
at www.londonstockexchange.com.

While the Tender Offer is being made available to Shareholders in the United
States, the right to tender Ordinary Shares is not being made available in any
jurisdiction in the United States in which the making of the Tender Offer or
the right to tender such Ordinary Shares would not be in compliance with the
laws of such jurisdiction.

This announcement has not been approved, disapproved or otherwise recommended
by the US Securities and Exchange Commission or any US state securities
commission and such authorities have not confirmed the accuracy or determined
the adequacy of this announcement. Any representation to the contrary is a
criminal offence in the United States

 

Rounding

Certain figures included in this announcement have been subjected to rounding
adjustments. Accordingly, figures shown for the same category presented in
different tables or forms may vary slightly and figures shown as totals in
certain tables or forms may not be an arithmetic aggregation of the figures
that precede them.

 

Disclosure Requirements of the Takeover Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th Business Day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
Business Day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

 

Publication on Website

A copy of this announcement will be made available, subject to certain
restrictions relating to persons resident in restricted jurisdictions, on the
Company's website at www.holderstechnology.com
(http://www.holderstechnology.com) by no later than 12 noon (London time) on
18 December 2023. The content of the website referred to in this announcement
is not incorporated into and does not form part of this announcement.

 

Defined Terms

Defined terms in this announcement have the same meaning as in the Circular
(unless otherwise specified).

 

 

 

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