REG - McBride PLC - Notice of General Meeting

McBrideAnnouncement

09/08/2022 07:00

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RNS Number : 3178V  McBride PLC  09 August 2022

9 August 2022

 

McBride plc

Notice of General Meeting 2022

 

McBride plc (the "Company" or the "Group") announces that today, 9 August
2022, it posted to shareholders the Notice of General Meeting to be held at
1.30pm BST on Thursday, 25 August 2022 at Building C, Central Park,
Northampton Road, Manchester M40 5BP.

The Group has been significantly impacted by and continues to experience a
period of uncertainty caused by various macroeconomic factors which has
resulted in an increase in the Group's borrowings and a reduction to the value
of the adjusted capital and reserves in the Company's balance sheet. As the
borrowing limit in the Company's articles of association (the "Articles") is
calculated by reference to the adjusted capital reserves in the Company's
latest audited consolidated balance sheet, when the Company publishes its
audited accounts for the financial year ended 30 June 2022, it is expected
that the Group's borrowings will exceed the current limit in Article 89.2 of
the Articles. The Board is therefore seeking shareholder approval in order to
sanction an increase in the Group's borrowing limit (as permitted under
Article 89).

The Directors have secured irrevocable undertakings from certain of the
Company's largest shareholders 1  (#_ftn1) representing a majority (58.4 per
cent.) of the Company's shares to vote in favour of the proposed resolution.

The Board considers that the resolution set out in the Notice of General
Meeting is in the best interests of the Company and of its shareholders as a
whole and unanimously recommends shareholders to vote in favour of it, as each
of the Directors intends to do in respect of their own beneficial holdings.

In accordance with Listing Rule 9.6.1, copies of the following documents have
been submitted to the UK Listing Authority and will shortly be available for
inspection from the Financial Conduct Authority's National Storage Mechanism
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) :

 

-       Notice of General Meeting 2022; and

-       Proxy Form for the General Meeting 2022.

The above documents are also available at www.mcbride.co.uk
(http://www.mcbride.co.uk)

 

 McBride plc
 Jeff Nodland, Chairman   0161 203 7570
 Chris Smith, CEO

 FTI Consulting
 Ed Bridges, Nick Hasell  020 3727 1017

 

 1  (#_ftnref1)   being: Teleios Capital Partners LLC, DUMAC Inc, Zama
Capital Partners LLC and Gilead Capital LP.

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