REG - Mobile Tornado Group - Notice of AGM and amendment to preference shares

Mobile TornadoAnnouncement

15/07/2024 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240715:nRSO4409Wa&default-theme=true

RNS Number : 4409W  Mobile Tornado Group PLC  15 July 2024

15 July 2024

 

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

 

Notice of AGM and amendment to preference shares

 

Mobile Tornado (AIM: MBT) a leading provider of resource management mobile
solutions to the enterprise market, announces that the Company has today sent
notice of its annual general meeting ("AGM") and forms of proxy to
shareholders. A copy of the AGM notice and proxy form is available on the
Company's website, www.mobiletornado.com.

 

The AGM will be held at 9 a.m. on 12 August 2024 at Cardale House, Cardale
Court, Beckwith Head Road, Harrogate, HG3 1RY.

 

Extension to preference shares redemption date

 

The Company currently has indebtedness to Holf Investments Ltd ("Holf") of
£11.8 million, consisting of: £5.7 million of redeemable preference shares
(the "Preference Shares"); £3.3 million of accrued preference share coupon
and interest; £2.1 million of short-term borrowings; and a current account,
representing primarily rent and service fees due to Holf, of £0.7million. The
Preference Shares currently have a redemption date of 31 December 2024.

 

The Company and Holf have today agreed to an extension to the redemption date
of the Preference Shares from 31 December 2024 until on or before 31 December
2025. This extension will require a minor amendment to the Company's articles
of association and will therefore be subject to shareholder approval. The AGM
notice contains details of a special resolution to make the appropriate
amendments to the articles. All other terms of the Preference Shares will
remain the same and they will continue to accrue interest at a rate of 10% per
annum.

 

As Holf is a substantial shareholder in the Company (as defined in the AIM
Rules for Companies ("AIM Rules")), the extension to the redemption date of
the Preference Shares constitutes a related party transaction under the AIM
Rules. The Directors of the Company (save for Peter Wilkinson, who is a
controlling shareholder of Holf, and Luke Wilkinson who is the son of Peter
Wilkinson), having consulted with the Company's nominated adviser, Allenby
Capital Limited, consider the extension of the redemption date to be fair and
reasonable insofar as the Company's shareholders are concerned.

 

Enquiries:

 

 Mobile Tornado Group plc                                  +44 (0)7734 475 888
 Jeremy Fenn, Chairman and acting CEO                      www.mobiletornado.com (http://www.mobiletornado.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)      +44 (0)20 3328 5656
 James Reeve/Piers Shimwell (Corporate Finance)

 David Johnson (Sales and Corporate Broking)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NOAGPUQWMUPCGGA