REG - Obtala Limited - Notice of General Meeting
RNS Number : 1645RObtala Limited28 February 201928 February 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Obtala Limited
("Obtala", the "Group" or the "Company")
(AIM: OBT)
Notice of General Meeting
Obtala, the African focused forestry and timber trading company, announces that it will today be posting a circular to shareholders comprising a notice of General Meeting (the "Notice") to be held at 118 Piccadilly, London W1J 7NW on Wednesday 20 March 2019 at 10:00 am.
The purpose of the General Meeting is to seek shareholder approval to change the name of the Company to Woodbois Limited as proposed in the announcement of 30 October 2018. With the Company's strategy now focused on building a best in class African forestry and timber trading platform, this will bring the group under the banner of the stronger and more recognised Woodbois brand.
The General Meeting will also seek shareholder approval to an increase in the Directors' authority to allot equity securities following on from the issue of new ordinary shares and grant of warrants to Volantis and deferred consideration shares for the Montara Continental Consolidation as per the announcement of 10 January 2019 and the resulting dilution of the conversion ratio of the Argento Preference shares announced on 1 December 2016. 75,000 Preference shares were issued by Argento Ltd, Obtala's wholly owned forestry subsidiary with the option, at the Preference shareholder's choice, of converting into either Argento Limited ordinary shares on a 1-for-1 basis or into Obtala Limited ordinary shares on a 1-for-1,435 basis. The conversion ratio is currently on a 1-for-2,275 basis.
The full text of the Notice will be available on the Company's website at www.obtala.com later today.
Obtala Limited
Miles Pelham - Chairman
Paul Dolan - CEO
+44 (0)20 7099 1940
Arden Partners Plc (Nominated adviser and broker)
Tom Price
Maria Gomez de Olea
+44 (0)20 7614 5900
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