News Releases
News releases 2009
15 June 2009
Result of General Meeting
SovGEM Limited (AIM:SOV), announces that, at the Company's general meeting held earlier today, all of the ordinary and special resolutions proposed to shareholders (as set out in the circular to shareholders dated 20 May 2009) ('the Circular') were duly passed.
The ordinary and special resolutions included the approval of the acquisition of Hanson Westhouse Holdings Limited ("Hanson Westhouse"), the Company's change of name to Hanson Westhouse Holdings plc and the consolidation by a ratio of 5:1 of the Company's ordinary shares into ordinary shares of 0.005 pence each ("New Shares").
It is expected that the issued share capital of the Company as enlarged by, inter alia, the acquisition of Hanson Westhouse and the placing of New Shares to raise £850,000, will be admitted to trading on AIM on 16 June 2009 ("Admission"). It is also expected that the Company will trade under its new name with the stock market EPIC HWH.L from Admission. A total of 5,475,625 New Shares have been issued in consideration for the acquisition, representing approximately 47.78 per cent. of the enlarged share capital of the Company on Admission, and a further 1,428,571 New Shares have been issued to raise £850,000. The issued share capital of the Company on Admission will comprise 11,459,196 New Shares.
The proposed Board changes set out in the Circular will also become effective on Tuesday 16 June 2009. William Staple has been appointed Chief Executive, Jonathan Azis has been appointed Finance Director, and Sir Hayden Phillips and Andrew Beeson have been appointed Non-executive Directors of the Company. Garth Milne will remain as Chairman of the Company. The other SovGEM directors have resigned, although Hugh de Lusignan, currently Chief Executive, and Douglas Kearney, currently Finance Director, will continue working within the Hanson Westhouse business.
Save as disclosed in the Circular there is no further information that is required to be disclosed regarding the Directors under schedule 2(g) of the AIM Rules for Companies.
Garth Milne, Chairman of SovGEM Limited, said: "We are extremely pleased that all the resolutions have been duly passed and that the enlarged group can commence trading as Hanson Westhouse Holdings plc tomorrow. We recognise the market need for a return to high-quality, relationship-driven corporate broking and advisory services. The Board of Hanson Westhouse and its industry-recognised advisory panel is well placed in the market cycle, with the right sector and geographic offering, to build a long-term successful business on behalf of our shareholders.
"I would also like to take this opportunity to thank those of the SovGEM directors who are not continuing with the enlarged group for their support and assistance since SovGEM's admission to AIM in 2004."
For further information:
| SovGEM Limited | |
| Garth Milne, Chairman | Tel: +44 (0) 7768 992 470 |
| Hugh de Lusignan, Chief Executive Officer | Tel: +44 (0) 20 7389 0655 |
| hdelusignan@sovereigngroup.com | www.sovgem.com |
| Hanson Westhouse Holdings plc | |
| William Staple, Chief Executive | Tel: +44 (0) 20 7601 6100 |
| william.staple@westhousesecurities.com | www.westhousesecurities.com |
| Nominated Adviser | |
| Smith & Williamson Corporate Finance Limited | |
| Azhic Basirov / Joanne Royden-Turner | Tel: +44 (0) 20 7131 4000 |
| corpfinance@smith.williamson.co.uk | www.smith.williamson.co.uk |
| Broker | |
| Hanson Westhouse Limited | |
| Tim Metcalfe | Tel: +44 (0) 20 7601 6100 |
| tim.metcalfe@westhousesecurities.com | www.westhousesecurities.com |
Media enquiries:
| Abchurch Communications Limited | |
| Henry Harrison-Topham / Jack Ballantyne | Tel: +44 (0) 20 7398 7714 |
| jack.ballantyne@abchurch-group.com | www.abchurch-group.com |