Result of EGM
13 September 2006
Clan Homes Plc announces that, at the Extraordinary General Meeting held earlier today at the offices of Daniel Stewart & Company plc, all of the resolutions proposed to shareholders (as set out in its circular to shareholders dated 11 August 2006) ("the Circular") were duly passed.
The resolutions included the approval of the proposed acquisition of General Capital Group plc (General Capital), and the Company's change of name to General Capital Group plc. The acquisition constitutes a reverse takeover under the AIM rules because, inter alia, of the size of the transaction and the change in Board control. General Capital Group Plc is an independent asset and venture finance specialist.
The Company has agreed to acquire the entire issued ordinary and A ordinary share capital of General Capital Group for a consideration of approximately £13 million. It is expected that the issued share capital of the Company as enlarged by, inter alia, the acquisition of General Capital, will be admitted to trading on AIM on 14 September 2006. It is also expected that the Company will trade under its new name with the stock market EPIC GENC on or shortly after Admission. The consideration shares will represent approximately 80 per cent of the Enlarged Issued Share Capital. On 11 August 2006, the Company announced that it was to seek to place a total of 2,287,681 Ordinary Shares at 94.316 pence per share. Commitments have been received for the entire placing of shares representing £2.16 million before expenses.
The proposed Board changes will also become effective on 14 September 2006. Jonathan Hill becomes Executive Deputy Chairman, Mark Edworthy Managing Director and Nick Marsham Finance Director. David Hickey becomes Non-Executive Chairman of General Capital while Alex Scott-Barrett joins as Non-Executive Director.
David Hickey, Chairman, said: "We are extremely pleased that all the resolutions have been duly passed and that the Enlarged Group can commence trading as General Capital Group plc tomorrow.
"The reverse takeover of Clan Homes Plc provides the financial strength for General Capital Group Plc to execute its ambitious organic and acquisitive growth strategy. Having assembled a high quality management team and having invested in core systems and infrastructure, General Capital is very confident in achieving its goals in this under-serviced and growing market."
Terms defined in the Circular have the same meaning in this announcement.
For Further Information:
| General Capital | |
| Mark Edworthy, Managing Director | Tel: +44 (0) 1473 252 565 |
| mark.edworthy@generalcapital.co.uk | |
| Clan Homes plc | |
| David Hickey | Tel: +44 (0) 207 065 5646 |
| Daniel Stewart | |
| Jonny Franklin-Adams | Tel: +44 (0) 20 7776 6579 |
| jonny.franklin-adams@danielstewart.co.uk |
Media Enquiries:
| Abchurch Communications | |
| Heather Salmond / Laura Riascos | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
General Capital is an independent asset and venture finance specialist established in 1991. It has developed a strong niche in an under-serviced and growing market, providing a range of lending solutions to UK Small-to-Medium sized Enterprises (SMEs). Its three core focuses are commercial asset finance, property development and bridging finance and venture finance.
General Capital's financing methods provide intelligently structured bespoke solutions for each client. It is experienced in supporting businesses through all stages of development: well backed start-ups, growth situations, turnaround projects, acquisitions and management buy outs and buy ins. General Capital has specific and growing experience in providing finance to quality companies on track for an AIM flotation.