Pantheon Leisure Announcements

EGM Statement

19 August 2008 12:05:06



RNS Number : 6311B Pantheon Leisure PLC 19 August 2008  
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Pantheon Leisure plc / Epic: PLEI / Market: AIM / Sector: Leisure
19 August 2008
Pantheon Leisure plc ('Pantheon' or 'the Company')
General Meeting Statement

Pantheon Leisure plc, an AIM quoted company formed to acquire businesses in the leisure sector, advises that at today's General Meeting of the Company, all resolutions in relation to the Capital Reorganisation and the Capital Cancellation proposed on 25 July 2008, have been duly passed. 

Currently, the nominal value of the Company's Ordinary Shares is more than their market value. The Capital Reorganisation, which has been approved by Shareholders today, will have the effect of reducing the nominal share capital of the Company to 0.5p per New Ordinary Share, thereby bringing the nominal value of the Company's New Ordinary Shares below their market value.

In order to maintain the same number of fully participating Ordinary Shares after the Capital Reorganisation as there were before such reorganisation, each Ordinary Share will be sub-divided into one New Ordinary Share and one Deferred Share.  The Deferred Shares will have no right to vote, only limited rights to participate in dividends and only limited deferred rights on any return of capital.  The rights attaching to the New Ordinary Shares will be identical in all respects to those of the Ordinary Shares.  No application will be made for the Deferred Shares to be admitted to AIM or on any other recognised investment exchange and no certificates in respect of the Deferred Shares will be sent to Shareholders.  All Warrants and Options, which have been granted and issued by the Company, will be adjusted in the same manner as the Ordinary Shares.

The Company is not currently in a position to pay dividends or effect a purchase of its own shares since its profit and loss account is in deficit.  The Capital Cancellation will result in a new reserve being created against which the Company expects to be able to eliminate the entire deficit in its profit and loss account.  The Capital Cancellation will become effective once the Court Order confirming the cancellation is registered with the Registrar of Companies.

* * ENDS * *

For further information please visit www.pantheonleisure.com or contact:
Geoffrey Simmonds
Pantheon Leisure plc
Tel: 020 7935 0823
Liam Murray
Dowgate Capital Advisers Limited
Tel: 020 7492 4777
Neil Badger
Dowgate Capital Stockbrokers Limited
Tel: 01293 517 744
Susie Callear
St Brides Media & Finance Limited
Tel: 020 7236 1177

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