Investors Archive

Purchase and Cancellation of Deferred Shares

The Company is pleased to confirm that, in accordance with the rights set out in its articles of association, all outstanding Deferred Shares of 20p each in the capital of the Company  have been purchased (for an aggregate consideration of one penny) by the Company and subsequently cancelled.  The consent of the holders of the Deferred Shares was not required for such purposes as set out in the articles. Following the purchase of the Deferred Shares by the Company, the Deferred Shares were immediately cancelled and as such there are no longer any Deferred Shares in issue.

The Deferred Shares were created in March 2009 when the Comp any undertook a placing and open offer to raise funds. At that time, and before proceeding with the Placing and Open Offer, the Company’s Ordinary Share capital was reorganised by means of a capital reorganisation which involved: (i) the subdivision and reclassification of each Ordinary Share of 25p nominal value then in issue into one new ordinary Share of five pence and one Deferred Share of 20 pence; and (ii) the subdivision of each authorised but unissued ordinary share into five new ordinary shares of five pence each. On completion of the capital reorganisation, each ordinary shareholder at the time then held one new ordinary share and one Deferred Share for each ordinary share then held.