Karoo Energy Plc - Result of GM, Board and Change of Name
PR Newswire
London, October 11
11 October 2019
Karoo Energy plc
(To be renamed IamFire plc)
("Company")
Result of GM and inter alia Change of Name and Board
The Company is pleased to announce that at the General Meeting of Shareholders held today, all resolutions were duly passed.
Burns Singh Tennent-Bhohi & Jeremy Ross will now join the board of directors alongside Noel Lyons, whilst Dr. Allen Zimbler, Alan Golding, James Negaard and Darren Hopkins have today resigned from the Board.
The new ticker will change to "FIRE" and the ISIN will be GB00BKTRF404
The Company has placed 5,958,333 new Ordinary Shares of £0.0025 each, at a price of £0.024, raising £143,000 before expenses. The placees will also receive one Subscriber Warrant for every one Ordinary Share subscribed, at an exercise price of £0.048 per share, exercisable at any time from the General Meeting for a period of three years.
Following the consolidation, there will be 8,005,683 Ordinary Shares of £0.0025 in issue. This figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Application will be made for the 5,958,333 new Ordinary Shares, pursuant to the Placing, to be admitted to trading on the NEX Exchange Growth Market and it is expected that admission will occur on or around 17 October 2019.
Incoming Non-Executive Director, Burns Singh Tennent-Bhohi stated:
"I would like to extend my thanks to the shareholders and Directors of Karoo Energy. Shareholders of Karoo were in attendance at the GM this morning and I thank them for their attendance and support. The resolutions passed at the GM today enable the company to retain its listing, welcome new directors and shareholders and importantly, to restructure the liabilities associated with the company in order to proceed with a fresh bill of health.
To this end, I thank Noel Lyons for agreeing to personally satisfy the trade-creditors associated with Karoo Energy's admission to AIM. This was a key part of our discussions and it is encouraging and reassuring to see a Director take responsibility. Noel will continue to be a Director and shareholder of the company, assisting in the operational transition as the company moves forward.
Over the coming weeks the immediate Board meetings will focus on the corporate strategy that we as a company look to pursue moving forward on the NEX-Exchange. I look forward to updating the market with these developments and ensuring that we progress the company in a disciplined and controlled manner.
Principally, the Board and I will be working to create a lean, low-cost investment vehicle. The company will evaluate a transactions that will be governed by the ability to attract market-interest and capital support. I am confident given the network and global access to assets & capital that we as a Board maintain, of delivering a transaction of value to shareholders.
Until formal corporate e mails and office lines are set-up, I welcome all existing, new and interested investors to get in touch should they wish to discuss IamFire plc."
The Directors of the Company accept responsibility for the content of this announcement.
ENQUIRIES:
Company
Karoo Energy plc
(To be renamed IamFire plc)
Burns Singh Tennent-Bhohi (Director)
Telephone: 020 3778 0755
Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Telephone: 020 7220 9795
