AVR Avarae

 

TIDMAVR 
 
RNS Number : 9583N 
Avarae Global Coins PLC 
26 February 2009 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
AVARAE GLOBAL COINS PLC 
 
 
NOTICE OF EXTRAORDINARY GENERAL MEETING 
 
 
 
 
London (AIM: AVR): 26 February 2009 - Avarae Global Coins Plc (the "Company"), 
the UK's only publicly traded specialist investment company dedicated to 
investing in rare and high quality coins, announces that it is today posting a 
circular to shareholders (the "Circular"), including a notice convening an 
extraordinary general meeting (the "EGM"). At the EGM a resolution will be put 
to shareholders for approval to grant the Company increased authority to make 
market purchases of ordinary shares in the capital of the Company from 10 per 
cent. to 25 per cent. of the Ordinary Shares in issue. 
 
 
Since late 2008, your Board has been made aware of potentially significant 
numbers of Ordinary Shares becoming available for sale from a small number of 
Shareholders which, the Directors believe, is having a detrimental effect on the 
share price of the Company's Ordinary Shares. Having consulted with some of its 
largest institutional Shareholders, the Board is of the opinion that it would be 
in the best interests of Shareholders to increase the Company's existing 
authorities to make market purchases of Ordinary Shares from 10 per cent. to 25 
per cent. of the Ordinary Shares in issue. 
 
 
As at 31 December 2008, the Company had unaudited net assets of more than 
GBP11.0 million, of which more than GBP2.0 million was net cash. The Directors, 
and a significant proportion of the Company's Shareholders, believe this cash 
should be used to acquire Ordinary Shares if such an opportunity arises in a 
manner which increases the net asset value of the Company. The Directors intend 
to use the authority granted by the Resolution to make opportunistic market 
purchases of Ordinary Shares in order to increase the Company's net asset value 
per Ordinary Share, which, at 31 December 2008, stood at approximately 10.9 
pence (unaudited). The Directors will only exercise the authority to purchase 
Ordinary Shares where they consider that such purchases will be in the best 
interests of Shareholders generally and will result in an increase in net asset 
value per Ordinary Share. 
 
 
The EGM is to be held at the offices of the Company at Ground Floor, East Suite, 
Exchange House, 54-58 Athol Street, Douglas, Isle of Man at 12:00 noon on 23 
March 2009. Copies of the Circular will shortly be available on the Company's 
website at www.avarae.com. 
 
 
 
 
For further information on Avarae Global Coins plc, please contact: 
 
 
 
 
+--------------------------------------------------------+---------------------------+ 
| Brian Hatton/Matthew Wood                              |        +44 (0)1624 615614 | 
+--------------------------------------------------------+---------------------------+ 
| Avarae Global Coins plc                                |                           | 
+--------------------------------------------------------+---------------------------+ 
|                                                        |                           | 
+--------------------------------------------------------+---------------------------+ 
| Adrian Hadden/Stewart Wallace/Lorraine Delannoy        |       +44 (0)20 7523 8350 | 
+--------------------------------------------------------+---------------------------+ 
| Collins Stewart Europe Limited                         |                           | 
+--------------------------------------------------------+---------------------------+ 
|                                                        |                           | 
+--------------------------------------------------------+---------------------------+ 
| Sarah Scott/Gordon Puckey                              |       +44 (0)20 7947 2857 | 
+--------------------------------------------------------+---------------------------+ 
| Phoenix Financial PR                                   |                           | 
+--------------------------------------------------------+---------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 NOECKAKBPBKDPBB 
 

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