HIT Hitchens Grp

RNS Number:9667N
Hitchens Group PLC
14 February 2008



                               Hitchens Group plc

                         ("Hitchens" or "the Company")
                                  (AIM: HIT.L)

                                 Notice of EGM

The Company has today sent a circular to shareholders convening a general
meeting at 10 a.m. on Friday 7th March 2008  at the offices of the Company's
Solicitors, Pannone LLP, 123 Deansgate, Manchester M3 2BU.

Further to the Company's announcement of 1st February 2008 (Preliminary Results
for the Period Ending 30 September 2007), the Board is pleased to confirm that
negotiations for the acquisition of a private company which has product sourcing
capability in the graded goods sector are now at an advanced stage.

The Board is considering its options for raising finance which may include an
equity issue which will therefore require shareholder approval for an increase
in the Company's authority to issue shares. In addition to raising finance for
the Potential Acquisition, the Board are also considering raising additional
finance to cover professional fees and costs associated therewith and provide
additional working capital for the Company.

Shareholder approval is being sought to allow the Company under section 95 of
the Act to allot relevant securities on a  non pre-emptive basis.

In order for sufficient finance to be raised to complete the Potential
Acquisition, the Company will require the Increased Authority to enable it to
allot new ordinary shares in the capital of the Company to equity investors. The
Increased Authority is sought at this time, prior to any further details
relating to the Potential Acquisition being released, for two reasons:

(1) firstly, any negotiations with the potential target company are likely to be
conducted on a short timescale and the Board considers that waiting until
negotiations are near conclusion before giving notice of an extraordinary
general meeting at which approval of the Proposal would be sought may jeopardise
completion of the Potential Acquisition;

(2) secondly, the sellers of the potential target are likely to require that
completion of the Proposed Acquisition takes place prior to 5th April 2008 due
to proposed changes to the capital gains tax regime announced by the Chancellor
earlier this year. Consequently, the Board consider it advantageous to confirm
to the potential Sellers that the Company has sufficient authority in place to
raise sufficient finance to fund the Potential Acquisition at as early a stage
in the negotiations as possible.

A copy of the circular is available on the Company's website at 
www.hitchensgroupplc.co.uk.

Enquiries:

Hitchens Group plc Tel: 0161 487 5850
www.hitchensgroupplc.co.uk
Simon Fine

Daniel Stewart & Company plc Tel: 020 7776 6550
Oliver Rigby

Bishopsgate Communications Ltd Tel: 020 7562 3350
Maxine Barnes/ Nick Rome/ Nick Farmer
hitchens@bishopsgatecommunications.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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