TIDMMSS
RNS Number : 1370E
Managed Support Services PLC
25 May 2012
Managed Support Services plc
(being renamed Kennedy Ventures Plc)
(the "Company")
Results of General Meeting and board changes
The board is pleased to announce that at the General Meeting of
the Company and the Meeting of Creditors and Members held earlier
today all resolutions were duly passed, consequently the Company
has, inter alia:-
-- approved the capital reorganisation;
-- approved the disposal of its subsidiaries;
-- approved the CVA;
-- approved the investing policy, and
-- approved the Company's change of name to Kennedy Ventures Plc.
Placing
The Company is also pleased to announce that as a consequence of
the approval of the resolutions at the General Meeting, Rivington
Street Corporate Finance, the Company's brokers, completed a
placing of 2,500,000,000 new ordinary shares in the Company at a
price of 0.02p (raising GBP500,000 before expenses).
Full details of the Placing and sub-division were set out in a
circular sent to shareholders on 8 May 2012. Application has been
made for the 2,500,000,000 new ordinary shares to be issued
pursuant to the Placing and the 209,802,191existing ordinary shares
for which the nominal value has been changed to 0.01p, to be
admitted to trading on AIM. No application will be made for the
deferred shares to be admitted to AIM or any other exchange.
Admission and dealing is expected to occur at 8.00 a.m. on 28 May
2012.
Shareholders' CREST accounts will be amended at close of
business today to reflect the change in nominal value of the
ordinary shares. For shareholders who hold their ordinary shares in
certificated form, no new share certificates will be issued to
reflect the change in nominal value of the ordinary shares.
Existing share certificates will be valid and will continue to be
accepted as evidence of title for the new ordinary shares of 0.01
pence each.
Following the admission of the ordinary shares on 28 May 2012the
Company's total issued share capital will be 2,709,802,191ordinary
shares of 0.01p each. This figure (2,709,802,191ordinary shares)
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FSA's Disclosure and Transparency Rules.
Board changes
Following the completion of the General Meeting Rodney Mann,
Simon Beart and Piers Wilson have resigned from the board and Peter
Redmond and Christopher Yates have been appointed as directors of
the Company with immediate effect.
Peter Redmond - Executive Director
Peter is an experienced corporate financier and has some 30
years' experience in corporate finance and venture capital. He has
gained particular experience in the field of reverse takeovers and
mergers. He became director of corporate finance at Durlacher
Limited in 2003, then joined Merchant House Group PLC where he
later became Chief Executive. He has been active in reconstructing
a number of AIM companies which have subsequently acquired or
established operating businesses. Reverse transactions on which he
has acted include Weatherly International PLC and IGas Resources
PLC, in both cases acting as a director both before and after the
reverse. Currently, Peter is Chairman of Leed Resources PLC, which
is an investment company on AIM and a director of Black Eagle
Capital PLC, which is an investment company on PLUS.
Further disclosure on Mr Redmond pursuant to Schedule 2(g) of
the AIM Rules is provided below.
Peter Redmond, age 63
Current Directorships / Past Directorships /Partnerships
Partnerships in last 5 years
Leed Resources PLC Merchant Capital Limited
Blenheim Wind (UK) PLC Merchant House Group PLC
Blenheim Energy Limited Merchant House Finance Limited
Blenheim Wind & Biomass Island Gas Resources PLC (now Igas
Limited Energy PLC)
Renewable Power & Light Weatherly International PLC
Limited
Petsome PLC
Citypoint Holdings PLC Wind Ventures Limited
Renewable Power & Light BWA Group PLC
PLC
Fortfield Investments PLC Westover Wines PLC
Devonshire Wind Projects Synigence PLC
Limited Bass Energy Pty (Australia)
Black Eagle Capital PLC
Pires Investments PLC Fenchurch Capital Limited
Mr Redmond was a director of BWA Group PLC, Bella Media PLC,
Weatherly International PLC and Igas Energy PLC all of which have
in the past been the subject of CVAs. Mr Redmond joined the boards
of the companies concerned in order to assist in the refinancing
and reconstruction immediately after the CVAs had been put in
place. In all cases the CVAs were successfully completed.
Mr Redmond has joined the board of Pires Investments plc on 17
April 2012 as a director (formerly Oak Holdings plc). Pires
Investments PLC undertook a CVA on 23 March 2012.
Christopher Yates - Non Executive Director
Christopher has been a corporate financier for nearly 30 years
involved mainly with smaller quoted companies. He qualified as a
chartered accountant in 1978 and, following a secondment to the
London Stock Exchange, joined the corporate finance department of
Laing & Cruickshank (which became Credit Lyonnais Securities).
He worked on flotations, fund raisings, take-overs, acquisitions
and disposals for small quoted companies including a number of
investment companies. In January 2003 he joined Corporate Finance
Partners Limited, a small corporate finance advisory firm of which
he is still a director. In October 2010, he became finance director
and company secretary of Oak Holdings plc. Following the
termination of two critical agreements by a local authority, he
worked through a CVA for that company which has become the
investment company, Pires Investments plc and continues as director
and company secretary. Christopher is a non-executive director of
two unquoted companies, Culver Holdings plc and Phoenix
Administration Services Ltd. From 1999 until 2006, he was a member
of the Corporate Governance Committee of the Quoted Companies
Alliance (and chairman between 2001 and 2006).
Further disclosure on Mr Yates pursuant to Schedule 2(g) of the
AIM Rules is provided below.
Christopher Yates, age 58
Current Directorships / Partnerships Past Directorships /Partnerships
in last 5 years
Pires Investments PLC Rother Valley Country Park Limited
Oak Heritage Limited The Regent Organisation Limited
Oak Ventures Limited
Ringwood Town & Country Experience
Limited
Rother Valley Steam Railway
Limited
Time Afloat Limited
Yorkshire Entertainment Sensation
Limited
Culver Holdings plc
Culver Limited
Corporate Finance Partners
Limited
CFP Limited
Phoenix Administration Services
Ltd
Christopher Yates is a Director of Pires Investments plc
(formerly Oak Holdings plc) and was a director at the time a
creditors voluntary arrangement was proposed by the directors and
approved by creditors and shareholders. He was also a director of a
subsidiary of Pires Investments plc, Rother Valley Country Park
Limited, which is in compulsory liquidation with an estimated
shortfall of approximately GBP377,000.
The Directors of the issuer accept responsibility for this
announcement.
--ENDS--
FOR FURTHER INFORMATION, PLEASE CONTACT:
Managed Support Services plc:
Peter Redmond Tel: 0771 8660727
Cenkos Securities plc:
Nick Wells / Stephen Keys Tel: 020 7397 8900
Rivington Street Corporate Finance
Limited:
Jon Levinson / Tom Stockton Tel: 020 7562 3365
This information is provided by RNS
The company news service from the London Stock Exchange
END
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