Parity Group Plc. (PTY.L) announced that it will post a circular to shareholders convening a General Meeting to be held on 5 June 2013 at which it will seek shareholder approval, amongst other things, for the proposed cancellation of admission to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities and details its intention to apply for admission to trading on AIM.
In conjunction with the proposal to seek Shareholder approval for the Delisting and Admission of the Ordinary Shares to trading on AIM, the company also proposed to raise 7 million pounds , before expenses, by way of a placing of 25.92 million new Ordinary Shares at a price of 27 pence per New Ordinary Share representing a 23.4 per cent discount to the Closing Price of 35.25 pence per Ordinary Share on 16 May 2013.
The Listing Rules require that if a company wishes to cancel its listing on the Official List then it must seek the approval of not less than 75 per cent of its shareholders in a general meeting voting in person or by proxy.
The company said that the Resolutions are inter-conditional, therefore, if any of the Resolutions are not passed the Delisting, Admission and Placing will not proceed. The Placing is conditional, inter alia, on the passing by the Shareholders of the Resolutions at the General Meeting, including a special resolution which will give the Directors the required authority to disapply statutory pre-emption rights in respect of the allotment of the Placing Shares. Subject to all relevant conditions being satisfied (or, if applicable, waived), it is expected that the Ordinary Shares, including the Placing Shares, will be admitted to trading on AIM on or around 5 July 2013.
The company noted that the net proceeds of the Placing will enable it to initiate its acquisition strategy in the digital media market to seek to become a significant early mover in the new creative technology sector of this market.
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