Press Release
23 November 2010
Proventec plc
("Proventec" or the "Company")
Result of Court Meeting and General Meeting
The Board of Proventec plc (AIM: PROV, Alternext: ALPTC) is pleased to announce that, at the Court Meeting held earlier today, the proposed Scheme of Arrangement (the "Scheme") was approved by the requisite majority of Note Holders. Details of the Scheme are set out in the circulars posted to Note Holders and Proventec Shareholders on 29 October 2010.
At the subsequent General Meeting of Proventec, also held earlier today, the resolutions to seek approval for the allotment of the New Ordinary Shares necessary to implement the Scheme, and the resolution to update the Company's articles of association, were passed by the requisite majorities. The resolutions are set out in the notice of the meeting contained in the circular to Shareholders.
It is intended that sanction of the Scheme by the Court will be sought on 6 December 2010 and it is expected the Scheme will become effective on 7 December 2010. A further announcement will be made in due course.
The approvals from the Note Holders and Shareholders at today's meetings mark a major milestone towards the successful reconstruction of the Company's balance sheet, which, upon its conclusion, will see the Company emerge with a stable financial platform from which to drive forward its business streams. The Company would like to take this opportunity to thank all its stakeholders (including its customers, suppliers and employees) for their ongoing support during this process.