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Results of AGM/EGM

3Legs passes GM resolutions

21 March 2016 12:56

3Legs Resources has announced that, at the General Meeting held earlier today, all the resolutions proposed were passed.

This includes Resolution 2, which was to waive the obligation of the Concert Party to make a mandatory general offer which would otherwise be required under Rule 9 of the Takeover Code, being conducted on a poll of Independent Shareholders.

Following the resolutions being passed, the Company's name will be changed to SalvaRx Group plc and the acquisition of the issued share capital not already owned by it in SalvaRx Limited, for an aggregate consideration of GBP8.8 million, to be satisfied by the issue of New Ordinary Shares, as more particularly described in the Admission Document, is expected to occur at 8.00 a.m. on 22 March 2016.

As previously announced, the Company has raised GBP1.95 million (before expenses) by way of a Placing of New Ordinary Shares at 35.5p per share in order to fund the Enlarged Group's further development, including its working capital needs.

New Board:

Following Admission, Jim Mellon will replace Richard Armstrong as Non-Executive Chairman (with Richard Armstrong continuing as a non-executive director of the Company) and Dr Ian Walters and Kam Shah will be appointed as directors of the Company.

Story provided by StockMarketWire.com

Related Company: 3LEG

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