Malvern International plc (“Malvern” or the “Company”), the global learning and skills development partner, announces that at the General Meeting held today, all resolutions were duly passed, including resolutions to approve a sub-division of the existing share capital, the issue of the Fundraising Shares and the Creditor Conversion Shares, details of which were set out in a circular to shareholders dated 20 May 2020.
However the conditions to the Placing under the Placing Agreement have not yet been fully satisfied and therefore the Admission of the Fundraising Shares and Creditor Conversion Shares, which was intended to take place tomorrow, is being deferred until such time as those conditions are satisfied or waived. Under the Placing Agreement the long stop date for completion of the Placing is 8 a.m. on 19 June 2020.
Trading in the Company’s shares on AIM is currently suspended pursuant to Market Notice N12/20 released on 4 June. The Company has requested that this suspension continue pending clarification of the Fundraising. In the event that the Fundraising does not complete or alternative financing arrangements are not made the Company will not be able to continue trading.
This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 20 May 2020, copies of which are available on the Company’s website at www.malverninternational.com. Capitalised terms in this announcement have the same meaning as given in the Circular.