AQL Aquilo

RNS Number:5485P
Aquilo PLC
15 January 2007

For immediate release                                             15 January 2007



                                   Aquilo plc

                          ("Aquilo" or "the Company")



       Result of EGM, Recapitalisation of Company and Change of Directors



On 22 December 2006 the Company announced a proposed recapitalisation of Aquilo
plc.  These proposals included a placing which will raise #2.61 million (before
expenses) from a group of existing and new investors, #1 million of new debt and
the conversion of #0.76 million of existing convertible loan notes in the
Company.   The implementation of the placing required approval of the Company's
shareholders at an extraordinary general meeting ("EGM").



The board of Aquilo is pleased to announce that at the EGM of the Company held
earlier today, all the resolutions proposed were passed. The resolutions passed
at the EGM included a resolution to reorganise the existing share capital of the
Company by way of consolidation of the issued and authorised share capital.


In addition, the Board of Directors of Aquilo plc wishes to announce that
Professor Kevin Keasey, Mr Michael Eve and Mr Karl Vella had agreed to stand
down as Directors subject to the passing of these resolutions and their
resignations now take immediate effect.



The consolidation of the share capital will become effective on Tuesday 16
January 2007. Shareholders on the register at the close of play on Monday 15
January 2007 will receive 1 new ordinary share and 240 Deferred Shares for every
250 ordinary shares then held. The new ordinary shares will be identical in all
respects to the existing ordinary shares, save in respect of their nominal value
which will increase from 1 pence to 10 pence.



It is expected that dealings in the existing ordinary shares will cease at the
close of business on Monday 15 January 2007. Application has been made for the
admission of the new ordinary shares to trading on AIM and it is expected that
admission of the new ordinary shares will become effective and dealings will
commence on Tuesday 16 January 2007. It is expected that CREST accounts will be
credited in respect of the new ordinary shares on Tuesday 16 January 2007 and
that replacement share certificates will be despatched by 23 January 2007.



Christopher Langridge, Chairman commented "I would like to thank the Board for
their efforts with the restructuring and in putting the Company on a more secure
financial footing, and especially Karl Vella for his help in supporting the sale
of the business of Aquilo Motor Services Ltd. We look forward to driving the
business forward".



For further information please contact:



Clive Nicholls, Chief Executive Officer, Aquilo plc        Tel: 020 3008 5514



Crispin Burdett, Company Secretary, Aquilo plc             Tel: 020 3008 5515



Alasdair Robinson, Noble & Company Limited                 Tel: 0131 225 9677






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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