MEA Medsea Estates

    RNS Number : 2194B
  Medsea Estates Group PLC
  13 August 2008
   



    Medsea Estates Group PLC
    (the "Company")

    Medsea Estates Group PLC announces that the Annual General Meeting will be held at the offices of the Company's solicitors, Dawsons LLP,
2 New Square, Lincoln's Inn, London WC2A 3RZ on Thursday 4th September 2008 at 11.00 am. 

    The resolutions to be put before the meeting include resolutions to reduce the nominal value of the Ordinary shares from 10p to 1p in
order to give the Company the flexibility to issue shares either to raise capital or to make acquisitions should the need or opportunity to
do so arise. Under company law, the Company is unable to issue shares at an issue price below the nominal value of the Company's shares. 

    The reduction in the nominal value is proposed to be effected by dividing each existing issued Ordinary share of 10p each into one new
Ordinary share of 1p each and one Deferred share of 9p each. The rights attaching to the new Ordinary shares will be identical in all
respects to those of the Ordinary Shares, save for the reduction in the nominal value. It is also proposed that the Deferred shares, which
will have no effective value and no voting rights, will be cancelled subject to approval of the High Court. Existing share certificates will
remain valid. Application will be made to the London Stock Exchange for the 77,979,412 new Ordinary shares of 1p each to be admitted to
trading on AIM and such admission is expected to become effective on 5 September 2008.

    Subject to approval of the High Court, it is also proposed to effect the cancellation of the share premium account and to apply the
reserve arising, together with the reserve arising on the cancellation of the Deferred shares, in eliminating substantially the whole of the
deficit on the Company's merger reserve which amounted to �7,059,900 at 31 December 2007. 

    Further details of the proposals are set out in a letter to shareholders which, together with the Notice of Meeting, has been sent to
shareholders and posted on the Company's website (www.medseaestates-ir.com). 

    For further information: 
 Medsea Estates Group plc                                              
 Tony Gatehouse, Chairman                         Tel: +34 96 570 40 02
 Juan Carlos Rodriguez Martinez, Chief Executive                       

 HB Corporate                                         
 Edward Hutton /Imran Ahmad  Tel: +44 (0) 20 7510 8600

      Media enquiries:
 Threadneedle Communications                           
 Alex White/Josh Royston      Tel: +44 (0) 20 7653 9859



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