NMCN Nmcn Plc

TIDMNMCN

RNS Number : 8615F

NMCN PLC

20 July 2021

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018

20 July 2021

NMCN PLC

("nmcn" or "the Company" or "the Group")

Update on 2020 Results and Financing

Result of General Meeting

Financing Update

In conjunction with Svella plc and its advisors the Company continues to make good progress toward publishing a prospectus and circular to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity.

Lee Marks, Chief Executive commented:

"Since the announcement on 21 June of the recapitalisation, Svella has worked very well alongside the Company to progress the transaction and remain committed to ensuring that the recapitalisation is completed at the earliest opportunity."

Financial Statements

The Company is continuing to work with its auditors to finalise the accounts for the year ended 31 December 2020 (the "2020 Results"). Subject to completion of the audit, the Group is now expecting to report overall underlying losses before tax significantly in excess of the GBP24m indicated in the announcement of 28 May 2021. This will include both a material element which is attributable to 2019, and recognition within the 2020 Results (rather than in 2021's financial results) of certain losses connected to the performance issues in the Group's Building business unit announced on 14 June 2021. The Group had already reflected the majority of the increased 2020 Results loss within its existing internal working capital projections.

It is currently expected that the 2020 Results will be published during August 2021 at which point the Company will submit a request to the FCA and the London Stock Exchange to lift the suspension in the listing of the Company's ordinary shares.

General Meeting of 20 July 2021

Further to the announcement on 24 June 2021, the Company is pleased to confirm that the special resolution tabled was duly passed by means of a poll at the General Meeting.

Details of the votes cast (including the proxy voting appointments and associated instructions received prior to the meeting) in respect of the resolution set out in the Notice of General Meeting are shown in the table below and will shortly be available on the Company's website, www.nmcn.com .

 
 Resolution    Votes for   % of shares   Votes against   % of shares      Votes 
                            voted for                     voted against    withheld 
 Resolution 
  1            2,053,038          100%             Nil              Nil        1000 
              ----------  ------------  --------------  ---------------  ---------- 
 

Notes:

1. The total votes cast amounted to 2,054,038 representing 19.68 per cent. of the issued share capital.

2. A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.

3. Resolution 1: That a general meeting of the Company, other than an Annual General Meeting, may be called on not less than 14 clear days' notice.

Full detail of the Resolution is set out in the circular sent to the shareholders in the Company on 24 June 2021 and available on the Company's website: www.nmcn.com /investors/

In accordance with the Company's obligations under Listing Rule 9.6.2, a copy of the resolution passed at the general meeting will shortly be available for viewing at:

https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The directors of nmcn plc accept responsibility for the contents of this announcement.

nmcn Plc - +44 (0) 1623 515 008

Ian Elliott, Chairman

Lee Marks, Chief Executive

Alan Foster, Chief Financial Officer

About nmcn

nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.

The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.

LEI Number: 213800ANYQVA5OS51A68

www.nmcn.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ROMFZGZNZGLGMZM

(END) Dow Jones Newswires

July 20, 2021 09:06 ET (13:06 GMT)

Nmcn (LSE:NMCN)
Historical Stock Chart
Von Dez 2024 bis Jan 2025

Nmcn (LSE:NMCN)
Historical Stock Chart
Von Jan 2024 bis Jan 2025