IDE Group Holdings Plc
("IDE" or the "Company")
2 November 2022
Result of Annual General Meeting and General Meeting
IDE, the mid-market network, cloud and IT Managed Services provider, is pleased to announce that all resolutions put to shareholders were duly passed at the Annual General Meeting ("AGM") and General Meeting ("GM") held today.
Following completion of the Capital Reorganisation and Loan Note Conversion, the issued ordinary share capital of the Company will comprise of 21,725,44 New Ordinary Shares of 1p each, which will be admitted to trading on the 3rd of November 2022.
The above figure of 21,725,449 may be used by Shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
This announcement should be read in conjunction with the full text of the Circular issued on 7th October 2022. All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.
The change in the name of the Company to Tialis Essential IT Plc, which has been approved pursuant to the resolutions passed at the AGM, is being processed and an update on the effective date will be provided in due course.
In addition to MXC, a small number of LN holders elected to convert their LNs into New Ordinary Shares, which leaves the quantum of LNs outstanding (principal, interest and fees) as £4,542,615.
Ian Smith, Executive Director, commented: "After many years the business is back to a stage with a sensible level of debt. It is a profitable business that can look to the future with conservative optimism. We will look to our strategy of diversifying the revenue base, potentially through acquisitions and strengthening the board and management teams.''
The results of the votes are set out below:
| | FOR* | AGAINST |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESOLUTIONS | Votes | % of votes cast | Votes | % of votes cast | Abstain | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ordinary Resolution 1 | 298,278,801 | 100.00% | 2,869 | 0.00% | 29,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To receive the financial statements for the year ended 31 December 2021 together with Directors' Reports and the Auditors' Report | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ordinary Resolution 2 | 297,632,084 | 99.88% | 349,586 | 0.12% | 329,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To approve the Remuneration Committee Report | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ordinary Resolution 3 | 298,270,392 | 100.00% | 11,278 | 0.00% | 29,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To appoint RSM UK Audit LLP as auditors and to authorise the directors to fix their remuneration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ordinary Resolution 4 | 298,113,968 | 99.94% | 167,702 | 0.06% | 29,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To re-elect Andy Parker as a director of the Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Special Resolution 5 | 298,241,086 | 99.99% | 35,640 | 0.01% | 34,115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| To change the name of the Company to Tialis Essential IT Plc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The results of the votes are set out below:
*Votes received for the resolutions includes votes allowing the Chairman's discretion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For more information, contact:
| IDE Group Holdings Plc Andy Parker, Non-Executive Chairman
| Tel: +44 (0)344 874 1000 |
| finnCap Limited Nominated Adviser and Broker Corporate finance: Jonny Franklin-Adams/ Abby Kelly ECM: Tim Redfern
| Tel: +44 (0)20 7220 0500 |
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