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LONDON - PayPoint plc (LSE:PAY) announced Friday that shareholders approved all resolutions at its General Meeting, including plans for a special dividend and share consolidation.
The meeting, held on October 17, saw strong shareholder support with approximately 79.7% of the issued share capital voted. The special dividend and share consolidation resolution passed with 99.94% approval.
Under the approved share consolidation plan, shareholders will receive 12 new ordinary shares for every 13 existing ordinary shares held. Following the consolidation, PayPoint expects 63,710,952 ordinary shares of 0.3611 pence each to be admitted to trading on the London Stock Exchange beginning October 20.
The company’s issued share capital stood at 69,020,198 ordinary shares as of October 17, following a buyback and cancellation of six ordinary shares on October 16.
Five resolutions were presented at the meeting, with three requiring approval as special resolutions. These included authorizing directors to disapply pre-emption rights when allotting shares in connection with pre-emptive offers, acquisitions, or specified capital investments, and authorizing the company to make market purchases of its shares.
The resolution allowing market purchases of shares received the lowest approval rate at 95.85%, with 4.15% of votes cast against.
According to the company statement, the full text of the resolutions will be available for inspection at the National Storage Mechanism and on PayPoint’s website.
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