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LONDON - Rockwood Strategic plc (LSE:RKW) has announced its intention to convene a General Meeting of its shareholders to seek approval for the issuance of up to 6,438,978 new Ordinary Shares. The meeting, set for February 3, 2025, will address proposals to allow the company to allot these shares and to disapply pre-emption rights usually afforded to existing shareholders.
The proposals follow the publication of a Prospectus on July 31, 2024, which outlined the company's ability to issue up to 12,877,954 Ordinary Shares, representing 40% of its issued share capital at that time. During the Annual General Meeting on the same date, shareholders had already granted the company authority to issue half of that amount on a non-pre-emptive basis.
The new issuance is part of Rockwood Strategic's active share issuance program. In the 12 months leading up to December 31, 2024, the company issued 8,686,573 Ordinary Shares, raising approximately £19.7 million. This capital raising aligns with the company's robust performance, with net asset value (NAV) total returns of 25.7% over 12 months, 57.7% over 36 months, and 102.4% over 48 months prior to December 31, 2024.
Rockwood Strategic's shares have consistently traded at a premium to NAV, averaging a 2.7% premium in the 12 months before December 31, 2024. The Board attributes this premium and strong investor interest to the company's solid performance metrics.
The Circular, which includes further details on the background and reasons for the proposals, as well as the Board's unanimous recommendation for shareholders to vote in favor of the resolutions, will be available on the company's website. It will also be submitted to the National Storage Mechanism of the Financial Conduct Authority (FCA).
The General Meeting will take place at the offices of Harwood Capital LLP in Mayfair, London. Shareholders are expected to submit their proxy votes by January 30, 2025, ahead of the meeting. The results of the meeting are anticipated to be announced by February 4, 2025.
This development is based on a press release statement from Rockwood Strategic plc.
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