Interregnum is looking to raise funds through a share issue and reduce capital in proposals due to be discussed at the firm’s EGM on February 21. Four resolutions are to be tabled at the meeting, including two concerning the increase of share capital and authorise the board to allot additional shares, one of which will allow the board to allot shares for cash without requiring them to be first offered to existing Interregnum shareholders. The money raised will be used to increase Interregnum’s capital base and to fund future acquisitions, including one that will give it access to a pipeline of prospective advisory and investment transactions. Negations for this deal are currently ongoing.
The fourth resolution concerns the reduction of capital. The firm is not allowed to pay dividends or make other payments until it has retained earnings. Its last audited accounts recorded a £17,498,480 aggregate retained loss, so dividends cannot be paid until the loss is eliminated. The fourth resolution proposes to reduce the retained losses by cancelling £17,600,000 of the company’s share premium account.
The EGM will be held at 22-23 Old Burlington Street, London W1S 2JJ on Tuesday 21, February 2006 at noon. Copies of the circular that has been sent to shareholders are available to the public until February 28, 2006 at the offices of Seymour Pierce at Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL.