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URBAN EXPOSURE PLC

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DGAP-UK-Regulatory News vom 30.03.2020

Urban Exposure plc: Results of general meeting

Urban Exposure plc (UEX)
30-March-2020 / 12:42 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

30 March 2020

THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014

Urban Exposure Plc

Results of general meeting

Urban Exposure Plc (the "Company") announces that at the general meeting of the Company held earlier today, the results of the poll vote on each resolution were as follows:

 

Ordinary Resolutions

For

Against

Withheld

That conditional upon the passing of Resolution 2, the sale by the Company of Urban Exposure Lendco Limited to Honeycomb Holdings Limited on the terms of the agreement dated 10 March 2020 be approved ("Resolution 1").

80,217,410

36,222,554

15,670

That conditional upon the passing of Resolution 1, the sale by the Company of Urban Exposure Amco Limited to the Founders on the terms of the agreement dated 10 March 2020 be approved ("Resolution 2").

80,217,410

36,222,554

15,670

Special Resolutions

That conditional upon the completion of both of the transactions contemplated by Resolution 1 and Resolution 2, the admission of the Company's ordinary shares to trading on AIM, be cancelled.

80,217,410

36,222,554

15,670

That conditional upon the completion of both of the transactions contemplated by Resolution 1 and Resolution 2, the name of the Company be changed to "Residential Property Finance Realisation Plc".

80,211,350

36,222,554

21,730

All votes cast were proxy votes received in advance of the meeting. Accordingly, the proxy votes received by the Company are identical to the above. 

Accordingly, resolution 1 to approve the disposal of Urban Exposure Lendco Limited ("Lendco") to Honeycomb Holdings Limited ("HHL") and resolution 2 to approve the proposed disposal of Urban Exposure Amco Limited ("UE Amco") to Randeesh Sandhu, Daljit Sandhu, Victor Librae and Ravi Takhar (together, the "Founders") have been approved. 

Resolution 3, to approve the cancellation of admission of the Company's ordinary shares to trading on AIM (the "Cancellation") and resolution 4, to approve the change of name of the Company to "Residential Property Finance Realisation Plc" were not approved.

As announced on 26 March 2020, the Company has received indication from HHL that, in light of current market conditions, HHL does not wish to proceed with the purchase of UE Lendco.  The Company's position continues to be that it shall take all steps to be in a position to complete the sale and purchase of UE Lendco on the terms of the share purchase agreement among the Company, HHL and UE Amco dated 10 March 2020 (the "SPA") and reserves its position to take all measures, including, without limitation, seeking specific performance of HHL's obligations under the SPA. 

The sale of UE Amco to the Founders is conditional on completion of the sale of UE Lendco to HHL, and the sale of UE Amco will not take place until the sale of UE Lendco to HHL completes.

The Company will make a further announcement, including in respect of the general meeting scheduled to be held at 12.00 p.m. on 28 April 2020, in due course. 

Enquiries:

Urban Exposure plc                Tel: +44(0)207 408 0022

William McKee, Chairman

Randeesh Sandhu, Chief Executive Officer

Sam Dobbyn, Chief Financial Officer

Jefferies (Financial adviser and Joint Corporate Broker)  Tel: +44(0)20 7029 8000

Rishi Bhuchar

Ed Matthews

James Thomlinson

William Brown

Liberum (NOMAD and Joint Corporate Broker)   Tel: +44(0)203 100 2000

Neil Patel

Gillian Martin

Jonathan Wilkes-Green

Louis Davies

MHP Communications (Financial Public Relations)          Tel: +44(0)203 128 8100

Charlie Barker

Patrick Hanrahan

Sophia Samaras

[email protected]

 




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