Beacon Rise Holdings plc

Wednesday, 19 April 2023

Becon Rise Holdings plc

Notice of Extraordinary General Meeting ("EGM")

Beacon Rise Holdings plc (the "Company") announces that an Extraordinary General Meeting will be held at 3 p.m. on Monday, 15 May 2023, at Boot Room, 154-160 Fleet Street, Blackfriars, London, EC4A 2DQ.

The purpose of the EGM is to consider pursuant to section 656(1) of the Companies Act 2006 (the Act), whether any, and if so, what steps should be taken to address the fact that the net assets of the Company have fallen to half of its called-up share capital.   

It has recently come to the attention of the Board of Directors of the Company (the Board) that the value of the Company's net assets is less than half of its called-up share capital (deemed to be a serious loss of capital). Pursuant to section 656 of the Act, the directors of a public company are required to call a general meeting, where the net assets of the company are half or less than half of its called-up share capital, in order to allow the shareholders of the Company to consider whether any, and if so, what steps should be taken to deal with the situation.

The Board is of the view that the status of a "serious loss of capital" under section 656 of the Act does not pose any immediate risk to the current solvency of the Company.  The Board will continue to prudently manage the Company's remaining cash reserves and minimise its operating expenses.

In light of the above, the Board does not consider it necessary for specific resolutions to be proposed at the General Meeting. The Board does, however, welcome dialogue with shareholders on this point and the General Meeting will provide a forum for such discussions to take place.

A Notice of EGM and a Form of Proxy is now available to view on the company's website: https://www.beaconrise.uk/index.php/investors/77-general-meeting

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