Proven Investments Limited (ProvenJA) has advised that their shareholders at the Annual General Meeting held on September 15, 2016, approved the following resolutions:
“That pursuant to Regulation 24 of the Company’s Articles of Association, the Directors be and are hereby authorized to increase the authorized share capital of the Company and in so doing amend the Memorandum of Association which currently state:
The authorized capital of the Company is US$33,000,000.00
The authorized capital shall be made up of three classes of shares:
(i) 2,999,990,000 ordinary shares having a par value of US$0.01 each,
(ii) 10,000 preference stock units with a par value of US$0.01 each, and
(iii) (iii) 300,000,000 Cumulative Redeemable preference shares having a par value of US$0.01 each
The proposed amendment will result in:
a) an increasing in the authorized capital of the Company to US$40,000,000.00 and
b) the creation of an additional 700,000,000 Cumulative Redeemable preference shares having a par value of US$0.01 each in the capital of the Company (the “Cumulative Redeemable Preference Shares”) having such designations, powers, preferences, rights, qualifications, limitations and restrictions whether in regard to dividend, voting, return of capital or otherwise as may be fixed by the Directors of the Company pursuant to Regulations 5 of the Company’s Articles of Association, provided that no such shares shall be issued without the written consent of the Investment Manager being first had and obtained in accordance with Regulation 126 of the Company’s Articles of Association.”
AND
“THAT such Cumulative Redeemable Preference Shares may, if the Directors shall so decide, be converted to Cumulative Redeemable Preference Stock Units upon issue.”
