The Pharmaceutical Journal
Vol 269 No 7206 p43
13 July 2002

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Numark conversion wins first vote

Over 90 per cent of Numark's shareholders have approved its conversion to a public company in a first vote on the proposal. A special general meeting of the company on 5 July approved resolutions for conversion and the subsequent issuing of shares, with 91.7 per cent in favour.

David Wood, Numark's managing director, said that the next step would be to raise a minimum of £3m from shareholders by allowing them to increase the number of shares they hold up to 19,200. In theory, Numark could raise around £15m if all its shareholders took up their maximum entitlement.

A second SGM will be held on 22 July and shareholders need to make their applications for shares and return proxy voting forms by 20 July. While the first conversion vote required a majority of 75 per cent or more, the second vote requires only a simple majority for approval