Irvine Energy Plc (‘Company’) currently operates under the name of Irvine Energy which is its historic name. The Directors intend to propose a change of name in due course, however as the Company is presently only communicating with existing shareholders about the new direction that the Company is now going, the Directors are reluctant to invest shareholders’ funds on a change of name. A change of name will require a notice of General Meeting and will involve re-issuing all shareholders with new share certificates and / or notifying CREST where shareholders hold their shares in a nominee company. When more progress is made with the new plans, and the outside world needs to see a new name consistent with the new activities, a new name will be proposed.
Following the disposal of its assets in the United States of America and the winding up of its US subsidiaries during the year ended 31 December 2010, the Company now has no subsidiaries or outstanding legal proceedings from that period. New Directors have been appointed and have embarked on a plan to move the Company into the Personal and Corporate Peer to Peer / Crowd Funding sector which is gaining popularity in the UK.
The new Directors have achieved the objectives set out at the September 2012 AGM, that of securing the company’s financial position and providing a new blue print for the company to maximise shareholder value.
A reorganisation of the share capital of the Company was completed after approval at the Company’s Annual General Meeting held on 21 September 2012. In late 2012 new post consolidation share capital was issued in return for new working capital for the Company.
The Directors have now identified two specific areas within the Personal and Corporate Peer to Peer and Crowd Funding sectors where they feel the Company can take advantage of its status of a delisted plc with approximately 3,000 shareholders, and the director’s experience in financial services sector. The Company issued an Information Memorandum to shareholders (only) on 28thJanuary 2013 so that the Company can have the funds to exploit this opportunity.
Last Updated: 31/01/2013