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DJ Welney Plc Gen. Meeting Outcome; Directorate Changes; Name-Change

 
TIDMWENP 
 
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY WELNEY TO 
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION 
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT 
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW 
CONSIDERED TO BE IN THE PUBLIC DOMAIN. 
 
                              Quetzal Capital Plc 
 
  (formerly Welney Plc; renamed Quetzal Capital plc ("Quetzal Capital" or the 
                                  "Company")) 
 
Outcome of General Meeting, held today (29th June 2020); Changes of Directorate 
                               and Company Name 
 
The Company, until today Welney Plc, this morning held its General Meeting, 
notice of which was issued on 2nd June 2020. The General Meeting was to 
consider the proposals contained in the notice set out in a circular (the 
"Circular") dated 2nd June 2020, including: 
 
  * a capital reorganisation by means of a consolidation of the existing 
    ordinary share capital of the Company and a sub-division of the 
    consolidated share capital of the Company into ordinary shares and deferred 
    shares; 
  * renewal and increase in the Directors' share allotment powers under Section 
    551 of the Companies Act 2006 (as amended) (the "Act") and of the 
    Directors' share allotment powers in disapplication of Section 561 of the 
    Act; 
  * the election of two new Directors to the board; and 
  * a change of name as indicated above from Welney Plc to Quetzal Capital Plc. 
 
Each of the measures outlined above and the reasons for them were described in 
the Circular. I am pleased to confirm that all the resolutions proposed at the 
General Meeting were approved without opposition, meaning that the various 
measures and changes described in the Circular, which had been conditional upon 
shareholders' approval, are now unconditional and may therefore be brought into 
immediate effect. 
 
On 2nd June 2020, when it published its unaudited interim financial statements 
for the six months ended 31st December 2019, the Company announced that the 
board had agreed, subject to the shareholders' sanction today, proposals to 
settle the monies due to its principal creditors in exchange for a combination 
of cash and the allotment to certain creditors of new shares in the capital of 
the Company; at the same time, a modest refinancing was announced in the forms 
both of new equity share capital and of loan capital (the latter convertible in 
future, under certain circumstances, into new shares) with one existing and one 
incoming investor. Details of these were contained in the Circular, as were the 
intended changes to the directorate of the Company which would occur if 
shareholders approved the measures laid before them earlier today. 
 
The General Meeting today elected Mr. Simon R De C Grant-Rennick and Mr. Mark 
Jackson, FCA, MBA, whose biographies are set out in the Circular, as Directors 
of the Company. I wish to thank Mr. Cameron Luck, who today retired from the 
board and did not offer himself for re-election, for his past contributions to 
the Company and his assistance with the measures that the shareholders have 
today approved. 
 
Thanks to the combined support and goodwill of Company's creditors, of the 
incoming Directors who have provided the refinancing package, of my former 
fellow-Director, Mr. Cameron Luck, and of the shareholders, the re-named 
Quetzal Capital now has sufficient working capital for its immediate 
requirements and is able to seek out investment opportunities which the 
Directors identify as offering the potential to create shareholder value. 
 
Further information in relation to the ordinary share capital of the Company 
following the capital reorganisation, certain interests in voting rights 
following the allotments of new shares, and surrounding matters will shortly be 
announced. The board also looks forward to communicating with shareholders and 
the market as and when substantive business developments occur. 
 
Darren Edmonston, 
Director, 
29th June 2020. 
 
This announcement has been issued after due and careful enquiry; the Directors 
of Quetzal Capital Plc accept responsibility for the content. 
 
Enquiries: 
Quetzal Capital Plc 
Darren Edmonston: 
+44 (0) 1279 635511 
Mark Jackson: +44 1482 794654 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
Keith, Bayley, Rogers & Co. Limited 
Graham Atthill-Beck: +44 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; 
blackpearladvisers@gmail.com 
Brinsley Holman: +44 7776 30 22 28; Brinsley.Holman@kbrl.co.uk 
 
 
 
END 
 

(END) Dow Jones Newswires

June 30, 2020 02:00 ET (06:00 GMT)