Strat Aero PLC (LON:AERO), the AIM quoted international aerospace company focused on the Unmanned Aerial Vehicle (“UAV”) sector, today announced that a General Meeting of the Company will be held at Hill Dickinson, 8th Floor, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW on 17 October 2017 at 10:00 a.m. The Notice of General Meeting and Forms of Proxy have today been dispatched to shareholders and will be available shortly on the Company’s website at www.strat-aero.com.
The purpose of the General Meeting is to receive and adopt the proposal for a sub-division and re-designation of ordinary shares which will be voted on by shareholders. Under UK Company Law, new shares cannot be issued at a subscription price which is less than the par value of shares of the same class. Strat Aero’s existing ordinary shares have a par value of 0.1p per share. As the mid-market closing price of the existing ordinary shares on 21 September 2017 (being the last practicable time prior to the publication of this announcement) was 0.07 pence, the Company is not currently able to raise new equity capital. The Company anticipates that additional funding will be required in due course. While the board expects to evaluate various financing options the board considers that the proposed sub-division and re-designation of the ordinary shares will aid financing flexibility. The effective time and date of the sub-division and re-designation of ordinary shares will be 8.00 a.m. on 18 October 2017, subject to shareholder approval.