MotorK: Posting of Circular and Notice of General Meeting Related to a Share Buyback Programme and Reduction of Capital
LONDON–(BUSINESS WIRE)–Regulatory News:
MotorK plc (AMS: MTRK), a leading SaaS provider for the automotive retail industry in the EMEA region, announces that a circular together with a notice of general meeting (the “General Meeting”), in relation to a proposed share buy-back and a reduction of capital (the “Notice”), together with a form of proxy, have today each been sent to or otherwise made available to shareholders and are available to view or download on the Company’s website: https://investors.motork.io/.
The General Meeting will be held at 1:00 p.m. (CEST) on Monday, 18 July 2022 as a fully virtual meeting.
The proposed share buy-back, if approved, would authorize the Company to buy back its own ordinary shares by way of off-market purchases on Euronext Amsterdam and via block trades up to a maximum aggregate value of €3,000,000. The proposed buy-back may only be made pursuant to a form of a buy-back contract the terms of which have been approved by shareholders in accordance with section 694 of the Companies Act 2006 and will be executed independently from the Company by a financial institution. Any shares so repurchased shall be treated as cancelled pursuant to section 706(b) of the Companies Act 2006.
The proposed reduction of capital, by way of the cancellation of an amount equal to €4,000,000 standing to the credit of the Company’s share premium account , if approved, would create additional distributable reserves to provide a prudent margin for variation in the Company’s distributable reserves requirements going forward (including in respect of any future buyback programmes).
The Reduction of Capital is conditional upon shareholders passing the special resolution set out in the Notice, as well as the approval of the High Court of Justice of England and Wales.
Voting at the General Meeting will be conducted on a poll which means that you should submit your proxy as soon as possible. Full details of the operation and arrangements for the General Meeting, including how to vote, speak and attend the General Meeting, are set out in the Notice. Any questions which shareholders wish to raise should be submitted to email@example.com in advance with the heading “GM Question”.
The electronic platform that will be used to host the GM will allow shareholders the option to submit a separate poll card at the electronic meeting but, to ease administration, we request that proxies be lodged in advance wherever possible.
A copy of the proposed buy-back contract will be made available for shareholders to inspect at the Company’s registered office at 124 City Road, London, United Kingdom, EC1V 2NX during normal business hours on any weekday (public holidays excluded) with effect from the date of this announcement until the conclusion of General Meeting.
ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 400 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, the UK, Belgium and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 124 City Road, London, EC1V 2NX – Company Registration: 9259000. For more information: www.motork.io or www.investors.motork.io.
This press release contains information that qualifies or may qualify as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014/EU).
FOR FURTHER INFORMATION
MotorK Investor Relations
+33 6 22 18 39 09
MotorK Corporate Communications
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