News
Notice of EGM
Issue, transfer and surrender of warrants and notice of EGM to be held on 31 October 2008
Lotus Resources Plc (PLUS Markets: LOTP) has today granted warrants to various individuals connected with the Company for incentivisation purposes as well as the restructuring of existing warrants.
Of the total number of warrants involved, new warrants have been granted over 3,500,000 ordinary shares, at either 10 pence per share or 15 pence per share, and 1,333,331 existing warrants have been transferred on their existing terms from the Company's major shareholder, Starvest plc. In addition Starvest plc has surrendered existing warrants over 1,166,669 ordinary shares.
Of the new 3,500,000 warrants issued, 2,250,000 warrants have been issued to the following directors:
| Applicant | Number of warrants | Subscription price (£) |
| Simon Longworth | 500,000 | 0.10 |
| Simon Longworth | 500,000 | 0.15 |
| James Benson | 375,000 | 0.10 |
| James Benson | 375,000 | 0.15 |
| Luka Lu | 125,000 | 0.10 |
| Luka Lu | 125,000 | 0.15 |
| Ian Wang | 125,000 | 1.10 |
| Ian Wang | 125,000 | 0.15 |
Of the existing 2,500,000 warrants, which were previously issued to Starvest plc at a subscription price of 3 pence per share, 1,166,669 warrants have today been cancelled. Of the 1,333,331 warrants being transferred, 916,666 warrants have today been transferred to the following directors:
| Applicant | Number of warrants | Subscription price (£) |
| Simon Longworth | 500,000 | 0.03 |
| James Benson | 250,000 | 0.03 |
| Luka Lu | 83,333 | 0.03 |
| Ian Wang | 83,333 | 0.03 |
The Company will also be holding an EGM on 31 October 2008 to amend the
Articles in order to introduce pre-emption on the issue of new securities and
as a consequence of that amendment to empower the directors to allot securities
up to 15% of the Company's issued share capital on a non pre-emptive basis.
The notice convening this EGM has today been sent to shareholders.
Copies of the revised Articles, EGM notice and letter to shareholders are
available for inspection at Tower Bridge House, St Katharine's Way, London E1W
1DD.
The Directors of Lotus accept responsibility for this announcement.
For further information please contact:
Lotus Resources plc
Simon Longworth, Chief Executive Tel: +86 (0) 1065 699 982 / +86 (0) 1350 107 0840
James Benson, Finance Director/Company Secretary Tel: +44 (0) 7768 242 660
Mazars Corporate Finance Limited
Stephen Skeels Tel: +44 (0) 20 7063 4000