24 June 2011
WYG, the global consultancy to the built, natural and social environment, has written to its shareholders today confirming the terms of a proposed capital restructuring and invited them to vote on the proposals which, if completed, will help fuel the company’s growth.
Eighty-five per cent of shareholders have already committed to vote in favour; the company is in a strong position to raise £30m of new capital from the placing of shares, which will create the financial strength required to win significant new business and incentivise employees with appropriate performance-based rewards.
Paul Hamer, Chief Executive Officer, WYG said: “By creating a significant positive cash balance and the means to retain and incentivise our employees, these proposals will establish a stronger platform from which to take advantage of the growth opportunities that now exist for WYG.”
In its recent financial results announcement, WYG revealed that its international order book has grown to over £100m, which is a record for the consultancy.
The capital restructuring proposals include a placing of new shares to raise net proceeds of £30m, the conversion of the Group’s net debt to convertible shares, the redesignation of the preference shares into deferred shares and the provision of revised bonding facilities.
Shareholders are now being invited to vote on the proposals in a General Meeting to be held on Monday 11 July 2011.
“The Board of WYG is confident that the capital restructuring can be completed and the company will move forward successfully with a strengthened balance sheet which would enable us to realise opportunities and, overall, create a positive growth environment,” added Paul.