AGM also approves capital raise

Entertainment and investment company Pulse Investments has got the green light from shareholders to engage in a shares buy-back programme to increase shareholder value in the company.

This approval was given at the company’s recent annual general meeting (AGM), which also passed a number of resolutions authorising the company to pursue a capital raise later this year.

The resolution approved requires that the company be authorised to increase its authorised share capital by new shares or to reduce the same by such amount as it thinks expedient.

Pulse’s management had earlier indicated an intention to increase the company’s authorised share capital to up to 20 billion units, paving the way for it to pursue an additional public offer or otherwise raise funds via a rights issue.

Other resolutions approved

In addition, the shareholders approved a resolution that the company be authorised to meet at its AGM or otherwise virtually on the internet or in a hybrid setting comprised of a mix of virtual and in-person attendance.

Another resolution approved authorised the directors of the company to execute such acts as are required to give effect to these resolutions.

The capital raise is being sought to grow the company and its diversification into the real estate development market to fund the completion of Pulse Homes residential project at its Villa Ronai complex in upper St Andrew.

The company has so far sold 15 of the 30 Pulse Homes units. Also, Pulse intends to reinvest in the business to include potential acquisition of the 38a Trafalgar Road property that it currently leases from Pulse Chairman Kingsley Cooper.

The 50-year lease will expire in 2066.