Electric Guitar PLC (AIM: ELEG) is making its return to the market. Trading in the company’s shares will resume on AIM Tuesday morning, following a significant board overhaul and the completion of a fundraising round that repositions it as a “cash shell” — a listed entity with no active operations but a mandate to pursue an acquisition.
The company now faces a deadline of June 24 to either complete a reverse takeover or re-list as an investing company under AIM regulations. Failure to do so will result in its shares being suspended once more.
As part of its latest overhaul, Electric Guitar PLC has installed a new board, with Grahame Cook taking the helm as non-executive chair. He is joined by Richard Horwood and Sarfraz Munshi as non-executive directors. In the reshuffle, three former directors have stepped down, and executive roles, including CEO and COO, have been eliminated.
The Board of the Company now comprises:
Grahame Cook – Non-Executive Chair
Richard Horwood – Non-Executive Director
Sarfraz Munshi – Non-Executive Director
The company is now actively seeking acquisition opportunities with strong growth and cash-generating potential, with no limitations on sector or geography.
Following a recent subscription and debt conversion, Electric Guitar has more than 1.2 billion shares in issue. Mayford 1TN is the largest shareholder with just over 29%, while Sanderson Capital Partners holds nearly 14%.
Cook owns around 8% of the company and has been granted warrants to acquire additional shares. Munshi holds just under 2.5%.
Further shares linked to a previous Company Voluntary Arrangement and convertible loan notes are expected to be admitted to trading later this month.
Significant shareholdings
As a result of the issue of the Subscription Shares and CLN Shares, from Admission, the Company is aware of the following revised interests of Significant Shareholders (as defined in the AIM Rules for Companies) in the Company:
|
Shareholder |
Number of ordinary shares held from Admission |
Previously disclosed position |
Percentage of share capital held from Admission |
|
Mayford 1TN Limited |
350,000,000 |
29.16% |
|
|
Sanderson Capital Partners Limited |
166,546,025 |
23.68% |
13.88% |
|
Afzal Valli |
65,625,000 |
5.47% |
|
|
Umar Valli |
51,041,667 |
4.25% |
|
|
Grandmaster Finance Limited |
43,750,000 |
3.64% |
|
|
Colin Bird |
43,750,000 |
3.64% |
In addition, the Company has been informed that as a result of dilution from the issue of new Ordinary Shares, the following shareholders now hold less than 3 per cent. of the Company’s issued share capital: John Regan, Jason Batten and Tanvier Malik (although Tanvier Malik is the controller of Sanderson Capital Partners Limited).
An additional 236,782,175 CVA Shares and up to 306,665,817 CLN Shares are expected to be admitted to trading on AIM on or around 28 April 2025.
