3Cnergy shareholders approve RTO of DTP Infinities

SHAREHOLDERS of Catalist-listed 3Cnergy approved the reverse takeover (RTO) of hospitality player DTP Infinities at an extraordinary general meeting on Tuesday (Dec 26).

Almost all shareholders voted for the RTO except for 0.01 per cent or 129,100 out of 2.4 billion shares. As part of the RTO, 3Cnergy will be renamed Prosper Cap and will be led by Iqbal Jumabhoy as chief executive and executive director.

DTP Infinities has a portfolio of 17 hotels in the United Kingdom, with two in Scotland and the rest in England. The assets are managed by Valor Hospitality Europe, and operate under franchise agreements with brands such as Hilton, IHG and Marriott.

All 19 resolutions were unanimously approved by shareholders including a 100 to one share consolidation to reduce the share capital to 30.7 million shares from 3.1 billion shares. Up to 211 million new shares will be issued to meet minimum public float requirements.

“Our strategic roadmap involves fortifying our portfolio through strategic investments in operational and revenue-generating properties for hospitality or lodging-related uses,” said Jumabhoy.

Shares of 3Cnergy closed flat at S$0.002 on Tuesday.