Proposed placing of up to 750,000 Placing Shares at 90 pence per share.
SWP Group plc, (AIM:SWP.L) (the "Company") announces today that it has conditionally placed 710,000 new ordinary shares of 0.5p each in the Company ("Placing Shares") at a placing price of 90p per share (the "Placing Price") to raise GBP675,000 (the "Placing"). The proceeds from the Placing will be used to improve liquidity in the Company's shares, assist with a particular capital expenditure project and accelerate the debt reduction programme. The Placing Shares will represent 4.06 per cent of the enlarged issued share capital of the Company.
The Placing Price of 90 pence per Placing Share represents a discount of 4.26 per cent to the closing middle market price of 94 pence per ordinary share on 18th November 2009, being the last business day before announcement of the Placing, which the Directors consider to be fair and reasonable given the size of the Placing.
The Placing Shares will be issued pursuant to the existing authority granted to the directors of SWP by SWP shareholders at the Company's AGM held on 15th January 2009.
Settlement and dealings
Application will be made to London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. It is expected that the Placing Shares will be admitted to trading on 25thNovember 2009. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.
Following Admission the enlarged issued share capital of the Company will be 18,479,546 ordinary shares.
Enquiries: David Pett
SWP Group plc
This information is provided by RNS
The company news service from the London Stock Exchange
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.