LONDON (Alliance News) - Kennedy Ventures PLC Tuesday said it has raised GBP489,375 before expenses through a placing of about 39.2 million shares at 1.25 pence each to new and existing investors, as it appointed a new Chairman.
In a separate statement, Kennedy Ventures said it raised a further GBP60,625 by issuing around 4.9 million shares in total at 1.25 pence to three directors, Peter Redmond, Colin Weinberg and Chris Yates.
Kennedy Ventures shares were Tuesday quoted at 1.50 pence, down 3.2%.
"I am pleased to announce today's equity refinancing which will give the company the resources needed to attract and review a significant investment or acquisition in line with its investment policy. The costs incurred in clearing away the its historic problems left it under-resourced and the successful placing has resolved that issue," Peter Redmond, director, said in a statement.
Giles Clarke, currently Chairman of Amerisur Resources PLC and non-executive Chairman of Ironveld PLC, joins Kennedy Ventures with immediate effect. He began his career as an investment banker with Credit Suisse First Boston. Following Clarke's appointment, Peter Redmond will remain a Director of Kennedy Ventures.
Nick Harrison has been appointed as a director of the company. He is Amerisur Resources PLC's Finance Director and sits on the board of Ironveld as a non-executive Director.
Clarke and Harrison each acquired 4.8 million shares in the company. A 4.8 million share holding is equivalent to a 6.75% stake.
In addition, Westleigh Investments Holdings Ltd, a company in which Clarke and Harrison hold a beneficial interest of 73.28% and 26.72%, respectively, holds 7.6 million shares or representing 10.69% of the company.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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