Previous Announcement6 Sep 2017 14:06
Simon Stilwell and Anthony Cross have each acquired 6,373,799 and 7,013,799 existing ordinary shares of 1 penny each in the Company ("Ordinary Shares") respectively, at 2.5 pence per Ordinary Share. Simon Stilwell and Anthony Cross' resulting holdings are 7,013,799 and 7,013,799 Ordinary Shares respectively, each representing approximately 10.9 per cent. of the Company's issued share capital.
The Company also announces that subject to shareholder approval it is considering an issue of new Ordinary Shares by way of a placing 🔸to raise up to £2.0 million,🔸 the proceeds of which will be used to repay the Company's current indebtedness and for working capital purposes. In particular, the proceeds will be used to fund the development of the Company's Events business, including the successful 'Woman in.." series as well as expanding the capabilities of the Company's exisiting digital platforms and to fund new business development. The new business areas will concentrate on the provision of media and equity research for both institutional and private investors.
The Company has been informed that Messrs Stilwell and Cross intend in aggregate to 🔸invest £0.5 million in the proposed fund raising. 🔸 A further announcement will be made in due course.