RE: Next step forward12 May 2018 22:38
Jsmith the accusations announced last month are being funded through the issue of new shares, these will be in place on Tuesday -
The Company proposes to raise gross proceeds of ?12 million through the issue of 141,400,004 Placing Shares at the Placing Price by way of a placing to certain institutions.? The Placing Shares will represent approximately 16.7% of the Company's Enlarged Share Capital immediately following Admission. Following completion of the Placing and Acquisitions, the Company's Enlarged Share Capital will be 844,650,090.
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The Board believes that raising equity finance using the flexibility provided by a non-pre-emptive placing is the most appropriate and optimal structure for the Company at this time. This allows certain institutional investors the opportunity to participate in the Placing and avoids the requirement for a prospectus, which is a costly and time consuming process. It also facilitates the timely completion of the Acquisitions.
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The Placing Shares when issued will rank pari passu with the Ordinary Shares and will rank in full for any dividends and distributions paid or made in respect of the Ordinary Shares following Admission.
Application will be made for the Placing Shares and the Consideration Shares to be admitted to trading on AIM. It is expected that dealings in the Placing Shares and the Consideration Shares will commence on AIM on 15 May 2018.