13 Mar 2009 07:00
Cubus Lux plc ("Cubus Lux" or the "Company") Issue of Equity
Cubus Lux, the Croatia-focused leisure resort operator and developer, announces that it has agreed to issue 3,211,756 ordinary shares of 10p each in the capital of the Company ("Shares") at a price of 40p each. Application has been made for admission of these Shares to AIM, and this is expected to become effective on 18 March 2009. The net proceeds of the issue of equity will be applied towards reducing certain bank borrowings of the Company associated with the marina in Sutomiscica (with a commensurate interest charge reduction) and for general working capital purposes.
Of these Shares, 1,188,878 these Shares are to be issued to Dodge Private Equity Limited, a company in which Gerhard Huber (the Chairman of Cubus Lux) is interested, and a further 1,188,878 are to be issued to Phoenix Holdings Limited, a company in which Christian Kaiser (a director of Cubus Lux) is interested.
Accordingly, the issue of these 2,377,756 Shares constitutes a related party transaction (the "Related Party Placing") as defined in the AIM Rules for Companies. Where a company whose shares are quoted on AIM enters into such a transaction, the requirement is for those directors of the company who are independent of the transaction to consider, after consultation with the company's nominated adviser, whether the terms of the transaction are fair and reasonable insofar as the company's shareholders are concerned.
The independent directors (being all of the directors with the exception of Gerhard Huber and Christian Kaiser), having consulted with Dowgate Capital Advisers Limited, consider that the terms of the Related Party Placing are fair and reasonable insofar as the shareholders of the Company are concerned.
Following this issue of shares, the shareholdings of the directors are asfollows: Number of Percentage of Options ordinary ordinary share shares capital in issue Gerhard Huber 3,130,861 17.51% 200,000Christian Kaiser 2,251,604 12.60% 100,000Michael Janssen 460,688 2.58% 100,000Leon Nahon 61,466 0.34% 100,000Steve McCann 30,000 0.17% 130,000Eli Abramovich 24,000 0.13% 100,000Francisco Alvarez - -% -
Following this issue of shares, the shareholdings of significant shareholders (ie holders of more than 3 per cent.) are as follows:
Number of Percentage of ordinary ordinary share shares capital in issue Milan Kotur 1,297,754 7.26%Allveritas Inverciones SA 1,081,428 6.05%Kling GmbH 1,140,000 6.38%Xavier Azalbert 574,467 3.21%
Following this issue of shares, and in conformity with the Financial Services Authority's Disclosure and Transparency Rules, Cubus Lux gives notice that its voting capital consists of:
Ordinary Shares Nominal Value Ordinary Shares held in Treasury 17,876,122 10p £1,787,612.20 -
As Cubus Lux does not hold any ordinary shares in Treasury, its total number of voting rights equals its capital.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Cubus Lux under the FSA's Disclosure and Transparency Rules.
For further information please see www.cubuslux.com or contact:
Steve McCannCubus Lux plc+385 (0)99 214 9636Simon Sacerdoti/Liam Murray, Nominated AdviserDowgate Capital Advisers Limited+44 (0)20 7492 4777Claire Louise Noyce/Stephen Austin, BrokerHybridan LLP+44 (0)20 3159 5085Pam SpoonerCity Road Communications+44 (0) 20 7248 8010+44 (0)7858 477 747
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