Last checked at 23 Jun 2015 07:00
23 June 2015
CEPS PLC
("CEPS" OR THE "COMPANY")
Placing to raise £1.25 million
Directors' Dealings
Related Party Transactions
Total Voting Rights
Placing to raise £1.25 million
The Company is pleased to announce that it has raised gross proceeds of £1.25 million by way of a placing of 4,166,667 new ordinary shares ("Placing Shares") to new and existing investors at a price of 30 pence per share ("Placing").
The net proceeds of the Placing will be used to repay the third party loan of £0.8 million that was entered into at the time of the Company's acquisition of Aford Awards Limited, as set out in the Company's announcement dated 4 November 2014, and for general working capital purposes.
Application has been made to the London Stock Exchange to admit the Placing Shares to trading on AIM and admission is expected to occur on 29 June 2015. The Placing Shares will rank pari passu with the Company's existing ordinary shares.
Directors' Dealings
Certain directors of the Company have participated in the Placing, as set out in the table below.
Director | Shareholding prior to the Placing | Number of Placing Shares subscribed for | Shareholding following the Placing | % of Enlarged Share Capital |
David Horner | 1,397,005 | 1,466,667 | 2,863,672 | 29.9 |
Richard Organ | 115,650 | 58,333 | 173,983 | 1.8 |
Vivien Langford | - | 41,667 | 41,667 | 0.4 |
In addition, certain substantial shareholders (as defined in the AIM Rules) have subscribed for Placing Shares, as set out in the table below.
Substantial Shareholder | Shareholding prior to the Placing | Number of Placing Shares subscribed for | Shareholding following the Placing | % of Enlarged Share Capital |
Mark Thistlethwayte | 910,000 | 733,333 | 1,643,333 | 17.2 |
Chelverton Growth Trust plc | 1,000,000 | 525,000 | 1,525,000 | 15.9 |
Related Party Transactions
The subscriptions for Placing Shares by David Horner, Mark Thistlethwayte and Chelverton Growth Trust plc constitute related party transactions as defined by the AIM Rules. Geoffrey Martin, being the director of the Company independent of the Placing, considers, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Total Voting Rights
Following the issue of the Placing Shares, the enlarged issued share capital of the Company will comprise 9,573,822 ordinary shares of 10 pence each. 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, the Company, under the Disclosure and Transparency Rules.
Enquiries
CEPS PLC David Horner, Chairman
| +44 1225 483030 |
Cairn Financial Advisers LLP Tony Rawlinson/Avi Robinson | +44 20 7148 7900 |