7 Jan 2016 07:00
7 January 2016
Glenwick Plc
("Glenwick" the "Company")
Issue of Equity
The Board of Glenwick is pleased to announce that, following further demand from professional investors, Peterhouse Corporate Finance Limited has conditionally raised £350,000 (before expenses) through the placing of 233,333,333 new ordinary shares of no par value each in the Company ("Placing Shares") at a price of 0.15 pence per share. Application has been made for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place and trading in the Placing Shares will commence on AIM at 8.00am on Wednesday 13 January 2016.
The proceeds of the placing will be used to further increase the cash reserves of the Company as the Board seeks to accelerate the implementation of Glenwick's investment strategy.
Commenting on the subscription, Cameron Pearce, the Chairman of the Company, said:
"I am very pleased in the continuing and growing confidence being shown by professional investors in the Company. This further demonstration of support for Glenwick from the professional investment community and provides the necessary funding to enable us to press forward with delivering on our investing strategy. The Board believes that these further funds, combined with the Company's existing cash resources are expected to be sufficient to provide the Company with the funds required to undertake any required pre-completion work to execute this strategy. Shareholders should rest assured that the Company is committed to delivering news regarding implementation of this strategy in the short-term".
Upon Admission, the Company will have 1,609,244,882 Ordinary Shares in issue. The Placing Shares will rank pari passu with the existing ordinary shares.
The above figure of 1,609,244,882 ordinary shares may be used by shareholders in the Company 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 share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please contact:
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| FIM Capital Limited Graham Smith
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+44 1624 681 250
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| Allenby Capital Limited (Nominated Adviser and Joint-Broker) John Depasquale |
+44 203 328 5656
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| Peterhouse Corporate Finance Limited (Joint-Broker) Lucy Williams / Heena Karani |
+44 207 469 0933 | ||
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