Last checked at 25 Jun 2014 08:01
25 June 2014
European Wealth Group Limited
("European Wealth" or "the Group")
Directors' Dealings
Loan Conversion
European Wealth (AIM: EWG and EWGL) is pleased to announce that, following the announcement today of an acquisition and placing by the Company, a number of directors have today subscribed for 56,251 new ordinary shares of 5p each in the Company ("Ordinary Shares"), in aggregate, at a price of 90p per share ("Director Shares"), raising a total of approximately £51,000 for the Company (the "Subscription").
The Placing announced this morning and the Subscription amounts to £725,000 in aggregate.
In addition, and further to the loan agreement disclosed in the admission document dated 16 April 2014 between the Group's subsidisary, European Wealth Management Group Limited ("EWMG") and Buzz West, non-executive director of the Group, to borrow £60,000; Buzz West has agreed to convert the entire loan plus interest, amounting to £61,512, into 68,346 new Ordinary Shares at a price of 90p ("West Shares").
Application will be made for the Director Shares and the West Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 1 July 2014 ("Admission").
Following Admission, the Company will have in issue 14,373,330 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the number of Ordinary Shares with voting rights in the Company will be 14,373,330.
Details of the transactions and the directors' holdings are set out in the table below:
Director | Position | Number of shares acquired or converted | Resultant sharehol-ding | Resultant shareholding as a % of the current issued share capital |
John Morton & Family | Executive Chairman | 30,696* | 1,571,120 | 10.9 |
Rod Gentry | Executive Director | 25,555 | 1,471,403 | 10.2 |
Buzz West | Non-Executive Director | 68,346 | 153,346 | 1.1 |
* Includes 8,475 shares purchased by MYM Morton Trust and 5,555 shares purchased by Rebecca Morton, John Morton's wife.
For further details, please contact:
European Wealth Group Limited
John Morton, Rod Gentry: +44 (0)20 7293 0733
www.ewgrouplimited.com
Daniel Stewart & Company Plc - Nominated Adviser and Broker
Antony Legge, Ciaran Walsh, Mark Treharne: +44 (0)20 7776 6550
GTH Communications
Toby Hall: +44 (0)20 7822 7493 / +44 (0)7713 341072
ENDS