Last checked at 3 May 2013 07:00
03 May 2013
EW GROUP LIMITED
("EW Group" or "the Company")
Issue of Equity
The Company announces that it has received a notice to convert £375,000 ("Conversion Notices") of the loan note constituted on 17 October 2012 ("Convertible Loan Notes") at a price of 0.7p per new ordinary share of 01.p each ("Ordinary Shares"). This is in addition to the conversion notices received in respect of £575,000 Convertible Loan Notes announced to the market on 24 April 2013 ("April Conversion Notices").
Holders of the remaining £50,000 of Convertible Loan Notes have until 17 May 2013 to choose to convert or wait until the next conversion period in approximately six months' time, at a higher price.
Conversion of the Convertible Loan Notes the subject of the Conversion Notices will result in the issue of 53,571,429 new Ordinary Shares ("Conversion Shares") and a further reduction of £37,500 in the Company's annual interest charge. Under the terms of the Convertible Loan Notes, the Company has 12 days from the end of a notice period in which to issue any shares arising from the receipt of a conversion notice, it is therefore expected that the Conversion Shares will be issued and admitted to trading on AIM by 5 June 2013.
Taking into account new Ordinary Shares to be issued pursuant to the April Conversion Notices ("April Conversion Shares"), and assuming no other notices to convert the Convertible Loan Notes are received by the Company, the Company's enlarged share capital following the issue of the Conversion Shares will be 558,191,755 Ordinary Shares ("Enlarged Share Capital"). The Conversion Shares will rank pari passu with existing Ordinary Shares and will constitute approximately 9.59% of the Enlarged Share Capital.
Significant shareholders
Following the issue of the April Conversion Shares and the Conversion Shares, the significant shareholders in the Company will be as follows:
Shareholder | Number of Ordinary Shares | Percentage holding |
Courvoisier & Associés S.A.* | 105,288,951 | 18.86 |
Hearth Investments Limited** | 76,390,476 | 13.69 |
Southern Rock Insurance Company Limited | 53,571,429 | 9.59 |
Rod Gentry | 38,183,469 | 6.84 |
Alan John Morton | 35,997,781 | 6.45 |
George Robb | 26,822,813 | 4.81 |
* Kishore Gopaul, a director of the Company, is a director of Courvoisier & Associés S.A.
**a trust of which Tim Revill, a director of the Company, is a potential beneficiary.
Further information please contact:
EW Group Limited
Paul Everitt: +44 (0)14 8173 2888
Daniel Stewart & Company Plc - Nominated Adviser and Broker
Antony Legge and James Thomas: +44 (0)20 7776 6550