Last checked at 30 May 2018 12:00
30 May 2018
European Wealth Group
("EWG", the "Company" or the "Group")
Issue of Equity and Director/PDMR Shareholding
(Capitalised terms not otherwise defined in this announcement shall have the same meaning ascribed to such terms in the Company's announcement released 18 May 2018 unless the context requires otherwise.)
Further to the Conversion as set out in the announcement released on 18 May 2018, the Company is pleased to announce that certain employees and members of the Board (being Marianne Ismail and Buzz West, together the "Participating Directors") have decided to subscribe for, in aggregate, 3,831,998 ordinary shares of 5 pence each in the capital of the Company ("Ordinary Shares") at the Conversion Price, representing a total of £632,278 (the "Subscription"), which the Company confirmed its agreement to on 29 May 2018.
The Participating Directors have subscribed for 2,121,211 new Ordinary Shares in aggregate (the "Director Participation", split as follows:
Director | Ordinary Shares subscribed for in Subscription | Value of Ordinary Shares | Number of Ordinary Shares held following Admission | Percentage of total Issued share capital of Ordinary Shares held following Admission |
Marianne Ismail | 1,000,000 | £165,000 | 1,000,000 | 0.68% |
Buzz West | 1,121,211 | £185,000 | 3,183,792 | 2.17% |
David Inglesfield, Head of Wealth at EWG and a PDMR of the Company, has also subscribed for 1,515,103 new Ordinary Shares.
The Director Participation is a related party transaction pursuant to the AIM Rules. All the Independent Directors (being Jonathan Massing, Gary Wilder and Darryl Kaplan) consider, having consulted with the Company's nominated adviser, finnCap, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.
Marianne Ismail, CEO of EWG, said,
"I am delighted that some of my colleagues have joined me in subscribing for shares in the Company. This demonstrates a strong vote of support for our growth strategy. Following the recent conversion of the Convertible Facilities and with this additional equity capital, the Company has no debt and a healthy cash balance to pursue our strategy of growing our key areas of financial planning, investment management and trading. I would like to thank all my colleagues and our shareholders for their continued encouragement and backing."
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for 3,831,998 Ordinary Shares in respect of the Subscription, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"), and it is expected that Admission will occur on 11 June 2018.
Following Admission Company will have 146,950,677 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 146,950,677. 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 FCA's Disclosure Guidance and Transparency Rules sourcebook.
For further details, please contact:
European Wealth Group Limited +44 (0)20 7623 2368
Marianne Ismail
Hugo Evans
finnCap Ltd (Nomad and Broker) +44 (0)20 7220 0500
Adrian Hargrave
Anthony Adams
Redleaf Communications (for media) +44 (0)20 3757 6865; ewg@redleafpr.com
Robin Tozer
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | Marianne Ismail | ||||
2. | Reason for the notification | |||||
a) | Position / status | Chief Executive Officer | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | European Wealth Group Limited | ||||
b) | Legal Entity Identifier | 213800DX97OROHY26686 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 5 pence each in the Company GG00BKY4K072 | ||||
b) | Nature of the transaction | Purchase of 1,000,000 Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
n/a
| ||||
e) | Date of the transaction(s) | 29 May 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM | ||||
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | Buzz West | ||||
2. | Reason for the notification | |||||
a) | Position / status | Chairman | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | European Wealth Group Limited | ||||
b) | Legal Entity Identifier | 213800DX97OROHY26686 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 5 pence each in the Company GG00BKY4K072 | ||||
b) | Nature of the transaction | Purchase of 1,121,211 Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
n/a
| ||||
e) | Date of the transaction(s) | 29 May 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM | ||||
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | David Inglesfield | ||||
2. | Reason for the notification | |||||
a) | Position / status | PDMR | ||||
b) | Initial notification / amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | European Wealth Group Limited | ||||
b) | Legal Entity Identifier | 213800DX97OROHY26686 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 5 pence each in the Company GG00BKY4K072 | ||||
b) | Nature of the transaction | Purchase of 1,515,103 Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Aggregated price |
n/a
| ||||
e) | Date of the transaction(s) | 29 May 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM | ||||