9 Oct 2009 12:17
PRIVATE & COMMERCIAL FINANCE GROUP PLC
PLACING OF NEW ORDINARY SHARES
The Directors of Private & Commercial Finance Group ("PCFG" or "the Company") are pleased to announce the conditional placing of 1,582,000 ordinary shares of 5 pence each in the capital of the Company ("Placing Shares") with investors, including certain Directors of the Company, at a placing price of 6p per share raising £94,920 before expenses (the "Placing").
The existing authority granted by shareholders to the Directors to allot shares for cash is insufficient to allow the issue of the Placing Shares. Therefore the Placing is subject to the passing of the necessary resolutions at the Annual General Meeting ("AGM") of the Company to be held on 13 October 2009 which will allow the Directors sufficient authority to issue the Placing Shares (the "Resolutions").
Application has been made for the Placing Shares to be admitted to trading on AIM. It is expected that, subject to the passing of the Resolutions at the AGM, admission will become effective and that dealings will commence at 8.00 a.m. on 14 October 2009.
Following the Placing the Company will have a total of 52,678,030 ordinary shares in issue and the shareholdings of the Directors participating in the Placing will be as follows:
| Current shareholding | Number of shares to be issued pursuant to the Placing | Resultant holding in the Company | Percentage of enlarged share capital | |
| Anthony Nelson | 1,558,506 | 100,000 | 1,658,506 | 3.15% |
| Scott Maybury | 1,500,006 | 100,000 | 1,600,006 | 3.04% |
| Michael Cumming | - | 200,000 | 200,000 | 0.38% |
| Peter Shea | 47,000 | 117,000 | 164,000 | 0.31% |
Enquiries:
| Private & Commercial Finance Group plc | |
| Robert Murray / Scott Maybury | Tel: 020 7222 2426 |
| Hanson Westhouse Limited (Nominated Adviser) | |
| Tim Feather / Matthew Johnson | Tel: 0113 246 2610 |
Notes to Editors
Private & Commercial Finance Group plc, which is authorised and regulated by the FSA, is a well established AIM-quoted finance house.
PCFG has two main operating divisions: Consumer Finance (finances cars for consumers) and Business Finance (finances vehicles, plant and equipment for SMEs). The Group has a highly efficient business model, utilising its specially developed internet-based proposal system to service a national network of brokers.