29 Jan 2018 14:03
29th January 2018
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / Index: AIM / Epic: PCGE
Placing of new ordinary shares
PCG Entertainment Plc (AIM: PCGE) announces that it has today raised a total of £675,000 (before expenses) through the issue of new ordinary shares of 0.1 pence each (the "New Ordinary Shares").
Of this total, £125,000 has been provided by a subscription for 62,500,000 New Ordinary Shares at a price of 0.2 pence per New Ordinary Share (the "Subscription") by Black Swan FZE ("Black Swan") of which Richard Poulden is Chairman and which is controlled by his family trusts. No commission or fees are payable in relation to this subscription by Black Swan. The subscription by Black Swan constitutes a transaction with a related party under the AIM Rules for Companies. The board of the Company (apart from Richard Poulden), having consulted with Allenby Capital Limited (the Company's nominated adviser), consider that the terms of the subscription by Black Swan are fair and reasonable insofar as shareholders are concerned.
A further £550,000 (before expenses) has been raised through a placing via the Company's broker, Beaufort Securities Limited, of 275,000,000 New Ordinary Shares at a price of 0.2 pence per New Ordinary Share (the "Placing").
The proceeds of the Placing and the Subscription will be used to accelerate its business strategy. The Placing and Subscription have been undertaken within the Company's existing share authorities and is conditional only on admission of the New Ordinary Shares to trading on AIM ("Admission").
An application will be made for Admission, which is expected to occur on or around 12 February 2018. Following Admission, the Company's issued share capital will consist of 1,042,488,102 ordinary shares of 0.001 pence each, with one voting right per share. PCGE does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 1,042,488,102. This figure 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.
For more information on PCGE please visit the Company's website www.pcge.com.
Bob McDowall, Non-Executive Director of PCGE, commented: "With the capital raised through this placing and subscription and last weeks settlement with the Company's former CEO we can continue to implement our business strategy. I hope the market will be encouraged by the Chairman's faith in the future of the Company, and now that the Company has concluded legacy issues with ex-board members, it's now in a position to advance with its strategy of delivering shareholder value. We appreciate the continued support offered by our existing and new shareholders."
Enquiries:
PCG Entertainment PLC
Richard Poulden, Chairman Tel: +44 207 812 0645
Allenby Capital Limited (Nominated Adviser)
Nick Naylor/Nick Harriss Tel: +44 20 3328 5656
Beaufort Securities Limited
Elliot Hance Tel: +44 20 7382 8300
Damson Communications
Abigail Stuart-Menteth/Amelia Hubert Tel: +44 20 7812 0645