26 Nov 2012 07:00
26 November 2012
reach4entertainment enterprises plc
("r4e" or "the Company")
Directors Dealing
Issue of Equity
Total Voting
r4e, the transatlantic media and entertainment company, today announces that all Board directors have subscribed for a total of 1,132,074New Ordinary Shares ("Subscription Shares") at a price of 6.625 pence per share (the "Subscription Price"), raising a total of £75,000 (the "Subscription"). The Subscription Price represents a premium of 47.22 % over the Placing price of 4.5p pence per share announced on 12 October 2012 in which the Directors stated their intention to subscribe for new ordinary shares at the prevailing mid-market price but not less than the Placing price. The Subscription Price is the closing mid-price per ordinary share in the capital of the Company on 22 November 2012, being the latest practicable date before the Subscription.
Details of the Directors participation in the Subscription are set out below.
Director | Subscribing Entity | Subscription value | Subscription Shares | Existing shareholding | Enlarged shareholding | % of enlarged share capital |
David Stoller | Stoller Family Partners | £25,000 | 377,3580 | 18,550,000 | 18,927,358 | 25.27% |
Shirley Stapleton | Strawberry Hill Consulting Ltd | £25,000 | 377,358 | - | 377,358 | 0.50% |
Richard Ingham | Glenhouse Capital Strategies Ltd | £15,000 | 226,415 | - | 226,415 | 0.30% |
Marcus Yeoman | Springtime Consultants Ltd | £10,000 | 150,943 | 50,000 |
200,943 | 0.26% |
Stoller Family Partners LLC is classified as a "related party" (as defined by the London Stock Exchange's AIM Rules for Companies (the "AIM Rules")) of the Company by virtue of being an existing substantial shareholder in the Company and also due to David Stoller, Executive Chairman of the Company, being a director and a substantial shareholder in Stoller Family Partners LLC.
The Directors of the Company, save for David Stoller, consider, having consulted with Seymour Pierce Limited, the Company's Nominated Adviser for the purposes of the AIM Rules, that the terms of the Subscription by the related party are fair and reasonable insofar as the shareholders of the Company are concerned.
The Subscription Shares will rank pari passu in all respects with the Company's existing ordinary shares and represent 1.5% of the Company's enlarged issued share capital following the Subscription. Application has been made for the admission of the Subscription Shares to be admitted to trading on AIM ("Admission"), and Admission is expected to occur, and dealings expected to commence at 08.00 on 29 November 2012. The Subscription is being made under existing shareholder authorities.
Following the admission to trading of the Subscription Shares there will be 74,894,792 ordinary shares in issue. 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 in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. The Company has no Ordinary Shares held in treasury.
Ends
Enquiries:
reach4entertainment +44 (0) 20 7993 0000
David Stoller, Executive Chairman
Shirley Stapleton, Finance Director
Blythe Weigh Communications +44 (0) 20 7138 3204
Paul Weigh
Seymour Pierce Limited +44 (0) 20 7107 8000
Stewart Dickson/Tom Sheldon/Julian Erleigh (Corporate Finance)
Katie Ratner/Jacqui Briscoe (Corporate Broking)