Last checked at 21 Dec 2022 07:00
For release: 21 December 2022
Sealand Capital Galaxy Limited
("Sealand" or the "Company")
Issue of Equity
Sealand Capital Galaxy Limited (LSE: SCGL) announces that it has agreed to issue 115,211,604 new ordinary shares to its Executive Chairman, Law Chung Lam Nelson, in return for the partial conversion of the loan owed by the Company to him. The conversion price per share is £0.0021, being the closing bid price on 15 December 2022, making a total conversion of £241,944. The Board of the Company welcomes this transaction as being an important step in strengthening the balance sheet of the Company and preserving the Company's cash. Following this, Mr Law will own 50.7% of the enlarged equity of the Company.
Application will be made for the 115,211,604 new ordinary shares to be admitted to trading which is expected to be on or around 5 January 2023.
The new ordinary shares will rank pari passu with the existing ordinary shares of the Company. Following the issue of the new ordinary shares, the Company's issued share capital will comprise of 715,815,080 ordinary shares. This figure of 715,815,080 ordinary shares 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 FCA's Disclosure Guidance and Transparency Rules.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
-Ends-
Enquiries:
|
|
Sealand Capital Galaxy Limited | |
Law Chung Lam Nelson, Executive Chairman Geoffrey Griggs, Independent Non-executive Director
| + 44 (0) 753 795 9788 +44 (0) 20 7623 3673
|
Novum Securities Limited | |
David Coffman/ Daniel Harris | + 44 (0) 20 7399 9400 |
Notes to Editors:
The Company's Shares are traded on the Official List of the London Stock Exchange's main market for listed securities under the ticker SCGL.
Further information on Sealand is available on its website http://www.scg-ltd.com/
The notification below is made in accordance with the requirements of the EU Market Abuse Regulation, requiring notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Law Chung Lam Nelson
| ||||
2
| Reason for the notification Grant of Options and Placing and Issue of Shares | |||||
a)
| Position/status
| Executive Chairman
| ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Sealand Capital Galaxy Limited | ||||
b)
| LEI
| 2138009EB25MJIULQO19
| ||||
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, type of instrument | Ordinary shares of £0.0001 each ("Shares")
| ||||
Identification code | ISIN Code: KYG7948E1026 | |||||
b)
| Nature of the transaction
| Issue of equity
| ||||
c)
| Price(s) and volume(s) | |||||
Price(s) | Volume(s) | |||||
0.21p | 115,211,604 Shares
| |||||
| ||||||
d)
| Aggregated information | |||||
- Aggregated volume | 115,211,604 Shares
| |||||
- Price | 0.21p | |||||
e)
| Date(s) of the transaction
| 20 December 2022 | ||||
f)
| Place of the transaction
| Outside of a trading venue | ||||