14 Aug 2013 07:00
AIM: SGM
Sigma Capital Group plc
("Sigma" or "the Group")
Sale of shares in associate company, Frontier IP Group Plc
Sigma, the property and urban regeneration specialist, announces that it has sold 2,405,212 existing ordinary shares of 10p each in its associate company, Frontier IP Group Plc ("Frontier IP"), at a price of 10 pence per share (the "Disposal"). The Disposal was part of a placing (the "Placing") of 6,325,212 new and existing ordinary shares undertaken by Frontier IP, as announced by Frontier IP today.
The Disposal is conditional on the Frontier IP new ordinary shares being issued pursuant to the Placing (the "Placing shares") and admitted to trading on AIM. Sigma will receive net proceeds of circa £228,000, which is expected to result in a profit of at least £70,000 for the Group.
Following the Placing, Sigma's shareholding in Frontier IP will be approximately 5.9% (previously 26.7%) and Frontier IP will cease to be an associate company of Sigma. Sigma will account for its remaining holding in Frontier IP as an investment.
Pursuant to the Placing, Frontier IP has conditionally raised £392,000 (before expenses) to provide support for the development and growth of the company. It is expected that the Placing shares will be admitted to trading on AIM on 15 August 2013.
Enquiries:
Sigma Capital Group plc | Graham Barnet, Chief Executive Marilyn Cole, Finance Director | T: 0131 220 9444 |
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Biddicks | Katie Tzouliadis/ Alex Shilov | T: 020 3178 6378 |
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N+ 1 Singer | James Maxwell/ Nick Donovan | T: 0207 496 3000 |
Company website: www.sigmacapital.co.uk