20 Sep 2011 11:00
THE WEATHER LOTTERY PLC
("TWL" or the "Company")
Subscription for New Shares & Board Change
20 September 2011
Subscription
The Weather Lottery PLC, the AIM listed lottery operator is pleased to announce that it has today allotted 17,777,977 new ordinary shares of 0.1p each ("Ordinary Shares") at a price of 0.5625 pence per share to raise £100,000 (before expenses). A further £25,000 has been pledged and will be announced when it is subscribed, thus completing the £300,000 fund raising announced on 21 April 2011.
Mr Cormac Crawford has subscribed for 17,466,666 Ordinary Shares, representing approximately 4.39 per cent of TWL's enlarged issued ordinary share capital. John Botros, Company Secretary has subscribed for 311,311 shares and is now interested in 21,332,423 Ordinary Shares (of which 21,021,112 as trustee for the Second Trinity Trust), representing approximately 5.36 per cent of TWL's enlarged issued ordinary share capital. The directors (all of whom are for these purposes independent), having consulted with the Company's nominated adviser, believe that the terms of the subscription by John Botros (a former substantial shareholder), are fair and reasonable insofar as shareholders are concerned.
Mr Crawford is a former Senior Executive with Banque National de Paris (BNP). At BNP he was responsible for the construction finance at the World Financial Centre Battery Park New York. He then founded Shannon International Leasing and Financial Services Limited (SIL). He was Executive Chairman of SIL where he wrote US$1.5billion in asset based financial transactions over a 3 year period. SIL was purchased by GE Capital. Following the sale Mr Crawford established a boutique financial services company licensed by the Central bank of Ireland. He has raised and managed substantial funds on his own and clients behalf primarily in the business expansion sector. TWL is delighted that Mr Crawford has purchased this significant stake and looks forward to working with him to develop the company.
An application will be made for the 17,777,977 new Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM and it is expected that dealings will commence on 26 September 2011. Following Admission, the Company's issued share capital will consist of 398,182,715 Ordinary Shares.
Board Change
TWL also announces that Mr A Moore has resigned from the Board after over five years as a Director. The Board would like to thank Mr Moore for his work for the company and wish him all the best in the new ventures that he is leaving to pursue.
ENDS
For further information contact
The Weather Lottery PLC
John Botros (Company Secretary) 07714209346
Religare Capital Markets (Nomad)
Nick Harriss 02074440800
SVS Securities (Broker)
Ian Callaway 02076385600
Greycoat Communications
Andrew Marshall 07785297111