30 Dec 2015 07:00
30 December 2015
Eco City Vehicles PLC
("ECV" or the "Company")
Issue of Equity
The board of directors of ECV confirms that further to the announcement of 1 December 2015 (all defined terms as per that announcement) and following the passing of the requisite resolutions at the General Meeting of the Company held on 23 December 2015, the Company has issued 413,114,754 new Ordinary Shares.
The Company has issued 409,836,066 Subscription Shares at a price of 1.22 pence per share, raising a total of £5,000,000 under the Subscription. In addition to the Subscription, the Directors between them have subscribed for 3,278,688 new Ordinary Shares at 1.22 pence per share in lieu of receiving unpaid Directors' fees of £40,000.
413,114,754 new Ordinary Shares will be admitted to trading on AIM with effect from 31 December 2015. Following the issue of the 413,114,754 new Ordinary Shares, the Company will have a total of 441,885,446 Ordinary Shares in issue, and have the following significant shareholders (as far as the Company is aware):
Name Of Shareholder | Number Of Ordinary Shares | % of Issued Share Capital | |
Euroblue Investments Ltd. | 114,987,190 | 26.02 | |
Henderson Global Investors Ltd. | 114,889,590 | 26.00 | |
MXC Capital Ltd. | 109,289,672 | 24.73 | |
Hargreave Hale Ltd. | 40,983,607 | 9.27 | |
Livingbridge VC LLP | 20,491,803 | 4.64 | |
Harwood Capital LLP | 20,491,803 | 4.64 |
In addition, the Directors now hold the following Ordinary Shares:
Name Of Director | Number Of Ordinary Shares | % of Issued Share Capital | |
John Swingewood | 6,738,837 | 1.53 | |
Ran Oren | 1,639,344 | 0.37 |
The Company can also confirm that the warrant agreement described in the announcement of 1 December 2015 has now been entered into and MXC now hold Warrants over 5% of the enlarged Ordinary Share capital of the Company.
Enquiries:
Eco City Vehicles plc
John Swingewood, Director +44 1444 440 359
Allenby Capital (Nomad and Broker)
Nick Harriss/John Depasquale +44 20 3328 5656