14 Jan 2011 07:00
14 January 2011
CROSBY ASSET MANAGEMENT INC
("Crosby" or the "Company")
Subscription for Ordinary Shares
The board of directors of Crosby is pleased to announce that, on 13 January 2011, the Company raised £500,000, before expenses, by way of a subscription for 12,500,000 new ordinary shares of US$0.01 each in the share capital of the Company (the "Subscription Shares") at a price of 4 pence per share (the "Subscription Price") by XCAP Securities plc on behalf of its institutional clients. The Subscription Price represents a discount of 33.33 per cent. to the closing mid market share price on 12 January 2011.
The proceeds of the subscription will be used to support the general working capital requirements of the Company.
The Subscription Shares will rank pari passu with the existing ordinary shares of US$0.01 each in the Company (the "Ordinary Shares"). Application has been made for admission of the Subscription Shares to trading on AIM and is expected to occur on 19 January 2011.
Following the issue of the Subscription Shares, there will be in issue 322,342,043 Ordinary Shares. This number 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.
Commenting on the Subscription, Robert Owen, Chairman of Crosby, said:
"I am very pleased with the demand from institutions for new equity following the recent announcements regarding new strategic partners for the Company, and I welcome some new institutional names to our share register. The additional funding will enable us to press forward with the implementation of Crosby's investment strategy in the near future".
For further details, please contact:
Crosby Asset Management Limited
Trevor Wells / Waseem Shiraz +44 (0) 20 7399 4384
Strand Hanson Limited
Stuart Faulkner / James Spinney +44 (0) 20 7409 3494