Issue of Equity

16 May 2006 13:44

Private & Commercial Fin Group Plc16 May 2006 PRIVATE & COMMERCIAL FINANCE GROUP PLC PROPOSED PLACING AND SHARE CAPITAL REORGANISATION The Directors of Private & Commercial Finance Group ("PCFG" or the "Company")are pleased to announce that the Company has raised £180,000 through aconditional placing of 1,000,000 new ordinary shares at 18p per share (the"Placing Shares") (the "Placing"). The Placing is conditional on the passing of resolutions to be proposed at theannual general meeting to be held on 23 May 2006 (the "AGM"), includingresolutions to give effect to a share capital reorganisation, details of whichwere announced on 9 May 2006. Related Party Transaction The 1,000,000 Placing Shares have been conditionally subscribed for by AberdeenHoldings Limited ("Aberdeen"), which currently holds 23.30 per cent. of theissued ordinary share capital of the Company. Following completion of the Placing and the placing which was announced on 9 May2006, Aberdeen will hold 5,425,000 New Ordinary Shares, which will represent23.82 per cent. of the then issued share capital. The placing of shares with Aberdeen constitutes a related party transactionunder the AIM Rules. The Independent Directors (namely all of the Directorsexcluding Faisal Al Yousef who is a director and major shareholder of Aberdeen),having consulted with Westhouse Securities LLP, the Company's nominated adviser,consider the terms of the placing with Aberdeen to be fair and reasonable so faras shareholders are concerned. Application will be made for the New Ordinary Shares, including the 1,000,000Placing Shares, to be admitted to AIM. Subject to the passing of the necessaryresolutions at the general meetings of loan note holders and at the AGM, it isexpected that admission of the New Ordinary Shares will take place on 24 May2006. Enquiries: Private & Commercial Finance Group plc 020 7222 2426 Tony Nelson Westhouse Securities LLP 0161 838 9140 Tim Feather Notes to Editors: Private & Commercial Finance Group plc, which is authorised and regulated by theFinancial Services Authority, is an independent AIM-listed finance house.Through its operating subsidiaries the Company provides a carefully selectedrange of high quality equipment finance products tailored for both business andpersonal customers. The range extends from financing cars for consumers toleasing a wide range of equipment to businesses. This information is provided by RNS The company news service from the London Stock Exchange