Concha plc Placing and Portfolio Update (5078W)
30 Dezembro 2013 - 5:00AM
UK Regulatory
TIDMCHA
RNS Number : 5078W
Concha plc
30 December 2013
30 December 2013
Concha PLC
Placing and Portfolio Update
Concha PLC ("Concha" or the "Company"), the AIM quoted
investment company focused on investing in media, communications
and technology companies, today announces a fundraising of up to
GBP0.2 million (the "Fundraising") which includes the issue of new
warrants and the grant of a put and call option.
Placing
Concha is pleased to announce that it has raised gross proceeds
of approximately GBP0.1 million through a placing of 50,000,000 new
ordinary shares of 0.1p each in the Company ("Ordinary Shares")
(the "Placing Shares") with new investors (the "Placees") at a
placing price of 0.20p per Ordinary Share (the "Placing Price")
(the "Placing"). In addition, the Company has also entered in to a
put and call option (the "Option") over a further 50,000,000 new
Ordinary Shares at a subscription price of 0.20p per Ordinary
Share, exercisable in full on or before 14 February 2014 at the
election of either the Company or the Option holder. If exercised
in full, the Option will generate gross proceeds of GBP100,000. The
proceeds of the Placing and the Option, to the extent exercised,
will be used to fund the Company's working capital
requirements.
Application has been made for the admission of the Placing
Shares to trading on AIM with effect from 31 December 2013.
Following the admission of the Placing Shares, the number of
Ordinary Shares in issue will be 827,756,979. This figure may be
used by shareholders as the denominator in the calculation by which
they determine if they are required to notify the Company of their
interest (or any change to their interest) in the Company under the
Financial Conduct Authority's Disclosure and Transparency
Rules.
Warrants
As part of the Placing, the Company has agreed to issue 1
warrant for each Placing Share subscribed for by the Placees,
exercisable at 0.25p and within an exercise period expiring on 31
December 2016 (the "Placing Warrants"). The total number of Placing
Warrants issued under the Placing will therefore be 50,000,000.
The Company has also agreed to issue 1 warrant for each share
subscribed for under the Option, again exercisable at 0.25p and
within an exercise period expiring on 14 February 2017 (the "Option
Warrants"). The maximum number of Option Warrants which could be
issued, will therefore be 50,000,000.
Following the issue of the Placing and Option, and assuming the
Option is exercised in full, the total number of warrants
outstanding will be 340,325,634.
Current Portfolio Update
Moshen Limited
On 5 September 2013, Concha announced that Moshen Limited, a
business in which it held a 40% interest, had been placed in to
administration and that the security granted to Concha in respect
of the GBP300,000 term loan advanced to Moshen was unenforceable.
The administrators of Moshen have advised the Company that they do
not expect to make any payments to creditors or shareholders.
Concha has engaged advisers to consider the actions of its legal
representatives at the time the interest in the Moshen business was
acquired, and the failure to validly register a security interest
in the assets of that entity. On 3 December 2013, Concha submitted
its detailed letter of claim against its former legal advisers.
Churchill Media Limited
On 1 October 2013, Concha announced that as a result of
Churchill Media Limited ("CML") having failed to discharge the
obligations in relation to a loan advanced to CML by 30 September
2013, it had issued a notice of default to CML.
Despite a continuing dialogue with Richard Thompson, CML's sole
director and shareholder, Concha has yet to receive any
satisfactory proposal relating to either repayment of the loan
either in cash or through an exchange for interests in investments
held by either CML or its associates. In the absence of any
satisfactory proposal, Concha is now seeking to review to the
original transactions and the actions of those involved at the time
of the advance.
Board Changes
Marcus Yeoman has tendered his resignation and is leaving the
Company with immediate effect. The board wishes him well in his
future endeavours and hopes to announce the appointment of an
additional non-executive director in the near future.
Further updates will be provided as appropriate.
Enquiries:
Concha PLC chris.akers@srgplc.com
Chris Akers, Executive Chairman
Strand Hanson Limited (Nominated Adviser and Joint Broker) 020 7409 3494
James Harris
Andrew Emmott
Ritchie Balmer
PeterHouse Corporate Finance (Joint Broker) 020 7926 0935
Jon Levinson
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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