Concha plc Subscription of GBP2.0 million & Warrant Exercise (3228F)
23 Abril 2014 - 7:36AM
UK Regulatory
TIDMCHA
RNS Number : 3228F
Concha plc
23 April 2014
23 April 2014
Concha PLC
("Concha" or the "Company")
Subscription of GBP2.0 million & Warrant Exercise
Concha, the AIM quoted investment company focused on investing
in technology, media and communications companies, is pleased to
announce a subscription of GBP2.0 million and the issue of new
warrants, as well as the exercise of existing outstanding
warrants.
Subscription
Concha is pleased to announce that it has raised gross proceeds
of GBP2.0 million through a subscription of 333,333,333 new
ordinary shares of 0.1p each in the Company ("Ordinary Shares")
(the "Subscription Shares") with investors (the "Subscribers") at a
Subscription price of 0.6p per Ordinary Share (the
"Subscription").
The net proceeds of the Subscription will further assist the
Company in the identification and evaluation of additional
investments in line with its investing policy.
Subscription Warrants
As part of the Subscription, the Company has agreed to issue one
warrant for every four Subscription Shares subscribed by the
Subscribers (the "Subscription Warrants"). Each Subscription
Warrant gives the holder the right to subscribe for one Ordinary
Share at 1.20p during the period beginning on the date of issue of
the Subscription Warrants and expiring at 5pm on the earlier of 30
April 2016 and the tenth business day following the date on which
the average closing mid-market price of the Ordinary Shares is
equal to 1.75p or more on five consecutive business days.
Warrant Exercise
The Company also announces that it has received notice of the
exercise of 6,458,333 warrants thereby generating gross cash
proceeds of GBP19,437 for the Company (the "Warrant Exercise").
Further detail on the Warrant Exercise is below:
Exercise price (pence) Expiry date Number of warrants
exercised
----------------------- ----------------- -------------------
0.30 27 February 2015 6,333,333
----------------------- ----------------- -------------------
0.35 07 June 2016 125,000
----------------------- ----------------- -------------------
Total 6,458,333
----------------------- ----------------- -------------------
Following the issue of the Subscription Warrants and the Warrant
Exercise, the total number of warrants outstanding will be
344,290,496. There are no options currently outstanding.
Admission to Trading & Total Voting Rights
Application will be made for the admission of, in aggregate,
339,791,666 new Ordinary Shares to trading on AIM with effect from
28 April2014. This figure is comprised of 333,333,333 Subscription
Shares and 6,458,333 new Ordinary Shares associated with the
Warrant Exercise. Following the admission of the 339,791,666 new
Ordinary Shares, the number of Ordinary Shares in issue will be
1,290,458,783. 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 FCA's Disclosure and
Transparency Rules.
Commenting on the Subscription, Chris Akers, Concha's Executive
Chairman, said:
"The Subscription represents a new era for Concha. We can now
draw a line under the past and start to build a strong platform
from which to pursue our ambitious growth agenda. I am delighted to
welcome our new shareholders who have subscribed for this new
equity at a substantial premium to Concha's average share price
during the first quarter of 2014."
For further information:
Concha PLC
Chris Akers, Executive Chairman chris.akers@srgplc.com
Strand Hanson Limited (Nominated & Financial Adviser) +44 (0) 207 409 3494
James Harris
Andrew Emmott
Ritchie Balmer
Buchanan (Financial PR) +44 (0) 207 466 5000
Mark Edwards
This information is provided by RNS
The company news service from the London Stock Exchange
END
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