30th Dec 2013 13:12
(Placing explanation now takes into account share consolidation process)
LONDON (Alliance News) - LED International Holdings Limited Monday said it has completed a conditional placing of shares raising roughly GBP3.1 million and a share consolidation.
The company which supplies and installs LED display screens, said that Rubyfield Holdings Ltd and Speed Dragon Holdings Ltd agreed to convert a working capital loan of roughly GBP607,000 it entered into on December 16, to equity as part of this placing process.
The company said that the placing is conditional upon a share consolidation process in which every 100 issued shares are converted into 1 share in the company and the passing of resolutions to issue shares at the company's upcoming annual general meeting in late February.
Regarding the placing, investors will be able to subscribe for around 3.9 million shares at a price of roughly 79.96 pence per share before the consolidation process. The placing price, taking into account the effect of the share consolidation, represents a premium of approximately 263% to the closing middle market price of an existing ordinary share of 0.22 pence on December 27.
The placing shares will represent 43.5% of the company.
The company said net proceeds of the placing will be used by the Company for general working capital purposes and to provide the necessary capital contribution to LED's leasing finance company, Green Pearl Leasing Company Limited.
LED International Holdings shares were up 104.55% to 0.45 pence, making them the top AIM mover Monday afternoon.
By Tom McIvor; [email protected]; @TomMcIvor1
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Led International Holdings