17th Jun 2015 09:55
LONDON (Alliance News) - Share PLC Wednesday said the stake held by the family of its founder Gavin Oldham has fallen to 68.85% from 76.10% after they sold some shares to raise GBP3.4 million, most of which will go towards Oldham's latest venture, Share Radio.
Share PLC, the owner of The Share Centre, had said at the start of June that Executive Chairman Gavin Oldham and some family members were offering up to EUR5 million of shares for sale at 33 pence each to raise funds to invest in the Share Radio station he launched in November last year.
On Wednesday, Share said the offer of nearly 10.9 million shares was 95.7% taken up, meaning Oldham sold nearly 9.6 million shares and family member Kathryn Maintzer sold 818,182 shares. The remaining 4.9 million shares were then offered to personal investors through The Share Centre and 1,046 personal investors bought up 4.4 million of them.
That meant Oldham and family raised just over GBP3.4 million in total, with over 90% of that to be used to fund Share Radio. The money is intended to provide sufficient funds to support Share Radio through to profitability. The Share Centre, which is a separate entity, is hoping to gain brand awareness through Share Radio.
Miton Asset Management Ltd, the delegated investment manager for Miton UK MicroCap Trust PLC, bought nearly 2.3 million of the shares offered by Oldham, as was announced at the beginning of the month. It also holds 1.6 million Share shares as the delegated investment manager of CF Miton UK Smaller Companies Fund, meaning it now has nearly 3.9 million shares, or a stake of about 2.7%.
Sharesecure Ltd, a trustee for The Share Centre's employee benefit trust bought 3.7 million shares, taking its holding to nearly 5.8 million shares, or about 4% of the issued share capital of Share PLC.
Share PLC shares were down 4.3% at 34.70 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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