3rd Mar 2006 07:00
Artisan (UK) PLC03 March 2006 Artisan (UK) plc Placing for Cash and Director's Shareholding Artisan (UK) plc ("Artisan" or "the Company"), the residential house builder andcommercial business park developer, is pleased to announce that it has todayplaced 40,000,000 ordinary shares in the Company at 2.75p per share to raise£1.1 million for additional working capital. These shares have been placed withAspen Finance Limited, a company of which Michael Stevens is a director and inwhich he has a beneficial interest. Aspen Finance Limited is now interested in69,666,667 ordinary shares representing 21.21% of the Company's issued sharecapital. The funds raised by this Placing, together with the expected increased debtfunding facility to be provided by the Company's Bankers, will be utilised toprogress the Group's land acquisition programmes to replace and expand thenumber of sites available to Rippon Homes and Artisan Developments, as announcedin the Company's trading statement made on 24 February 2006. Under the AIM Rules, the placing of shares with Aspen Finance is regarded as arelated party transaction and therefore the Board, with the exception of MichaelStevens, have carefully considered the terms of the Placing and, havingconsulted with the Company's nominated adviser, consider the terms to be fairand reasonable insofar as the Company's shareholders are concerned. Further Enquiries: Artisan (UK) plc: Chief Executive 01480 436666Chris Musselle [email protected] Pierce Nominated advisers 020 7107 8000Sarah WharryBankside Consultants Financial PR advisers 020 7367 8888Simon Rothschild 07703 167065 Company website: www.artisan-plc.co.uk - Now fully redesigned and updated This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Artisanal Sp.co