1st Apr 2008 07:00
1 April 2008 STERLING GREEN GROUP PLC ("Sterling Green" or the "Company") Placing and Director Shareholding
The Board announces today that it has raised ‚£200,000, before expenses, from a Placing of 8,000,000 ordinary shares in the capital of the Company ("Ordinary Shares") at 2.5p per share (the "Placing Shares").
The proceeds of the Placing will provide additional working capital to support the expected growth of the Company and provide working capital generally.
Michael Edelson, Chairman, has subscribed for 4,000,000 of the Placing Shares and following the issue of these shares will have a beneficial interest in 23,250,000 Ordinary Shares representing 8.08 per cent. of the issued share capital of the Company following the Placing.
As Mr Edelson is a director of the Company, his participation in the Placing constitutes a related party transaction. The Independent Directors, having consulted with John East & Partners Limited ("JEP"), the Company's Nominated Adviser, consider the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned. In advising the Independent Directors, JEP has taken into account the commercial judgement of the Directors.
Following the issue of the Placing Shares, the Company will have 287,675,390Ordinary Shares in issue. Application will be made for the Placing Shares to beadmitted to trading on AIM. Dealings in these shares are expected to commenceon 4 April 2008. Enquiries:Sterling Green Group plc Tel: 0161 975 5757 Philip Kanas John East & Partners Limited Tel: 020 7628 2200 Simon Clements/David Worlidge
STERLING GREEN GROUP PLCRelated Shares:
AMYT.L