30th Jun 2006 07:02
Avarae Global Coins PLC30 June 2006 AVARAE GLOBAL COINS PLC PLACING Avarae Global Coins Plc ("Avarae" or "the Company") is pleased to announce a subscription of 8,800,000 new ordinary shares of 1p each in the Company ("Ordinary Shares"), raising gross funds of £1.1 million ("Subscription") from an institutional investor. Avarae is a recently formed strategic investment company, whose strategy is toachieve long-term capital growth for its shareholders through the purchase,holding and collection of coins from around the world. On 2nd June 2006, theCompany announced that it had completed its first purchase of coins to the valueof £550,000. The Subscription represents approximately 14.2 per cent. of Avarae's issuedshare capital as enlarged by the Subscription and the total number of OrdinaryShares in issue following the Subscription will be 62,133,334. The Subscriptionprice per Ordinary Share of 12.5p represents a discount of approximately 12.3per cent. to Avarae's closing mid market price of 14.25p on 29 June 2006.Application has been made for the new Ordinary Shares to be admitted to tradingon AIM, which is expected to occur on 3 July 2006. Brian Hatton, Executive Director of Avarae commented "We are delighted to havesuccessfully completed the Subscription from a major institutional investor andplan to use the funds raised, in addition to the funds raised at admission, toinvest actively in the coin-collecting sector and to build a portfolio of rarecoins from around the world. We welcome our new shareholders to the Company andlook forward to the future with confidence" Ends Enquiries:Lindsay Mair Daniel Stewart & Company Plc +44 (0)207 776 6550Nicholas Marren Gordon Puckey Phoenix Financial PR +44 (0)207 947 2857 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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