9th Oct 2006 07:00
Evolution Group PLC09 October 2006 EVOLUTION GROUP PLC PRIVATE PLACING BY CHINESE INVESTMENT BANKING SUBSIDIARY The Evolution Group Plc ("Evolution") announces that its subsidiary, EvolutionSecurities China Limited ("ESCL"), is undertaking a private placing of newordinary shares ("Private Placing") to raise £2.5 million for the furtherexpansion of its business. Evolution will itself subscribe £1.3 million from itsexisting cash resources, with the balance being subscribed by new institutionalinvestors. ESCL expects proceeds of the Private Placing to be used to recapitalise the cashconsideration paid in June 2006 for the acquisition of Watterson Asia Limitedand to expand ESCL's activities through the recruitment of further staff, toprovide additional regulatory capital and to be used to fund working capitalrequirements. As a result of the Private Placing, Evolution's interest in the issued ordinaryshare capital of ESCL will be reduced from approximately 73% to approximately71%. The Private Placing is expected to be completed in early October 2006. For further information, please contact: Evolution Group plcGraeme Dell, Finance Director020 7071 3232 ENDS Notes to Editors About Evolution Group Plc The Evolution Group Plc is the holding company of Evolution Securities Limited,Williams de Broe Limited and Evolution Securities China Limited. Founded inApril 2001 and originally listed on the AIM, the Evolution Group joined theOfficial List in 2003 and now has a market capitalisation of over £330 million. Operating Businesses: Evolution Securities Ltd: the leading UK based integrated investment bankservicing mid-market companies and investors Williams de Broe Ltd: the private client fund management group focused onfee-paying discretionary portfolio clients Evolution Securities China Ltd: the specialist Chinese investment bankingbusiness with offices in Hong Kong, London and Shanghai. About Evolution Securities China Ltd ESCL is a specialist investment banking and securities firm dedicated tooffering equity research, institutional sales and sales trading to a broad baseof professional portfolio investors, as well as Equity Capital Markets andCorporate Finance services, primarily to Chinese and Asian corporations. ESCL is headquartered in London with additional offices in Shanghai and HongKong, under the regulatory authority of the FSA and SFC. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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