8th Aug 2007 15:24
Avarae Global Coins PLC08 August 2007 Avarae Global Coins plc08 August 2007 Avarae Global Coins plc Result of EGM Avarae Global Coins plc enters next phase in its development with completion ofa £6.0 million placing 8 August 2007 The Board of Avarae Global Coins plc ('Avarae' or the 'Company') is pleased toannounce that, at the extraordinary general meeting ("EGM") of the Company heldearlier today, all of the resolutions relating to the placing of 48.0 millionnew ordinary shares to raise £6.0 million before expenses (the "Placing"), thedetails of which were set out in the Circular that was sent to Shareholdersdated 13 July 2007 (the 'Circular') were duly passed. In addition, theresolution authorising the Company to make certain market purchases was alsoapproved. The Placing was conditional upon, inter alia, the passing of these resolutionsat the EGM and the Admission to trading on AIM of the Placing Shares. As stated in the Circular, the net proceeds from the proposed Placing willincrease the funds available for investment in rare and antique coins and enablethe Company to expand the size of its coin portfolio without significantlyincreasing its cost base. The Directors believe that the additional funds willenable the Company to purchase a larger range of assets, including largercollections, international collections and more valuable coins. The Directorsbelieve that there are sufficient opportunities available to enable Avarae toinvest all the proceeds from the Placing in the short to medium term. A total of 48,000,000 new Ordinary Shares (the "Placing Shares") were placed onbehalf of the Company at a Placing Price of 12.5 pence per share, representing77.25 per cent. of the existing issued share capital. The total number ofOrdinary Shares in issue following Admission will be 110,133,334. Admission anddealings in the Placing Shares are expected to commence on AIM on 9 August 2007. Brian Hatton, Executive Director of the Company said: "We are very pleased with the exceptional quality of the portfolio of coinsAvarae has been able to build in its inaugural year. Since the Company'sadmission to AIM, the Advisory Panel and the team at Noble have workedtirelessly, sourcing some of the most important coin collections in thenumismatic world. The Company is seeing growing interest from investors lookingto further diversify their portfolios by seeking to invest in 'alternative'assets such as coins as well as more traditional assets such as equities andproperty. We believe the additional funds raised by the Company through thePlacing, which has effectively doubled the funds available for investment, willallow us to build on our already impressive collection of valuable rare coins,which will make Avarae an even more attractive investment." Enquiries: Phoenix Financial PR 020 7947 2856Gordon Puckey Collins Stewart Europe LimitedAdrian Hadden/Stewart Wallace/ Lorraine Delannoy 020 7523 8350 Avarae Global Coins plcBrian Hatton 01624 615 614Matthew Wood 020 7552 0215 About Avarae Global Coins plc Avarae Global Coins plc is a strategic investment company, whose strategy is toachieve long-term capital growth for its Shareholders through the purchase,holding and collection of rare and antique coins and coin collections fromaround the World. Avarae is the UK's only publicly traded specialist investmentcompany, dedicated to investing in rare and high quality coins. For more information on Avarae Global Coins plc, go to www.avarae.com This information is provided by RNS The company news service from the London Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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