30th Oct 2013 12:27
30 October 2013
Gable Holdings Inc.
("Gable", the "Company" or the "Group")
Issue of Equity and Director Shareholding
Further to the Company's announcement earlier today, Gable is delighted to announce the completion of the Placing and the Subscription. A total of 19,454,545 new ordinary shares of 0.25 pence each have been issued at a Placing Price of 55 pence per share, representing a discount of approximately 11.6 per cent. to the closing price on 29 October 2013, being the last practicable date before this announcement. The gross proceeds of the Placing and the Subscription are approximately £10.7 million. The Placing Shares and Subscription Shares will, in aggregate, represent approximately 14.7 per cent. of the expected enlarged issued ordinary share capital of the Company.
It is expected that Admission will take place on or around 4 November 2013.
Commenting, William Dewsall, Chief Executive, said:
"This is Gable's first funding round since floating on AIM in 2005 and we have been delighted with the response from our existing shareholders and our new institutional and private investors who we welcome to the Company, and thank them for their support. With the additional solvency capital in place, Gable is in a strong position to benefit from a number of opportunities to grow the business."
Director's interests
Gable also announces that William Dewsall, Chief Executive, subscribed for Subscription Shares at the Placing Price as set out below:
Beneficial holding of ordinary shares before Placing | Number of shares of 0.25p each to be purchased | Beneficial holding of ordinary shares after Placing | Percentage of expected enlarged issued share capital |
24,367,622 | 90,345 | 24,457,967 | 18.4 |
All terms in this announcement have the meaning given to them in the announcement made by the Company at 7.00 a.m. on 30 October 2013 unless otherwise defined herein.
For further information please contact:
Gable Holdings Inc. William Dewsall, Chief Executive | tel: +44 (0) 20 7337 7460 |
Panmure Gordon Investment Banking Fred Walsh / Atholl Tweedie Corporate Broking Adam Pollock / Maisie Atkinson | tel: +44 (0) 20 7886 2500 |
finnCap Julian Blunt / Christopher Raggett | tel: +44 (0) 20 7220 0500
|
Gable Communications John Bick | tel: +44 (0) 20 7193 7463 +44 (0)7872 061007 |
About Gable Holdings Inc
Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, Denmark, France, Germany, Italy, Norway and Spain. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU.
Gable Holdings Inc is quoted on the London Stock Exchange's AIM market (ticker: GAH.L GAH.LN). For further information please visit www.gableholdings.com.
Related Shares:
GAH.L