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Subscription to raise £1.2million

25th Jun 2015 09:46

RNS Number : 2020R
Daniel Stewart Securities PLC
25 June 2015
 

 

 

FOR IMMEDIATE RELEASE 25 June 2015

 

Daniel Stewart Securities plc ("Daniel Stewart" or "the Company")

 

Subscription to raise £1.2million

 

Daniel Stewart, the investment bank offering corporate advisory, institutional stockbroking and wealth management services, is pleased to announce that it has raised £1.2million through a cash subscription from institutional and other investors. The subscription, conditional on Admission, is for 35,820,889 ordinary shares at a price of 3.35p per ordinary share of 0.25p each ("Ordinary Share(s)"). There was sufficient demand to increase the offering from the originally announced £1million fundraise. The proceeds of the subscription will be used for general working capital purposes.

 

Application has been made for the admission to trading on AIM of 35,820,889 new Shares ("Admission"), with trading expected to become effective on 1 July 2015 and the new Ordinary Shares will rank pari passu with existing Ordinary Shares.

 

Following Admission, the Company's issued share capital will comprise 932,272,580 ordinary shares, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. The Company does not hold any shares in treasury.

 

Related Party Transaction

 

Under the AIM Rules for Companies ("AIM Rules"), Epsilon Investments pte, a substantial shareholder in the Company, is a related party and therefore their subscription for 8,656,716 Ordinary Shares is a related party transaction pursuant to Rule 13 of the AIM Rules (the "Epsilon Subscription"). Accordingly, the directors of Daniel Stewart consider, having consulted with the Company's Nominated Adviser, Beaumont Cornish Limited, that the terms of the Epsilon Subscription are fair and reasonable insofar as the shareholders of the Company are concerned. Following completion of the subscription Epsilon Investments pte will be interested in 273,156,716 Ordinary Shares representing 29.3% of the Company's enlarged issued share capital.

 

No other participant in the Subscription has a notifiable interest in the Company.

 

 

Enquiries:

 

DANIEL STEWART SECURITIES PLC

Peter Shea, Chairman

Tel: 020 7776 6550

 

BEAUMONT CORNISH LIMITED

Roland Cornish/ James Biddle

Tel: 020 7628 3396

 

END

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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