PCG Entertainment plc Disposal of Shares from sale of CPDC (1967X)
February 17 2017 - 5:57AM
UK Regulatory
TIDMPCGE
RNS Number : 1967X
PCG Entertainment plc
17 February 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
17 February 2017
PCG Entertainment Plc
("PCGE" or the "Company")
PCG Entertainment Plc / Index: AIM / Epic: PCGE
Disposal of Shares from sale of Center Point Development Corp
("CPDC")
Further to its announcement on 11 January 2017 (the
"Announcement) and subsequent approval at the EGM held on 10
February 2017, PCGE, the AIM quoted Asia-Pacific online media and
entertainment company, today announces the disposal of the shares
from the sale of CPDC has commenced.
In total, the Purchasers submitted 402,589,143 Ordinary Shares
in the Company to Beaufort Securities, the Company's broker, as
consideration for the purchase of CPDC (equivalent to 30.06% of the
issued Ordinary Shares); this is a slightly higher number of
Ordinary Shares than originally anticipated. 302,000,000 of these
Ordinary Shares (equivalent to 22.55% of the issued Ordinary
Shares) have now been sold as part of this process to multiple
investors, none of which now hold notifiable stakes in the
Company.
Pursuant to these sales the Company expects to receive net
proceeds of approximately GBP0.3 million.
Nick Bryant, CEO, commented, "This draws a line under the CPDC
dispute. It provides the Company with further working capital,
enabling us to focus on our core business and exploit the
opportunities we have created over the last few months. I look
forward to updating the market on these opportunities in due
course."
Further details of the reasons for and terms of the disposal of
CPDC are set out in the Announcement. All definitions are as used
in the Announcement unless separately defined.
For further information:
PCG Entertainment plc
Nick Bryant, CEO Tel: +44 20 8004
4699
Allenby Capital
Nick Naylor / Nick Harriss Tel: +44 20 3328
/ James Thomas 5656
Beaufort Securities
Saif Janjua Tel: +44 20 7382
8300
Damson Communications
Amelia Hubert Tel: +44 20 7812
0645
This information is provided by RNS
The company news service from the London Stock Exchange
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February 17, 2017 05:57 ET (10:57 GMT)