PCG Entertainment plc Update on Proposed Fundraising (9375Q)
June 11 2018 - 3:03AM
UK Regulatory
TIDMPCGE
RNS Number : 9375Q
PCG Entertainment plc
11 June 2018
11 June 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / Index: AIM / Epic: PCGE / NEX: PCGE
Update on proposed fundraising
Further to the announcement made earlier today PCG Entertainment
Plc (AIM: PCGE) announces that it has today raised a total of
GBP303,000 (before expenses) through the issue of 202,000,001 new
ordinary shares of 0.1 pence each (the "New Ordinary Shares") at a
placing price of 0.15 pence (the "Placing Price") per New Ordinary
Share (the "Placing"). The Placing is conditional, inter alia, on
admission of the New Ordinary Shares to trading on AIM
("Admission"). In addition, 97,999,999 existing ordinary shares
held by D-Beta (the "Sale Shares") have also been sold, conditional
on Admission, to investors at the Placing Price. Neither the
Placing nor the sale of the Sale Shares is being underwritten. The
Placing and the sale of the Sale Shares has been arranged by SVS
Securities Limited, who have been appointed as the Company's joint
broker today.
It is anticipated that approximately GBP118,855.33 of the
Placing proceeds to be received by the Company will be paid to
D-Beta as the settlement of outstanding amounts due under the
Agreement entered into with D-Beta, details of which were announced
earlier today. The balance of the net proceeds of the Placing will
be used to accelerate PCGE's business strategy.
Under the equity sharing facility, entered into by the Company
with D-Beta on 18 August 2017 (the "Equity Sharing Facility"), the
Company has received a net total of GBP11,605 in monthly payments
from D-Beta and the proceeds of the associated subscription of
GBP425,000. Subject to receipt by D-Beta of the net proceeds of the
sale of the Sale Shares by D Beta and receipt by the Company of the
net proceeds of the Placing, in each case by 30 June 2018, the
final amount to be paid by or to the Company, as the case may be
(the "Final Payment Amount") in order to terminate the Equity
Sharing Facility will be agreed by the parties or determined by the
Company's auditors and such amount will relate not only to the
Deferred Monthly Payments but also the Further Payments . It is
currently anticipated that the Final Payment Amount will be
approximately GBP118,855.33 payable by the Company to D-Beta. Save
where the context requires otherwise, defined terms used in this
paragraph have the meaning ascribed to them in the announcement
made by the Company earlier today.
Once all the foregoing transactions are settled D-Beta will have
no continuing interest in the Company.
An application will be made for Admission, which is expected to
occur on or around 15 June 2018. Following Admission, the Company's
issued ordinary share capital will consist of 1,244,488,103
ordinary shares of 0.1 pence each, with one voting right per share.
PCGE does not hold any ordinary shares in treasury. Therefore, the
total number of ordinary shares and voting rights in the Company
will be 1,244,488,103. This 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 to their interest in, the share capital of the
Company.
For more information on PCGE please visit the Company's website
www.pcge.com.
Enquiries:
PCG Entertainment PLC
Richard Poulden, Chairman Tel: +44 207 812 0645
Allenby Capital Limited
(Broker, Corporate Adviser and Nominated Adviser)
Nick Naylor/Nick Harriss Tel: +44 20 3328 5656
SVS Securities Limited
(Joint Broker)
Ben Tadd/Tom Curran Tel: +44 203 700 0100
Damson Communications
(Public Relations)
Abigail Stuart-Menteth/Amelia Hubert Tel: +44 20 7812 0645
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
June 11, 2018 03:03 ET (07:03 GMT)