Proposed Placing of 160,000,000 new Ordinary Shares at 10 pence per Ordinary Share
Further to the announcement on 14 February 2011, AssetCo plc ("AssetCo" or the "Company") announces that it intends to place 160,000,000 new Ordinary Shares with institutional investors at a price of 10 pence per Ordinary Share to raise gross proceeds of £16 million. The Placing Price represents a discount of approximately 28.6 per cent to the Closing Price of 14 pence per Ordinary Share on 2 March 2011, being the last trading day before this Announcement.
The Placing, which has been underwritten by Arden Partners, is subject to shareholder approval and is conditional upon, inter alia, Admission.
- Gross placing proceeds of £16 million
- Placing price of 10 pence per Ordinary Share
- Placing is underwritten by Arden Partners
- Net proceeds will be used to address the Company's short term liquidity and funding issues, to assist in the restructuring of the Group's indebtedness and to provide working capital for the future development of the Group
Tim Wightman, Chairman of AssetCo, said:
"We are pleased to announce this placing which will contribute to AssetCo's working capital requirements and place the Company in a stable financial position for the foreseeable future. We are delighted with the strong level of support for the business from new and existing shareholders."
This summary should be read in conjunction with, and is subject to, the full text of this Announcement. The Appendices to this Announcement (which form part of this Announcement) include the terms and conditions of the Placing.
Immediately following Admission the total issued share capital of the Company will be 250,712,740 Ordinary Shares, each with equal voting rights.
Download the full announcement here: AssetCo Placing Announcement
For further information please contact:
AssetCo plc +44 (0)20 8515 3999
Tim Wightman, Chairman
Arden Partners plc +44 (0)20 7614 5917
Cadogan PR +44 (0)7771 713608