Issue of Equity (5282Z)
15 1월 2011 - 1:35AM
UK Regulatory
TIDMCGA
RNS Number : 5282Z
China Gateway International PLC
14 January 2011
FOR IMMEDIATE RELEASE 14 January 2011
China Gateway International PLC
("CGI" or "the Company")
Issue of Equity
CGI is pleased to announce that it has issued to its major
institutional shareholder 480,000 new ordinary shares of 1p each
("Shares") at a price of 12.5p per Share, that price being equal to
the closing mid-market price on AIM on 23 December 2010. The
subscription has raised GBP60,000 in cash before expenses which
will be used for general working capital purposes.
The issue is wholly to LACV Limited ("LACV") (a fund under the
discretionary management of Laxey Partners Limited who including
discretionary funds under management currently own 24.49% of the
Company's issued share capital) and accordingly the subscription
constitutes a "related party" transaction under the AIM Rules.The
Directors having, consulted with the Company's Nominated Adviser,
consider that the terms of the subscription are fair and reasonable
insofar as its shareholders are concerned.
Application will be made for the Shares, which when issued will
rank pari passu with all existing ordinary shares, to be admitted
to trading on AIM. Trading is expected to commence on or around 20
January 2011.
Following the subscription Laxey Partners (including funds under
their discretionary management) will hold 6,584,911 ordinary shares
of 1p each representing 25.91% of the Company's issued share
capital.
It is the intentions of Omega Properties Limited ("Omega") and
Blenheim Limited ("Blenheim"), which are associated with Ken Wills
and Chris Seymour-Prosser (Directors of the Company) respectively,
shortly to subscribe on a similar basis (or at the then closing
mid-market price if higher).
Ends
For further information, please contact:
China Gateway International PLC
KenWills +44 (0) 1843 822444
Beaumont Cornish Limited
Roland Cornish +44 (0) 20 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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