Issue of Equity, Total Voting Rights (4858N)

TIDMCGA

RNS Number : 4858N

China Gateway International PLC

01 September 2011

FOR IMMEDIATE RELEASE 1 September 2011

China Gateway International PLC

("CGI" or "the Company")

Issue of Equity

Total Voting Rights

CGI is pleased to announce that it has issued to its major institutional shareholder 1,600,000 new ordinary shares of 1p each ("Shares") at a price of 3.75p per Share, that price being the price equal to the closing mid-market price on AIM at the time the arrangements were in contemplation.. 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 25.43% 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 7 September 2011.

Following the subscription Laxey Partners (including funds under their discretionary management) will hold 8,184,811 ordinary shares of 1p each representing 29.77% of the Company's issued share capital.

Following the subscription, the Company's issued share capital will consist of 27,490,732 ordinary shares with a nominal value of 1p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury.

Therefore the total number of Ordinary Shares in the Company with voting rights will be 27,490,732.

The above figure of 27,490,732 Ordinary Shares 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 under the Financial Service Authority's Disclosure and Transparency Rules.

It is the intentions of Omega Properties Limited and Blenheim Limited, which are associated with Ken Wills and Chris Seymour-Prosser 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

MSCSSIFIFFFSEDU

China Gateway (LSE:CGA)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024