Equity Placing

RNS Number : 1205C

Zest Group PLC

06 November 2009

 



Zest Group Plc ('Zest Group or 'the Company')

Equity Placing

6 November 2009

The Company is pleased to announce that it has conditionally placed 300,000,000 new ordinary shares of 0.01p each at a price of 0.1 pence ("Placing Shares") with new and existing shareholders ("the Placing").

The Placing proceeds of £300,000 (before expenses) will provide the Company with working capital to service its activities.

Application for admission of the Placing Shares ("Admission") will be made and Admission is expected to occur on 26 November 2009. The Placing is conditional, on Admission becoming effective. The Placing is not being underwritten.

The Placing Shares will represent approximately 63.3 per cent. of the enlarged issued share capital of the Company immediately following Admission and each of the Placing Shares will be credited as fully paid and free from all liens, equities, charges, encumbrances and other interests and will, when issued, rank in full  for all dividends and distributions thereafter declared, made or paid after Admission and otherwise rank pari passu in all respects with, and carry the same voting and dividend rights as, the existing  Ordinary Shares. 

Following Admission the percentage interest of the Directors in the issued share capital of the Company will be diluted as follows: 

Director	Number of Ordinary Shares prior to the Placing	% of Existing Issued Share Capital	Number of Ordinary Shares following the Placing	% of Enlarged Share Capital
Richard Griffiths	11,000,000	6.34	11,000,000	2.32
Steve Weltman	666,668	0.38	666,668	0.14

Following Admission, the Company will have 473,619,050 Ordinary Shares in issue. All of the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company on Admission will therefore be 473,619,050. 

This figure may be used by shareholders 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 Disclosure and Transparency Rules. 

For further information, please contact:

Zest Group Plc

Steve Weltman, Chief Executive 

[phone] 

W.H. Ireland 

Tim Cofman-Nicoresti

[phone] 

ENDS

 

END

 

 

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