Placing and issue of equity

RNS Number : 1327D

Kennedy Ventures PLC

25 March 2014

 

Kennedy Ventures plc

Placing to raise a further £60,625 and issue of equity

Further to the announcement released earlier today, Kennedy Ventures plc ("Kennedy Ventures" or "the Company") is pleased to announce that it has raised a further £60,625 (before expenses) through the issue of 4,850,000 new ordinary shares ("Placing Shares") at a price of 1.25 pence per Placing Share in Kennedy Ventures (the "Placing") to certain Directors of the Company.

The Directors participation in the Placing is set out below:

Director	Placing Shares	Beneficial Interest post-Placing
Peter Redmond	1,320,000	1,320,000	1.86%
Colin Weinberg	1,810,000	1,960,000	2.76%
Chris Yates	1,720,000	1,810,500	2.55%

The Directors' participation in the Placing is a related party transaction under the AIM Rules for Companies. In the absence of an independent director, Cenkos Securities plc, the Company's nominated adviser, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Application has been made for 4,850,000 new Ordinary Shares, which will rank pari passu in all respects with the existing Ordinary Shares of the Company, to be admitted to trading on AIM ("Admission"). Admission is expected to be effective from 8.00 a.m. on 28 March 2014.

Further to the announcement released earlier today, and following Admission of the Placing Shares referred to above, Giles Clarke, Chairman of the Company remains interested in a total of 4,800,000 ordinary shares (representing 6.75% of the Company), Nick Harrison, a Director of the Company, remains interested in a total of 4,800,000 ordinary shares (representing 6.75% of the Company) and Westleigh Investments Holdings Limited (a company beneficially owned by Giles Clarke and Nick Harrison), holds 7,600,000 Ordinary shares, (representing 10.69% of the Company).

Following Admission of the Placing Shares the total issued share capital of the Company is 71,098,000 Ordinary Shares, each with voting rights.

The Company does not currently hold any shares in treasury. Accordingly, this figure of 71,098,000 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 in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

For further information, please contact:

Kennedy Ventures plc
Peter Redmond, Director	[phone]
Cenkos Securities plc
Derrick Lee / Alan Stewart	[phone]
Peterhouse Corporate Finance
John Levinson	[phone]

 

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