Completion of Fundraising and Issue of Equity

RNS Number : 1244E

Longships PLC

07 May 2013

 



LONGSHIPS PLC

Completion of Fundraising and Issue of Equity

Longships plc ("Longships" or the "Company") announces that it has conditionally raised £795,000 (the "Fundraising") through direct subscriptions with the Company for 31.8 million new ordinary shares of 1 penny each (the "New Shares") at a price of 2.5 pence per New Share. The New Shares will be issued under the current authorities.

Application has been made for the New Shares to be admitted to trading on AIM and it is expected that admission of the New Shares will take place at 8.00 a.m. on 13 May 2013 ("Admission"). The issue of the New Shares is conditional on Admission.

As part of the Fundraising, Longships also announces the following changes to directors' holdings:

Name	No. of shares currently held	% of current issued share capital	Subscription amount £	Number of shares held post transaction	% of proposed enlarged share capital	Disclosable percentage interest under AIM definition of director's family*
Malcolm Burne	4,537,500	6.66	50,000	6,537,500	6.55	8.55
Charles Cannon Brookes	3,000,000	4.41	Nil	3,000,000	3.0	5.0
Arlington Group Asset Management Limited*	nil	Nil	50,000	2,000,000	2.0	Nil

*Each of Messrs Burne and Brookes own more than 20% of Arlington Group Asset Management Limited ("AGAM") and as a consequence AGAM's interest in the Company is aggregated with each of the directors' holdings under the AIM definition of directors'family.

Messrs Burne and Brookes' participation in the Fundraising is classified as a transaction with a related party for the purposes of Rule 13 of the AIM Rules for Companies. Nathan Steinberg, being an independent director of the Company, has consulted with the Company's Nominated Adviser, Westhouse Securities Limited, and considers the terms of the placing by the Company to be fair and reasonable in so far as Shareholders are concerned.

Following Admission, the Company's issued share capital will consist of 99,880,100 ordinary shares of 1 penny each, with each ordinary share carrying the right to one vote. There are no shares held in treasury.

The above figure of 99,880,100 ordinary shares 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 Company, under the Disclosure and Transparency Rules.

Enquiries:

Longships PLC	[phone]
Nathan Steinberg, Director
Westhouse Securities (Nominated Adviser)	[phone]
Richard Baty / Ian Napier

 

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