Issue of Equity

RNS Number : 7888T

Longships PLC

18 December 2012

 



LONGSHIPS PLC

Completion of Fundraising and Issue of Equity

Longships plc ("Longships" or the "Company") announces that it has conditionally raised £900,000 (the "Fundraising") through direct subscriptions with the Company for 45 million new ordinary shares (the "New Shares") at a price of 2 pence per New Share.

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 21 December 2012 ("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	Number of New Shares subscribed for	Total shareholding following the Fundraising	Holding as a percentage of the Company's issued ordinary share capital
Malcolm Burne	2,500,000	4,537,500	6.66
Charles Cannon-Brookes	2,130,500	3,000,000	4.41
Nathan Steinberg	1,500,000	1,878,500	2.76

All of the directors of the Company are participating in the Fundraising. Their 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. In the absence of any directors not involved in the Fundraising, the Company's nominated adviser, Westhouse Securities Limited, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Following Admission, the Company's issued share capital will consist of 68,080,100 ordinary shares of £0.01 each, with each ordinary share carrying the right to one vote. There are no shares held in treasury.

The above figure of 68,080,100 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 / Petre Norton

 

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