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Eight Capital Ptnrs. (ECP)

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Thursday 06 December, 2018

Eight Capital Ptnrs.

Investment

RNS Number : 7345J
Eight Capital Partners PLC
06 December 2018
 

Eight Capital Partners Plc

 ("Eight Capital" or the "Company")

 Investment


Eight Capital Partners plc is pleased to announce that the Company has conditionally invested £60,000 into Pelican House Mining plc ("Pelican House"), a NEX Exchange-traded investment vehicle (the "Investment").  

Pelican House

Pelican House (NEX: PHM) is currently an investment vehicle which seeks to take stakes in natural resources projects in continental Africa and other geographies. In light of the Investment, Pelican House has today announced that it will be calling a General Meeting to approve a change of its investment strategy to focus on sports and leisure sectors, including associated intellectual property and media, and infrastructure, such as real estate. The Investment will provide Pelican House with capital for growth and development in accordance with its proposed new investment strategy.

The Investment

Eight Capital has conditionally subscribed for 13,333,333 ordinary shares of 0.1 pence each in the capital of Pelican House ("Pelican Shares") at a price of 0.45 pence per share. In addition, Eight Capital will be issued warrants over 13,333,333 Pelican Shares ("Warrants"). The Warrants will be valid for three years from the date of issue and exercisable at a price of 0.45 pence. The Investment is conditional on the resolution to change the investment strategy of Pelican House being approved by Pelican House shareholders at that company's upcoming General Meeting.

Board Representation

As part of the Investment, John Treacy, a director of Eight Capital, has been appointed to the board of Pelican House as non-executive director. 

Owing to the common directorships of John Treacy of the Company and Pelican House, the Investment is a related party transaction.

The directors of the Company accept responsibility for the contents of this announcement.

- ENDS -

For further information, please contact:

Eight Capital Partners Plc:

Dominic White

John Treacy
 

+44 (0) 20 7469 0930

[email protected]

NEX Exchange Corporate Adviser:

Peterhouse Capital Limited

Guy Miller and Fungai Ndoro
 

+44 (0)20 7469 0930

 

Financial PR:

Abigail Stuart-Menteth

+44 (0)207 812 0645

[email protected]

 

 

 


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