Issue of Equity and Equity Drawdown Facility
April 12 2010 - 5:33AM
UK Regulatory
TIDMEFD
RNS Number : 0258K
Eatonfield Group plc
12 April 2010
Eatonfield Group plc
12 April 2010
Eatonfield Group plc
("Eatonfield", "the Group" or "the Company")
Issue of Equity and Equity Drawdown Facility
The board of Eatonfield announces that on 9 April 2010, the Company drew down
GBP250,000 against its previously notified equity drawdown facility ("the
Facility") with Jenard Properties Limited ("Jenard"), to be satisfied by the
issue of 25,000,000 new ordinary shares of 1 penny each ("Ordinary Shares") at a
price of 1 penny per Ordinary Share. The GBP250,000 drawn down under the
Facility will be used to fund potential acquisitions as part of the board's
plans to provide a degree of stability to the Group's financial position.
On 9 April 2010, Jenard also agreed to make a further GBP250,000 ("the
Additional Funding") available to the Company under the Facility. The Additional
Funding is subject to the same warranties, terms and conditions as the sums
initially made available under the Facility. All sums drawn down under the
Facility will continue to be satisfied by the issue of Ordinary Shares in
Eatonfield at a price of 1 penny per share.
Following the arrangements described above, GBP900,000 remains available under
the Facility for Eatonfield to draw down at any time until 31 August 2010. The
directors anticipate that the remaining funds available, if drawn down in total,
will provide Eatonfield with sufficient working capital through to 31 August
2010. The directors continue to pursue other options to raise further equity and
therefore increase the level of working capital funding available to the Group,
although, as previously notified, the directors believe that the provision of
such funding will largely depend on the arrangement of a "standstill agreement"
with all of Eatonfield's banks.
Application has been made for the admission of the 25,000,000 new Ordinary
Shares to trading on AIM. It is expected that admission will become effective
and that dealings will commence in the new Ordinary Shares on 16 April 2010. On
admission of the new Ordinary Shares, the Company will have 267,234,775 Ordinary
Shares in issue and Jenard's notifiable interest will be in 35,000,000 Ordinary
Shares, representing 13.10% of the Company's issued share capital.
For further information please contact:
+-------------------------------------+------------------------------+
| Eatonfield Group plc | Tel: +44 (0)1829 261 910 |
| | |
+-------------------------------------+------------------------------+
| Paul Williams (Executive Chairman) | |
+-------------------------------------+------------------------------+
| Rob Lloyd (Group Chief Executive) | |
| | |
+-------------------------------------+------------------------------+
+-------------------------------------+------------------------------+
| Evolution Securities Limited | Tel: +44 (0)113 243 1619 |
| | |
+-------------------------------------+------------------------------+
| Joanne Lake/Peter Steel | |
+-------------------------------------+------------------------------+
+-------------------------------------+------------------------------+
| Orbis Equity Partners Limited | Tel: +44 (0)203 137 1904 |
| | |
+-------------------------------------+------------------------------+
| Jeremy King | |
+-------------------------------------+------------------------------+
+-------------------------------------+------------------------------+
| Threadneedle Communications | Tel: +44 (0)207 653 9850 |
| | |
+-------------------------------------+------------------------------+
| Graham Herrings/John Coles | |
+-------------------------------------+------------------------------+
End
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFVASLIFLII
Eatonfield (LSE:EFD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eatonfield (LSE:EFD)
Historical Stock Chart
From Jul 2023 to Jul 2024
