TIDMSSTY
RNS Number : 1275G
Safestay PLC
02 May 2014
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
2 May 2014
Safestay plc
("Safestay" or "the Company")
First Day of Dealings on AIM following GBP4.8m placing
Dealings due to commence at 8.00 a.m. on 2 May 2014.
Safestay, the owner and operator of a new brand of contemporary
hostel, is pleased to announce that Admission and dealings in its
Ordinary Shares will commence at 8.00 a.m. today on the AIM market
of the London Stock Exchange. Upon Admission, dealings will
commence under the TIDM code SSTY and the ISIN number is
GB00BKT0J702.
The Company operates what is known as a "boutique hostel" within
the travel industry, aimed at providing safe, stylish accommodation
which offers a more attractive alternative to both traditional
hostels and budget hotel accommodation.
Summary
-- GBP4.8 million raised via the placing of 9,600,000 ordinary
shares with institutional and other investors at a Placing Price of
50 pence per ordinary share (the 'Placing') and a further GBP2.8
million raised through the issue of Convertible Loan Notes
-- Safestay's market capitalisation on Admission, at the Placing
Price, is expected to be approximately GBP6.6 million
-- The net proceeds of GBP6.65 million will be applied by the
Company towards payment of the consideration due to Moorfield Funds
(GBP6.2 million) for its interests in the Safestay business and to
provide capital to fund the development of further hostels,
building on the Safestay brand and reputation and enabling the
Company to take advantage of the opportunities available to it
-- Westhouse Securities is acting as Nominated Advisor and Broker to the Company
The Company's Admission Document can be found at:
www.safestay.co.uk
Commenting on Admission, Larry Lipman, Chairman of Safestay,
said:
"The IPO of Safestay marks an exciting milestone in the
Company's development and will support us in our continued ambition
to expand our hostel business.
"We view the support from investors as a strong endorsement of
the Company's growth plans and we look forward to creating value
for our new investors as we begin life as a public company."
Enquiries
Safestay
Larry Lipman, Chairman Tel: 020 8815 1600
Colin Stone, Finance Director
Westhouse Securities (Nomad and Broker) Tel: 020 7601 6100
Tom Griffiths
Paul Gillam
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
Justine Warren
IMPORTANT NOTICE
Defined terms used in this announcement have the same meaning as
set out in the Company's admission document dated 29 April
2014.
This announcement does not constitute an admission document
relating to the Company and does not constitute, or form part of,
any offer or invitation to sell or issue, or any solicitation of
any offer to purchase or subscribe for, any shares in the Company
in any jurisdiction nor shall it, or any part of it, or the fact of
its distribution, form the basis of, or be relied on in connection
with or act as any inducement to enter into, any contract
therefore.
Recipients of this announcement who are considering acquiring
shares following publication of the admission document are reminded
that any such acquisition must be made only on the basis of the
information contained in the admission document which may be
different from the information contained in this announcement.
Westhouse Securities Limited, which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, is acting
exclusively for the Company as Nominated Adviser and broker and for
no-one else in relation to the placing and admission. Westhouse
Securities Limited will not regard any other person (whether or not
in receipt of this press release) as its client in relation to the
placing and admission and will not be responsible to anyone other
than the Company for providing the protections afforded to clients
of Westhouse Securities Limited or for providing any advice in
relation to the flotation.
The shares have not been, nor will they be, registered under the
US Securities Act of 1933, as amended (the "Securities Act") or
with any securities regulatory authority of any state or other
jurisdiction of the United States or under the applicable
securities laws of Australia, Canada, Japan, or South Africa.
Subject to certain exceptions, the shares may not be offered or
sold in the United States, Australia, Canada, Japan or South Africa
or to or for the account or benefit of any national, resident or
citizen of Australia, Canada, Japan or South Africa or any person
located in the United States. The offer of the shares and the
distribution of this announcement in other jurisdictions may be
restricted by law and the persons into whose possession this
announcement comes should inform themselves about, and observe, any
such restrictions.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's
evaluation of the potential acquisition) are forward-looking
statements.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These factors include but are not limited to those
described in the formal admission document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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