Re: Suspension (6990A)
03 Avril 2012 - 10:31AM
UK Regulatory
TIDMMHG
RNS Number : 6990A
Merchant House Group PLC
03 April 2012
3 April 2012
Merchant House Group plc
("MHG" or the "Company")
Re: Suspension
Trading in MHG's shares was temporarily suspended at 10:30 a.m.
on 29 March 2012 ("Suspension"). The board of MHG provides details
as to the background to and reasons for the Suspension.
On 28 March 2012, the board became aware that, between October
2011 and December 2011, 652,333,333 ordinary shares in the Company,
representing 14.1 per cent. of the Company's enlarged issued share
capital, had been issued without having been announced or admitted
to trading on AIM and therefore requested the Suspension pending
the outcome of an investigation by the board.
On 27 September 2011, a total of 652,333,333 new ordinary shares
of 0.01 pence each in MHG (the "New Ordinary Shares") were approved
by the board for issue and were issued on the following dates:
Date of Issued to Issue price Number of Percentage
issue shares of Enlarged
2011 Issued Share
Capital*
3 October Westward Consultants Limited 0.12p 208,333,333 4.5
5 October Mr Ron Pritchard 0.10p 50,000,000 1.1
5 October Mr Michael Robinson 0.10p 50,000,000 1.1
1 November Westward Consultants Limited 0.10p 250,000,000 5.4
20 December Mr Ron Pritchard 0.10p 47,000,000 1.0
20 December Mr Michael Robinson 0.10p 47,000,000 1.0
------------ --------------
652,333,333 14.1
------------ --------------
The shares issued to Westward Consultants Limited were issued on
the instruction of Balfour Consultants Limited ("Balfour") in
settlement of GBP0.5 million of fees due in respect of services
provided by Balfour to the Company and Merchant Capital Limited, a
wholly-owned FSA registered subsidiary of MHG. The services
provided by Balfour relate to the establishment of a digital
options platform, which is due to be launched shortly, the creation
of new funds, licences for which have been applied for and are in
the process of being finalised, and the introduction of new assets
under management.
The shares issued to Mr Pritchard and Mr Robinson were in
respect of the part-settlement of certain liabilities owed to them.
Mr Pritchard and Mr Robinson were formerly executives of The
Clarkson Hill Group (in administration) ("CHG"), which was acquired
by the Company in December 2010, and assisted in the transfer of
the business and assets from CHG to Merchant House Financial
Services Limited, a wholly-owned subsidiary of MHG, including the
transfer of the relationships with the product providers, the
collection of debtors and the successful recruitment of financial
advisers.
MHG has today applied for the New Ordinary Shares to be admitted
to trading on AIM. Admission of the New Ordinary Shares is expected
to occur on or around 10 April 2012. The New Ordinary Shares will
rank pari passu with the existing ordinary shares in the
Company.
* Following the issue of the New Ordinary Shares, the issued
share capital of the Company comprises 4,603,694,793 ordinary
shares of 0.01 pence each.
Following the publication of this announcement, the Company has
requested that the Suspension is lifted and trading in the ordinary
shares of MHG will resume at 12:00 p.m. today.
For further information:
Merchant House Group plc
James Holmes, Chairman
Christopher Day, CEO +44 (0) 20 7332 2200
Cairn Financial Advisers LLP
Tony Rawlinson / Avi Robinson +44 (0) 20 7148 7900
Symvan Securities
Kealan Doyle / Nicholas Nicolaides +44 (0) 20 7464 4260
This information is provided by RNS
The company news service from the London Stock Exchange
END
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