Issue of Equity (3438F)
21 Avril 2011 - 10:52AM
UK Regulatory
TIDMTWL
RNS Number : 3438F
Weather Lottery PLC (The)
21 April 2011
21 April 2011
THE WEATHER LOTTERY PLC
('The Weather Lottery', 'TWL' or the 'Company')
Placing
The Weather Lottery plc (AIM: TWL) is pleased to announce that
it has today placed 34,766,667 new ordinary shares of 0.1p each
("Ordinary Shares") to raise gross proceeds of GBP169,250 for the
Company (the "Placing"), which will be used for working capital
purposes, and in particular to settle all outstanding sums due to
winners in relation to the matters which have lead to criminal
charges being brought against the former Director Mr K Millhench
and one other employee, as first announced on 14 January 2011. The
Board are satisfied that with these payments, totaling GBP80,000,
that this matter is now concluded. The balance of the funds raised
will provide flexibility to assist with acquisitions and
development of existing and new opportunities including five-a-side
projects. An application will be made for the new Ordinary Shares,
which rank pari passu with the Company's existing issued Ordinary
Shares, to be admitted to trading on AIM and it is expected that
dealings will commence on 28 April 2011. Following the Placing, the
Company's issued share capital will consist of 302,404,738 Ordinary
Shares.
GBP105,250 was raised by a placing of 23,388,389 Ordinary Shares
at a price of 0.45 pence per share; the remaining GBP64,000 at a
price of 0.5625 pence per share subscribed by the pension funds of
Mr and Mrs J Williams, who are currently interested in 41,527,614
shares, or approximately 15.52 per cent. of the Company's existing
issued ordinary share capital (prior to the Placing). In addition
to the Placing, John Botros, Company Secretary and previously a
substantial shareholder, has given an irrevocable undertaking to
subscribe or procure subscribers for shares at 0.5625p to raise
GBP125,000 (one hundred and twenty-five thousand pounds) on or
before 19 July 2011. Mr Botros is currently interested, as trustee
for the Second Trinity Trust, in 21,021,112 shares, or 7.85 per
cent. of the Company's existing issued ordinary share capital.
The gross proceeds of the Placing, together with those that will
become available under the irrevocable undertaking, will amount to
294,250 in total.
Following the Placing, the pension funds of Mr and Mrs J
Williams will be interested in 52,905,392 shares (approximately
17.49 per cent. of the Company's enlarged issued share capital) and
SVS Securities plc will be interested in 12,277,778 shares (4.06
per cent.).
The directors (all of whom are for these purposes independent),
having consulted with the Company's nominated adviser, believe that
the terms of the subscription by the pension funds of Mr and Mrs J
Williams and of the potential subscription by John Botros, are fair
and reasonable insofar as shareholders are concerned. Mr Williams
is a director of the Company's subsidiary, Chameleon Limited and Mr
Botros is the Company Secretary for the Company and its
subsidiaries.
The Weather Lottery's Chairman, Lord Razzall, said:
"The Board believes that this further fund raising to provide
development capital for the existing business and new acquisitions
represents a watershed in the affairs of the Company following the
appointment of the new Board a year ago. The Board looks forward to
a period of expansion."
---ENDS---
For further information contact:
The Weather Lottery PLC
Ross White
Website www.theweatherlottery.com 01777 818036
Religare Capital Markets (Nomad) 020 7444
0800
Nick Harriss/Peter Trevelyan-Clark
SVS Securities (Broker) 020 7638
5600
Ian Callaway/Alex Mattey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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