Issue of Equity (0804A)
26 January 2011 - 6:00PM
UK Regulatory
TIDMCGA
RNS Number : 0804A
China Gateway International PLC
26 January 2011
FOR IMMEDIATE RELEASE 26 January 2011
China Gateway International PLC
("CGI" or "the Company")
Issue of Equity
Following the announcement on 14th January 2011, CGI is pleased
to announce that it has issued 480,000 new ordinary shares of 1p
each ("Shares") to Omega Properties Limited, a major shareholder,
at a price of 12.5p per Share. The price paid is equal to the
closing mid-market price on AIM on 23 December 2010 and is the same
price as the issue of new ordinary shares to LACV Limited. The
subscription has raised GBP60 000 in cash before expenses which
will be used for general working capital purposes.
The shares in Omega Properties Limited are registered in the
name of F&A Services Limited, which holds them on discretionary
trust for a class of beneficiaries which includes Ken Wills,
Director and CEO of CGI. The current holding of 4,834,413
representing 19.18% of the issued share capital means that the
subscription constitutes a "related party" transaction under the
AIM Rules. The Directors independent of Mr Wills (being Chris
Seymour-Prosser, Robin Bolton and Brian Moritz) having consulted
with the Company's Nominated Adviser, consider that the terms of
the subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Application will be made for the Shares, which when issued will
rank pari passu with all existing ordinary shares, to be admitted
to trading on AIM. Trading is expected to commence on or around 31
January 2011
Following the subscription Omega Properties Limited will hold
5,314,413 ordinary shares of 1p each representing 21.09% of the
Company's issued share capital.
Ends
For further information, please contact:
China Gateway International PLC
KenWills +44 (0) 1843 822444
Beaumont Cornish Limited +44 (0) 20 7628
Roland Cornish 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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