European Wealth Group Limited SUBSCRIPTION AND ISSUE OF EQUITY (5587W)
02 August 2018 - 4:01PM
UK Regulatory
TIDMEWG
RNS Number : 5587W
European Wealth Group Limited
02 August 2018
European Wealth Group Limited
("EWG", the "Company" or the "Group")
SUBSCRIPTION AND ISSUE OF EQUITY
European Wealth Group, the integrated wealth management group
(now rebranded KW Wealth) today announces that Astoria Investments
Limited ("Astoria"), who currently hold 13.71 per cent. of EWG's
issued share capital and is therefore a substantial shareholder in
the Company, has subscribed for 7,920,000 new ordinary shares
("Subscription Shares") at 16.5 pence per share (the "Subscription
Price"), raising proceeds of GBP1.306 million (the "Subscription").
The Subscription Price is the same price at which the syndicated
debt facilities were converted and at which certain directors and
other employees of EWG subscribed for new shares, both in May
2018.
Following the Subscription, Astoria will hold 28,059,272
ordinary shares, representing 18.00 per cent. of the enlarged
issued share capital of the Company.
Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM ("Admission").
The Subscription Shares will rank pari passu in all respects with
the existing ordinary shares, including the right to receive all
dividends and other distributions declared, made or paid in respect
of the Ordinary Shares following Admission. It is expected that
Admission will become effective, and that dealings on AIM will
commence, at 8.00 a.m. on 7 August 2018.
Following Admission the Company will have 154,870,667 Ordinary
Shares in issue. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares with
voting rights in the Company will be 154,870,667. The above figure
may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules
sourcebook.
Related Party Transaction
Astoria is a substantial shareholder for the purposes of the AIM
Rules. Astoria's participation in the Subscription is a related
party transaction pursuant to the AIM Rules. All the Independent
Directors, being Marianne Ismail, Buzz West, Jonathan Massing, Gary
Wilder, Jonathan Freeman and David Hudd consider, having consulted
with the Company's nominated adviser, finnCap, that the terms of
the Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Chairman of EWG, Buzz West commented: "Astoria's decision to
increase its stake in the Company demonstrates its confidence in
the Group's strategy and further cements our relationship with a
supportive institutional shareholder. The Group is debt free and
well-positioned to take advantage of the long-term growth
opportunities we see in the global wealth management and financial
planning market. We are ambitious to grow both organically and
dynamically by acquisition in the US and Europe. The acquisitions
will be funded through a combination of both cash and shares. The
proceeds raised today, which we expect will be the last placement
that the Company makes at 16.5 pence strengthens our position to
capitalise on these opportunities.
Spokesman of Astoria, said: "The work done by the CEO, Marianne
Ismail and her team since she was appointed, has positioned the
Group to deliver long-term value to shareholders. Our additional
investment today reflects our confidence in the future of the
Group."
For further details, please contact:
European Wealth Group Limited +44 (0)20 7623 2368
Marianne Ismail
Graydon Butler
finnCap Ltd (Nomad and Broker) +44 (0)20 7220 0500
Adrian Hargrave
Scott Mathieson
Redleaf Communications (for +44 (0)20 3757 6865; ewg@redleafpr.com
media)
Robin Tozer
Notes to Editors:
Astoria Investments Limited
Astoria is an investment company, based in Mauritius and listed
on the Stock Exchange of Mauritius (ticker: ATIL.NOOO), the
Johannesburg Stock Exchange (ticker: ARA) and the Namibian Stock
Exchange (ticker: NRO). Its investments are managed by Anchor
Capital (Mauritius) Limited, a subsidiary of Anchor Capital
(www.anchorcapital.co.za). Anchor Capital is one of South Africa's
fastest growing asset management companies and has established
itself as one of South Africa's leading providers of asset
management services, in both local and offshore markets.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
1. Details of the Person discharging managerial responsibilities
("PDMR") / person closely associated with them ("PCA")
a) Name Darryl Kaplan
------------------------------ ---------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position / status Non-Executive Director (Board representative
of Astoria)
------------------------------ ---------------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------------ ---------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name European Wealth Group Limited
------------------------------ ---------------------------------------------
b) Legal Entity 213800DX97OROHY26686
Identifier
------------------------------ ---------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of Ordinary shares of 5 pence each in the
the financial Company
instrument GG00BKY4K072
------------------------------ ---------------------------------------------
b) Nature of the Purchase of 7,920,000 Ordinary Shares
transaction by Director of the Company
------------------------------ ---------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 16.5p 7,920,000
----------
------------------------------ ---------------------------------------------
d) Aggregated information
* Aggregated volume n/a
* Aggregated price
------------------------------ ---------------------------------------------
e) Date of the transaction(s) 02 August 2018
------------------------------ ---------------------------------------------
f) Place of the London Stock Exchange, AIM
transaction
------------------------------ ---------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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