TIDMKENV
RNS Number : 1251D
Kennedy Ventures PLC
25 March 2014
Kennedy Ventures plc
Board Appointments and Placing
Placing of new ordinary shares
Kennedy Ventures plc ("Kennedy Ventures" or "the Company")
announces that it has successfully raised a total of GBP489,375
(before expenses) through a placing of new ordinary shares
("Placing Shares") in the Company (the "Placing").
The Placing will be effected by the issue of 39,150,000 Placing
Shares to new and existing investors at a price of 1.25 pence per
Placing Share.
Application has been made for 39,150,000 new Ordinary Shares,
which will rank pari passu in all respects with the existing
Ordinary Shares of the Company, to be admitted to trading on AIM
("Admission"). Admission is expected to be effective from 8.00 a.m.
on 28 March 2014.
Following Admission of the Placing Shares the total issued share
capital of the Company is 66,248,000 Ordinary Shares, each with
voting rights.
New Board appointments
The Company is also pleased to announce the appointment of Giles
Clarke as Chairman and Nick Harrison as a Director of the Company
with immediate effect.
Giles Clarke is currently Chairman of Amerisur Resources plc
(AIM: AMER) and Westleigh Investments Holdings Limited and
Non-executive Chairman of Ironveld plc (AIM: IRON). He began his
career as an investment banker with Credit Suisse First Boston
before successfully establishing, building and selling a number of
high profile businesses including Majestic Wine, Pet City plc and
Safestore plc. He is Chairman of the England and Wales Cricket
Board and Chairman of several private organisations.
Mr Harrison is currently Finance Director of Amerisur Resources
plc (AIM: AMER) and a Non-executive Director of Ironveld plc (AIM:
IRON). Mr Harrison was Finance Director of Pet City plc and has
held Board positions at a number of private companies with
international activities. He is a Chartered Accountant, having
qualified with Arthur Andersen before holding senior roles with
Deloittes, Midland Bank (International) and Coopers &
Lybrand.
Following the appointment of Giles Clarke as Chairman, Peter
Redmond will remain a Director of the Company.
Both Amerisur Resources plc and Ironveld plc have performed with
great success in the natural resources sector since Giles Clarke
and Nick Harrison were appointed as directors. The market
capitalisation of Amerisur Resources plc has increased from
approximately GBP25 million in 2007, when they were appointed, to
in excess of GBP650 million at the current time. Ironveld plc is
currently trading at a significant premium to the share price in
August 2012, when the company was re-admitted to trading on
AIM.
Giles Clarke and Nick Harrison have participated in the Placing
as set out below:
Director Placing Beneficial Interest
Shares post-Placing
---------------- ---------- ----------------------
Nick Harrison* 4,800,000 4,800,000 7.2%
---------------- ---------- -------------- ------
Giles Clarke* 4,800,000 4,800,000 7.2%
---------------- ---------- -------------- ------
* In addition, Westleigh Investments Holdings Limited, a company
in which Mr Clarke and Mr Harrison hold a beneficial interest of
73.28% and 26.72% respectively, holds 7,600,000 Ordinary shares,
representing 11.5% of the Company.
Peter Redmond, Director of Kennedy Ventures, commented:
"I am pleased to announce today's equity refinancing which will
give the Company the resources needed to attract and review a
significant investment or acquisition in line with its investment
policy. The costs incurred in clearing away the its historic
problems left it under-resourced and the successful Placing has
resolved that issue.
We are also very pleased the appointment of Giles Clarke and
Nick Harrison to the Board of Kennedy Ventures and that they have
agreed to join in the Placing to a significant degree, thus
aligning their interests with that of other investors and
shareholders. They bring a range of experience and expertise that
we believe will greatly enhance our prospects of finding and
completing an attractive transaction to create value for our
shareholders."
For further information, please contact:
Kennedy Ventures plc
Peter Redmond, Director +44 (0) 0207 580 7576
Cenkos Securities plc
Derrick Lee / Alan Stewart +44 (0) 131 220 6939
Peterhouse Corporate Finance
John Levinson +44 (0) 207 469 0935
In relation to the appointments of Mr Clarke and Mr Harrison,
the Company confirms that there is no further information to be
disclosed under paragraph (g) of Schedule 2 of the AIM Rules for
Companies save as disclosed below:
Full name: Charles Giles Clarke John Nicholas Harrison
Age: 60 55
Shareholding 4,800,000 Ordinary 4,800,000 Ordinary
in the shares, representing shares, representing
Company: 7.2% of the Company's 7.2% of the Company's
issued share capital issued share capital
In addition, Westleigh In addition, Westleigh
Investments Holdings Investments Holdings
Limited, a company Limited, a company
in which Mr Clarke in which Mr Harrison
holds a beneficial holds a beneficial
interest of 73.28%, interest of 26.72%,
holds 7,600,000 holds 7,600,000
Ordinary shares, Ordinary shares,
representing 11.5% representing 11.5%
of the Company. of the Company.
Current
Directorships: * Amerisur Resources plc * Amerisur Resources plc
* Ironveld plc
* Ironveld plc
* ATL Telecom Limited
* Fosters Rooms Limited
* ATL Telecom Limited * M J Associates Limited
* RAM (102) Limited * Westleigh Investments Limited
* The Boston Tea Party Group Limited * Westleigh Investments Holdings Limited
* The Boston Tea Party Limited * Makura Sport Limited
* Clark Clay Industries Limited * Abattia Group Limited
* Trufflenet Limited
* England and Wales Cricket Board Limited
* West Country Business Systems Limited * West Country Business Systems Limited
* West Country Business Systems (Holdings) Limited * West Country Business Systems (Holdings) Limited
* Fanvil (UK) Limited
* Designspin Limited
* Edvectus Limited
* Westleigh Investments Holdings Limited
* M J Associates Limited
* England and Wales Cricket Trust
* International Cricket Council
* Edvectus Limited
Previous * RAM 106 Limited
Directorships * RAM 106 Limited
/ Partnerships
in the last
5 years:
* All Mass Cladding Systems Limited * All Mass Cladding Systems Limited
(Formerly a non-executive (Formerly a non-executive
director and resigned director and resigned
on 19 October 2011. on 19 October 2011.
Subsequent to this Subsequent to this
resignation, the resignation, the
directors of the directors of the
company appointed company appointed
an administrator an administrator
to oversee the company's to oversee the company's
affairs on 24 February affairs on 24 February
2012) 2012)
* Pure Wafer International Limited
* Pure Wafer plc
* The Pure English Alpaca Company Limited
* Clifton Down Charitable Trust Limited
Other
disclosures: * Mr Clarke was formerly Chairman of Majestic Wine
Corporation (MWC) in the US. Subsequent to his
resignation in May 1988, MWC filed for protection
under Chapter XI of the US Bankruptcy Code.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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