Mercantile Ports & Logistics Ltd Subscription Update (2996U)
17 January 2017 - 6:00PM
UK Regulatory
TIDMMPL
RNS Number : 2996U
Mercantile Ports & Logistics Ltd
17 January 2017
17 January 2017
Mercantile Ports & Logistics Limited (the "Company")
Update on Subscription
On 31 October 2016, Mercantile Ports and Logistics announced
that, as part of a fundraising to raise up to GBP37.6 million, the
Company entered into a subscription agreement with, amongst others,
Mr. Nikhil Gandhi and SKIL Global Ports & Logistics Limited (an
investment vehicle ultimately owned beneficially by Mr.
Gandhi).
Pursuant to this agreement Mr. Gandhi agreed to subscribe
(either in his personal capacity or via SKIL Global and/or an
affiliate) for 30,000,000 ordinary shares in the Company at 10p per
share ("the Subscription Shares"); this being equal to an aggregate
subscription amount of GBP3.0 million (the "Subscription
Amount").
The Company is pleased to announce that yesterday Mr Gandhi paid
the Subscription Amount into a bank account controlled by the
Company in India. The Company will issue the Subscription Shares to
Mr Gandhi as soon as the customary regulatory approval is received
to enable the funds to be held with the rest of the placing
proceeds in the Company's principal bank account in Guernsey.
A further announcement will be made when the Subscription Shares
are issued.
Enquiries:
MPL Pavan Bakhshi/Jay Mehta
C/O Redleaf Communications
+44 (0) 20 7382 4769
Cenkos Securities plc Stephen Keys/Camilla
(Nomad and Broker) Hume
+44 (0) 20 7397 8900
Redleaf Communications Charlie Geller/Sam Modlin
(Financial PR) +44 (0) 20 7382 4769
mpl@redleafpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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