Issue of Equity and Director's Shareholding
01 April 2008 - 6:00PM
UK Regulatory
1 April 2008
STERLING GREEN GROUP PLC
("Sterling Green" or the "Company")
Placing and Director Shareholding
The Board announces today that it has raised �200,000, before expenses, from a
Placing of 8,000,000 ordinary shares in the capital of the Company ("Ordinary
Shares") at 2.5p per share (the "Placing Shares").
The proceeds of the Placing will provide additional working capital to support
the expected growth of the Company and provide working capital generally.
Michael Edelson, Chairman, has subscribed for 4,000,000 of the Placing Shares
and following the issue of these shares will have a beneficial interest in
23,250,000 Ordinary Shares representing 8.08 per cent. of the issued share
capital of the Company following the Placing.
As Mr Edelson is a director of the Company, his participation in the Placing
constitutes a related party transaction. The Independent Directors, having
consulted with John East & Partners Limited ("JEP"), the Company's Nominated
Adviser, consider the terms of the transaction to be fair and reasonable
insofar as the Company's shareholders are concerned. In advising the
Independent Directors, JEP has taken into account the commercial judgement of
the Directors.
Following the issue of the Placing Shares, the Company will have 287,675,390
Ordinary Shares in issue. Application will be made for the Placing Shares to be
admitted to trading on AIM. Dealings in these shares are expected to commence
on 4 April 2008.
Enquiries:
Sterling Green Group plc Tel: 0161 975 5757
Philip Kanas
John East & Partners Limited Tel: 020 7628 2200
Simon Clements/David Worlidge
END
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