CEPS PLC Proposed Placing (2610V)

TIDMCEPS

RNS Number : 2610V

CEPS PLC

26 January 2017

CEPS PLC

("CEPS" OR THE "COMPANY")

Proposed Placing to raise GBP1,269,141.30

Directors' Dealings

Related Party Transactions

Proposed placing to raise GBP1,269,141.30

The Company is pleased to announce that it is proposing to raise gross proceeds of GBP1,269,141.30 by way of a placing of 3,626,118 new ordinary shares of 10 pence each ("Placing Shares") to new and existing investors, at a price of 35 pence per share ("Placing").

The Placing will be conducted by way of an accelerated book-build process which will be launched immediately following this announcement.

The net proceeds of the Placing will be used to repay the third party loan of GBP690,000 that was entered into at the time of the Company's acquisition of Hickton Holdings Limited (formerly RAM (1003) Limited), as set out in the Company's announcement dated 1 February 2016, and for general working capital purposes.

Directors' Dealings

Certain directors of the Company and a director of a subsidiary company are proposing to participate in the Placing, as set out in the table below.

 
 Director         Shareholding            Number of   Shareholding    % of Enlarged 
                      prior to              Placing      following    Share Capital 
                   the Placing    Shares subscribed    the Placing 
                                                for 
---------------  -------------  -------------------  -------------  --------------- 
 David Horner        2,863,672            1,086,328      3,950,000             29.9 
---------------  -------------  -------------------  -------------  --------------- 
 Mark Pollard          500,000              189,376        689,376              5.2 
---------------  -------------  -------------------  -------------  --------------- 
 Nigel Maybury          20,000               50,000         70,000              0.5 
---------------  -------------  -------------------  -------------  --------------- 
 

In addition, certain substantial shareholders (as defined in the AIM Rules) are proposing to subscribe for Placing Shares, as set out in the table below.

 
 Substantial             Shareholding            Number of   Shareholding    % of Enlarged 
  Shareholder                prior to              Placing      following    Share Capital 
                          the Placing    Shares subscribed    the Placing 
                                                       for 
----------------------  -------------  -------------------  -------------  --------------- 
 Mark Thistlethwayte*       1,643,333              626,667      2,270,000             17.2 
----------------------  -------------  -------------------  -------------  --------------- 
 Chelverton 
  Growth Trust 
  plc                       1,535,000            1,267,000      2,802,000             21.2 
----------------------  -------------  -------------------  -------------  --------------- 
 

* Mark Thistlethwayte's existing shareholding is held through FXCM Nominees Limited (1,143,333 shares) and Praxis Trustees Limited (500,000 shares). The additional shares subscribed for will be held through FXCM Nominees Limited

Related Party Transactions

The proposed subscriptions for Placing Shares by David Horner, Mark Pollard, Nigel Maybury, Mark Thistlethwayte and Chelverton Growth Trust plc constitute related party transactions as defined by the AIM Rules. The Independent Directors of the Company in relation to these transactions are Vivien Langford and Geoff Martin. The Independent Directors of the Company consider, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

This notification contains Inside Information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this notification, this information is now considered to be in the public domain.

Enquiries

 
 CEPS PLC 
  David Horner, Chairman                    [phone] 
 Cairn Financial Advisers LLP 
  Tony Rawlinson, James Caithie, Richard    [phone] 
  Nash                                       0880 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 26, 2017 13:21 ET (18:21 GMT)