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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mobilewave | LSE:MBW | London | Ordinary Share | GB00B010Q778 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMBW
RNS Number : 8518I
Mobilewave Group PLC
31 July 2012
31 July 2012
MobileWave Group plc
("MobileWave" or the "Company")
Issue of Equity, Financing & Management change
Issue of Equity
The Board announces that it has reached an agreement with Columbus Capital LLC ("Columbus") to settle a fee owed to them by issuing 4,923,077 new ordinary shares to Columbus. This is to satisfy a fee due to Columbus for brokering the deal of ongoing investment in the Company by Dutchess Opportunity Cayman Fund Ltd which was announced on 06 October 2011. The ordinary shares are being issued at 0.65 pence per share a premium of 36.8 per cent. to the closing mid market price of 0.475 pence per share on the last practicable day prior to announcement.
Accordingly, application has been made for the 4,923,077 new ordinary shares to be admitted to trading on AIM and it is expected that admission will take place on 3 August 2012.
The new ordinary shares will rank pari passu with the existing shares of the Company. Following this allotment, the total issued share capital of the Company will increase to 116,555,086 ordinary shares.
Financing
In addition, the Company also announces that it has entered into a loan agreement with Rory Stear, the Executive Chairman and substantial shareholder via his interest in Flambard Holdings Limited, for the sum of $150,000. The loan will attract interest at 6% and is repayable upon receipt of the contracted investment by way of the issue of convertible preference shares previously announced to shareholders on 11 May 2011, or by 28 February 2013, whichever is the earlier. Rory Stear has to date made loans to the Company totalling $950,000.
The provision of the loan by Rory Stear, a director and substantial shareholder of the Company is deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The Non-Executive Directors of the Company, Vivake Gupta and Andy Polansky, who are independent of this transaction, having consulted with Charles Stanley Securities (the Company's Nominated Adviser), consider the terms of the loan to be fair and reasonable insofar as the Company's shareholders are concerned.
Management change
Finally, the Company is also pleased to announce that Steve Le Roux has been appointed as Chief Information Officer (CIO) of the Company's operating subsidiary, MobileWave Limited. Steve, who will be based in London, will advise the Executive Chairman and the Board on all technical strategic and operational matters. He has significant experience in the mobile market and has held leadership roles in a variety of mobile IT ventures including ones that he founded.
Rory Stear, Executive Chairman, commented "We are thrilled to welcome Steve to our executive team and look forward to him providing significant technical leadership to MobileWave. Initially Steve will work very closely with Amit Goenke and his team at Ariose Software as we push this acquisition to a conclusion in the weeks ahead and integrate them into MobileWave. This is a significant appointment for our Company."
For further information, please contact:
MobileWave Group plc rstear@mobilewave.com
Rory Stear, Chairman
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
Dugald J.Carlean / Carl Holmes
This information is provided by RNS
The company news service from the London Stock Exchange
END
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