Monchhichi plc Placing (5560W)

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RNS Number : 5560W

Monchhichi plc

10 February 2017

 
 For immediate release   10 February 2017 
 

Monchhichi Plc

('Monchhichi' or the 'Company')

Placing of 6 million shares at 35p per share to raise GBP2.1 million with warrants

Cash Placing to raise GBP2.1 million

The Company is pleased to announce that it has today raised GBP2.1 million (before expenses) in cash from existing shareholders and new investors through a Placing of 6 million new shares at 35p per share. Following the approval of the Company's new Investing Policy on 24 January 2017 the net funds raised, combined with the appropriate equity capital framework, will enable swift implementation of the Investing Policy.

As part of the placing, 6 million Warrants have been issued to placees on a 1:1 basis that allow the placees to subscribe for new shares in the Company at 80p per share for a period up to 24 January 2018.

The Board has and continues to actively consider and pursue a number of exciting and meaningful investment opportunities within its new Investing Policy and is hopeful of making progress with at least one of those over the coming weeks. As soon as is appropriate, a further update shall be provided to shareholders.

Issue of equity in settlement of professional and other costs

In addition, the Company has settled GBP200,000 of outstanding professional fees and placing commissions through the issue of a total of 500,000 new ordinary shares at an implied price of 40p per share.

Application will be made for a total of 6,500,000 new ordinary shares, which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will be effective on 16 February 2017.

Total voting rights

Following admission, the Company's share capital will consist of 43,901,773 ordinary shares with voting rights. The Company does not hold any ordinary shares in treasury. Therefore, the total number of voting rights in the Company is 43,901,773. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Commenting on today's announcement, Simon Fry, Executive Chairman of Monchhichi Plc, said: "We are pleased to have completed the main internal housekeeping items and welcome our new Monchhichi shareholders. Our next immediate objective is to implement our bespoke strategy and clearly demonstrate that through a select number of meaningful proven investments we will build significant shareholder value for Monchhichi."

- Ends -

 
 Enquiries:                                    Tel: [phone] 
  Monchhichi Plc                                              5000 
  Simon Fry, Executive Chairman                www.monchhichi.life 
 Panmure Gordon (Nominated                     Tel: [phone] 
  Adviser and Broker)                                         2500 
  Dominic Morley 
 Buchanan (Financial communications)           Tel: [phone] 
  Richard Oldworth / Henry Harrison-Topham                    5000 
  [e-mail]                   www.buchanan.uk.com 
 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 10, 2017 02:00 ET (07:00 GMT)