PCG Entertainment plc Disposal of shares received from sale of CPDC (4323X)

TIDMPCGE

RNS Number : 4323X

PCG Entertainment plc

21 February 2017

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

21 February 2017

PCG Entertainment Plc

("PCGE" or the "Company")

PCG Entertainment Plc / Index: AIM / Epic: PCGE

Disposal of shares received from sale of Center Point Development Corp ("CPDC") and the

Completion of the disposal of CPDC

Further to its announcement on 11 January 2017 (the "Announcement) and subsequent approval at the EGM held on 10 February 2017, PCGE, the AIM quoted Asia-Pacific online media and entertainment company, today announces that the disposal of the shares from the sale of CPDC has been completed.

In total, the Purchasers submitted 402,589,143 Ordinary Shares in the Company to Beaufort Securities, the Company's broker, as consideration for the purchase of CPDC (equivalent to 30.06% of the issued Ordinary Shares). In addition to the sale of the 302,000,000 of these Ordinary Shares (equivalent to 22.55% of the issued Ordinary Shares) announced on 17 February 2017, a further 100,589,143 Ordinary Shares (equivalent to 7.51% of the issued Ordinary Shares) have now been sold to multiple investors, none of which now hold notifiable stakes in the Company.

Pursuant to these sales the Company expects to receive further net proceeds of approximately GBP0.12 million, making total proceeds due to the Company of approximately GBP0.42 million. These proceeds are expected to be received shortly from Beaufort Securities.

The Company has arranged for the transfer of its shareholding in CPDC to the nominees of the Purchasers, and for their appointment as the officers of CPDC. This concludes the disposal of CPDC.

Further details of the reasons for and terms of the disposal of CPDC are set out in the Announcement. All definitions are as used in the Announcement unless separately defined.

Nick Bryant, PGCE's CEO, today said: "This concludes the disposal on a very positive note, and brings additional funding into the Company. We look forward to reporting further good news to the markets in due course."

For further information:

 
 PCG Entertainment plc 
 Nick Bryant, CEO             Tel: [phone] 
                               4699 
 
 Allenby Capital 
 Nick Naylor / Nick Harriss   Tel: [phone] 
  / James Thomas               5656 
 
 Beaufort Securities 
 Saif Janjua                  Tel: [phone] 
                               8300 
 
 Damson Communications 
 Amelia Hubert                Tel: [phone] 
                               0645 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 21, 2017 05:31 ET (10:31 GMT)