Uvenco UK plc Equity Subscription and Reward Loan (9975P)

TIDMUVEN

RNS Number : 9975P

Uvenco UK plc

24 November 2016

24 November 2016

Uvenco UK plc

Equity subscription and Reward Loan

Uvenco UK plc ("Uvenco", the "Company" or the "Group") announces that, further to the Company's announcement of 15 August 2016, certain directors and senior management of the Company have agreed to subscribe in aggregate for 1,666,667 new ordinary shares of 2p each in the Company ("Ordinary Shares") at 6p per share, to raise GBP100,000 ("Equity Subscription"). Directors' participations are as follows:

 
 Director                New Ordinary       Resultant   % of enlarged 
                               Shares    shareholding    issued share 
                                                           capital 
 
 Jeremy Hamer                 250,000       1,969,967       2.58% 
 Boris Belotserkovsky         916,667       2,533,067       3.31% 
 Michael Jackson              250,000       2,031,971       2.66% 
 

As previously notified the Equity Subscription will enable the Company to draw down an additional GBP100,000 from the debt facility provided by Reward Invoice Finance Limited ("Reward"), taking the total facility to GBP1.3 million and which will be fully drawn.

The Company is also in the process of negotiating a cash loan of up to GBP200,000 from a company connected with Boris Belotserkovsky and Sergei Kornienko, directors of Uvenco. A further announcement will be made in due course.

Additionally, the Company notifies that 200,000 new Ordinary Shares are being issued at 6p per share to Michael Maltby, the Company's previous interim CFO, in lieu of remuneration for consultancy services previously provided to the Company.

Sergei Kornienko, CEO of Uvenco, stated: "The additional funding is a vote of confidence in the success of management's turnaround and will allow us to continue to restructure and drive the profitability of the business."

Concert Party shareholdings

Boris Belotserkovsky is a member of the Belotserkovsky Concert Party (as described in the Company's circular dated 10 October 2014). Following the Equity Subscription the holdings of the members of the Belotserkovsky Concert Party are set out below:

 
                      Current 
                       shareholding            Resultant shareholding 
-------------------  --------------  -------  ------------------------- 
 Concert Party 
 B Belotserkovsky*        1,616,400    2.19%        2,533,067     3.31% 
 V Belotserkovsky        11,843,616   16.03%       11,843,616    15.49% 
 Unicum Limited           2,300,000    3.11%        2,300,000     3.01% 
 S Kornienko*               600,000    0.81%          600,000     0.78% 
 Versatel Limited        23,800,000   32.21%       23,800,000    31.13% 
 Oleg Chulkov                     -        -                -         - 
 Gillian White               50,000    0.07%           50,000     0.07% 
                         40,210,016   54.42%       41,076,683    53.79% 
                     ==============  =======  ===============  ======== 
 * Denotes a director of the 
  Company 
 

Total Voting Rights and admission of New Ordinary Shares to trading on AIM

Application will be made to the London Stock Exchange for 1,866,667 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that admission will become effective on 30 November 2015. Therefore, the total number of Ordinary Shares in issue following Admission will be 76,464,119 Ordinary Shares. The figure of 76,464,119 Ordinary Shares may be used by shareholders in the Company 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 share capital of the Company under the Disclosure Guidance and Transparency Rules.

Enquiries

   Uvenco UK plc                   Tel No. 020 8879 8300 

Sergei Kornienko

Peter Goodman

   Stockdale Securities       Tel No. 020 7601 6100 

Tom Griffiths

Richard Johnson

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEPGGCAGUPQGMW

(END) Dow Jones Newswires

November 24, 2016 02:00 ET (07:00 GMT)