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Share Name | Share Symbol | Market | Type |
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PB Holding NV | EU:PBH | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 2.88 | 2.90 | 2.98 | 0.00 | 08:00:19 |
RNS Number:3449P Prestbury Holdings PLC 03 September 2003 Prestbury Holdings PLC 3 September 2003 Prestbury Holdings PLC ('Prestbury' or 'the Company') Placing Prestbury Holdings PLC has raised #2.5 million before expenses through the placing of 2,777,778 new ordinary shares of 5p each at a price of 90 pence per share, in an offering arranged by Durlacher which was oversubscribed. The funds, raised through a placing with institutional investors, will provide additional working capital for the Company. Francis Maude, Chairman of Prestbury, said: "We believe that Prestbury's new model of low cost financial services distribution represents the way of the future. Evolving consumer preferences and regulatory change mean that the old model is under intense pressure, which is likely to increase in the months ahead. This placing allows Prestbury to face the challenges and embrace the opportunities that lie ahead with confidence and enthusiasm." Lee Birkett, Chief Executive Officer, said: "Our revenues are progressing in line with expectations, and there are opportunities aplenty to expand further. We are looking to recruit many more financial intermediaries who are choosing to transact their low risk business (life assurance, mortgages and loans) through our low cost electronic Solution Network platform. The conventional IFA networks, with regulatory obligations and a business model attuned to the selling of higher risk investments products, no longer provide a cost-effective vehicle for the distribution of low risk product. Prestbury's recent agreement with FSAS, a Scottish IFA network, for them to transact their low risk business through Solution Network, illustrates the way ahead." "In addition there are many more opportunities for Prestbury's consumer division, Moneybrain, to expand through white label and joint marketing ventures such as those with the Telegraph Group and the Express Group announced in recent months. All these expansion opportunities carry up-front development costs and require us to have access to working capital. We're delighted to have taken the chance to raise additional equity capital so that we can pursue the opportunities whole-heartedly." "Furthermore the FSA has made clear that under the new regulatory regime being rolled out in 12-18 months time distributors will need a significant sum in regulatory capital. This fund-raising puts Prestbury ahead of the game by securing that regulatory capital well before it is needed." "I would like to welcome the new institutional shareholders onboard and look forward to working with them during these exciting times at Prestbury" The placing is conditional upon admission of the new shares becoming effective on or before 4 September 2003 (or such later date as the Company and Durlacher Limited may agree, being no later than 18 September 2003). Application has been made for the new ordinary shares to be admitted to trading on the AIM Market of the London Stock Exchange with dealings expected to commence on Thursday 4 September 2003. The new ordinary shares will rank pari passu in all respects with the existing shares in issue. Pursuant to sections 324 to 328 of the Companies Act 1985 and rule 15 of the AIM Rules the following information falls to be disclosed. % of Original % of Enlarged Shareholding ISC ISC Directors: Lee Birkett 8,353,125 58.11% 48.70% Stephen Keenan 2,784,375 19.37% 16.23% Francis Maude 126,500 0.88% 0.74% Robert David Anderson 2,500 0.02% 0.01% Keith Lycett 2,500 0.02% 0.01% Other Notifiable interests: BRIT Insurance Holdings Plc 1,117,500 6.52% 6.51% New Opportunities Trust plc 937,500 6.52% 5.47% Principal Corporate Inv Plc 737,250 5.13% 4.30% ISIS Equity Partners Ltd 670,000 0.00% 3.91% Laing & Cruickshank Inv Mgmt 650,000 0.00% 3.79% For further information, please contact: Lee Birkett Chief Executive Officer 01625 591401 077 20101536 Durlacher Limited Matthew Robinson/Jonathan Retter 020 7459 3600 Public Relations: Sara Pearson The SPA Way 020 7928 2626 This information is provided by RNS The company news service from the London Stock Exchange END IOESSFFDDSDSELU
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