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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
European W. | LSE:EWG | London | Ordinary Share | GG00BKY4K072 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.50 | 16.50 | 18.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEWG
RNS Number : 5437P
European Wealth Group Limited
29 May 2018
29 May 2018
European Wealth Group
("EWG", the "Company" or the "Group")
Conversion update
(Capitalised terms not otherwise defined in this announcement shall have the same meaning ascribed to such terms in the Company's announcement released 18 May 2018 unless the context requires otherwise.)
European Wealth Group, the integrated wealth management group, today provides an update on the syndication process in respect of the Convertible Facilities announced on 18 May 2018.
In accordance with the terms of the Facilities Amendment, KPI (Nominees) Limited ("Kingswood") has syndicated out 25,973,138 Ordinary Shares at the Conversion Price to other investors. In addition, Kingswood has agreed to convert GBP2,776,653.50 million of the Convertible Facilities into 16,828,203 Ordinary Shares at the Conversion Price.
As a result of this exercise, a total of 42,801,341 Ordinary Shares will be issued pursuant to the Conversion.
Following the Conversion, Kingswood will hold 56,600,368 Ordinary Shares in the Company, representing 39.55 per cent. of the Company's enlarged issued share capital.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for 42,801,341 Ordinary Shares in respect of the Conversion, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"), and it is expected that Admission will occur on 30 May 2018.
Following Admission Company will have 143,118,679 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 143,118,679. The above 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 sourcebook.
As a consequence of the Conversion, the Group will now be debt-free effective from Admission, with a substantial cash balance on its balance sheet that will enable it to further its growth plan.
For further details, please contact:
European Wealth Group Limited +44 (0)20 7623 2368
Marianne Ismail
Hugo Evans
finnCap Ltd (Nomad and Broker) +44 (0)20 7220 0500
Adrian Hargrave
Anthony Adams
Redleaf Communications (for media) +44 (0)20 3757 6865; ewg@redleafpr.com
Robin Tozer
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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May 29, 2018 07:00 ET (11:00 GMT)
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