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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mercer Resources | LSE:MCR | London | Ordinary Share | GB00BBNBM331 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.65 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMADS
RNS Number : 3179L
Alexander David Securities Grp PLC
29 July 2011
ALEXANDER DAVID SECURITIES GROUP PLC
("Alexander David" or the "Company")
POST CLOSE TRADING UPDATE AND ISSUE OF EQUITY
Trading Update
Alexander David today issues a trading update ahead of announcing its half yearly report for the six months ended 30 June 2011 ("Half Yearly Report") on 30 September 2011.
Trading in the first six months started strongly with the Company benefiting from cost savings that were implemented at the end of December 2010. The Directors believe that the investment environment remains unsettled and, like much of the investment banking community, the Company has seen a slowdown in its markets as summer approached. Nevertheless, trading in June 2011 and to date in July 2011 has been good with the most recent management accounts showing the Company making a small profit for the year to date.
In the Half Yearly Report, the Board expects the Company to show a small loss for the period, significantly below that for the corresponding period last year. This loss is due to a number of factors including delays in completing corporate transactions, a significant increase in irrecoverable VAT (in part due to the increase in VAT this year) and higher FSA fees as part of our cost of regulation.
Alexander David continues to make good progress in what have been volatile market conditions. Looking forward, the Directors believe that the Company should continue to benefit from its client base in the equity markets and from its good pipeline of corporate transactions. However, the Directors are also aware that, with the uncertainty in the global markets, trading conditions in the UK could change rapidly. Accordingly, the Board believe that it is prudent to ensure that the Company remains well capitalised and has therefore raised GBP221,500 by way of a placing of new ordinary shares.
Placing
The Company has today placed 110,750,000 new ordinary shares in the Company of 0.1 pence each ("New Ordinary Shares") at a price of 0.2 pence per New Ordinary Share raising GBP221,500. The placing proceeds will provide additional working capital to the Company to enable it to pursue its growth strategies. Certain of the Directors participated in the Placing, the result of which is that their participation is deemed to be a related party transaction pursuant to AIM Rule 13. Further details relating to this are set out below.
The New Ordinary Shares will, when issued, rank pari passu with the existing Ordinary Shares. Application has been made for admission of the New Ordinary Shares to trading on AIM and this is expected to become effective on 3 August 2011.
Directors' Shareholdings
The following directors of the Company have, as part of the Placing, subscribed for New Ordinary Shares as set out below. Their holdings before and after the Placing are also set out below:
Holding Holding Current Current Shares following following holding holding subscribed placing placing Director (no) (%) for (no) (%) David Scott* 104,674,467 16.6 32,500,000 137,174,467 18.5 ------------ --------- ----------- ------------ ----------- Trevor Coote 91,399,650 14.5 10,000,000 101,399,650 13.7 ------------ --------- ----------- ------------ ----------- Tony Cowling 24,868,177 3.9 10,000,000 34,868,177 4.7 ------------ --------- ----------- ------------ ----------- Angus Rose* 10,000,000 1.6 32,500,000 42,500,000 5.7 ------------ --------- ----------- ------------ -----------
*the amount subscribed for the shares is in excess of 5% of the market capitalisation of the Company and is therefore deemed to be a related party transaction ('the Transaction')
Related Party Transaction
The subscription by certain of the Directors, as noted above, is deemed to be a related party transaction pursuant to AIM Rule 13. The Directors independent of the Transaction consider, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Total Voting Rights
Following issue of the Placing Shares, the Company will have 742,544,869 ordinary shares of 0.1 pence in issue.
As Alexander David does not hold any ordinary shares in Treasury, its total number of voting rights equals its capital. These figures 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, Alexander David under the FSA's Disclosure and Transparency Rules at the relevant dates.
Enquiries:
Alexander David Securities Group Tel: +44 (0) 207 448 9800 plc Michael Hicks, Chairman David Scott, Chief Executive Nominated Adviser Tel: +44 (0) 207 148 7900 Cairn Financial Advisers LLP James Caithie / Simon Sacerdoti
This information is provided by RNS
The company news service from the London Stock Exchange
END
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