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PCGE Pcg Entertainment Plc

0.05
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pcg Entertainment Plc LSE:PCGE London Ordinary Share GI000A2JBQ88 ORD 0.1P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.05 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

PCG Entertainment plc Update on Proposed Fundraising (9375Q)

11/06/2018 8:03am

UK Regulatory


Pcg Entertainment (LSE:PCGE)
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TIDMPCGE

RNS Number : 9375Q

PCG Entertainment plc

11 June 2018

11 June 2018

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

PCG Entertainment Plc

("PCGE", the "Company" or the "Group")

PCG Entertainment Plc / Index: AIM / Epic: PCGE / NEX: PCGE

Update on proposed fundraising

Further to the announcement made earlier today PCG Entertainment Plc (AIM: PCGE) announces that it has today raised a total of GBP303,000 (before expenses) through the issue of 202,000,001 new ordinary shares of 0.1 pence each (the "New Ordinary Shares") at a placing price of 0.15 pence (the "Placing Price") per New Ordinary Share (the "Placing"). The Placing is conditional, inter alia, on admission of the New Ordinary Shares to trading on AIM ("Admission"). In addition, 97,999,999 existing ordinary shares held by D-Beta (the "Sale Shares") have also been sold, conditional on Admission, to investors at the Placing Price. Neither the Placing nor the sale of the Sale Shares is being underwritten. The Placing and the sale of the Sale Shares has been arranged by SVS Securities Limited, who have been appointed as the Company's joint broker today.

It is anticipated that approximately GBP118,855.33 of the Placing proceeds to be received by the Company will be paid to D-Beta as the settlement of outstanding amounts due under the Agreement entered into with D-Beta, details of which were announced earlier today. The balance of the net proceeds of the Placing will be used to accelerate PCGE's business strategy.

Under the equity sharing facility, entered into by the Company with D-Beta on 18 August 2017 (the "Equity Sharing Facility"), the Company has received a net total of GBP11,605 in monthly payments from D-Beta and the proceeds of the associated subscription of GBP425,000. Subject to receipt by D-Beta of the net proceeds of the sale of the Sale Shares by D Beta and receipt by the Company of the net proceeds of the Placing, in each case by 30 June 2018, the final amount to be paid by or to the Company, as the case may be (the "Final Payment Amount") in order to terminate the Equity Sharing Facility will be agreed by the parties or determined by the Company's auditors and such amount will relate not only to the Deferred Monthly Payments but also the Further Payments . It is currently anticipated that the Final Payment Amount will be approximately GBP118,855.33 payable by the Company to D-Beta. Save where the context requires otherwise, defined terms used in this paragraph have the meaning ascribed to them in the announcement made by the Company earlier today.

Once all the foregoing transactions are settled D-Beta will have no continuing interest in the Company.

An application will be made for Admission, which is expected to occur on or around 15 June 2018. Following Admission, the Company's issued ordinary share capital will consist of 1,244,488,103 ordinary shares of 0.1 pence each, with one voting right per share. PCGE does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 1,244,488,103. This figure 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.

For more information on PCGE please visit the Company's website www.pcge.com.

Enquiries:

PCG Entertainment PLC

   Richard Poulden, Chairman                                           Tel: +44 207 812 0645 

Allenby Capital Limited

(Broker, Corporate Adviser and Nominated Adviser)

   Nick Naylor/Nick Harriss                                             Tel: +44 20 3328 5656 

SVS Securities Limited

(Joint Broker)

   Ben Tadd/Tom Curran                                                Tel: +44 203 700 0100 

Damson Communications

(Public Relations)

   Abigail Stuart-Menteth/Amelia Hubert                          Tel: +44 20 7812 0645 

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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(END) Dow Jones Newswires

June 11, 2018 03:03 ET (07:03 GMT)

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