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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Soccercity | LSE:SOC | London | Ordinary Share | GB0032742339 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2881B Soccercity PLC 10 April 2006 Soccercity plc ("Soccercity" or the "Company") Issue of Equity, Capitalisation of Debt and Loan Conversion The Company announces that it is raising up to #540,000, before expenses, via a placing of up to 54,000,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") at 1p per share (the "Placing"). At the same time, Acceleris Corporate Ventures plc ("Acceleris"), a company of which Norman Molyneux, Executive Chairman of Soccercity, is a shareholder and Chief Executive Officer, is capitalising #75,000 of outstanding debt into 7,500,000 Ordinary Shares at 1p per share. Application has been made for the Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 13 April 2006. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following the capitalisation of outstanding debt due to Acceleris, and assuming full subscription under the Placing, the number of Ordinary Shares in issue will be 99,098,580. With the exception of Norman Molyneux, Soccercity's directors consider, having consulted with its nominated adviser, WH Ireland Limited, that the terms of the capitalisation of the Acceleris debt are fair and reasonable insofar as its shareholders are concerned. The proceeds from the Placing will be used by the Company as additional working capital. Following the capitalisation of the Acceleris debt and assuming full subscription under the Placing, Richard John Ratcliffe Keeling will be interested in 20,356,444 Ordinary Shares, representing approximately 20.54% of the enlarged issued Ordinary Share capital of the Company. The directors have participated in the Placing and will be interested in the following number of Ordinary Shares of the Company: Director Ordinary Shares purchased Resultant shareholding %age (1) Jason Lynn 550,000 3,550,000 3.58 Norman Molyneux 800,000 900,000 0.91 Trevor Cherry 550,000 805,625 0.81 (1) Assuming full subscription under the Placing and the capitalisation of the Acceleris debt. In addition to the Placing and debt conversion, agreement has been reached that loans and interest accrued thereon, totalling approximately #155,000, will be converted into a new convertible loan stock ("Convertible Loan"). The Convertible Loan will carry a coupon of 1.5% above Bank of England base rates and, if not converted prior to redemption, will be redeemed on 31 March 2008. The Convertible Loan will be convertible at any time at the request of the Company or the holder of the Convertible Loan at the rate of 1p per Ordinary Share for every 1p of Convertible Loan. For further information, please contact: Norman Molyneux, Soccercity plc Tel: 01942 322 256 David Youngman, WH Ireland Ltd Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END IOEEAALEFEXKEFE
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