Issue of Equity

RNS Number : 4107K

Dukemount Capital PLC

22 April 2020

 

Dukemount Capital PLC

22 April 2020 

Dukemount Capital Plc

("Dukemount" or "the Company")

Placing to Raise £255,034.50

Dukemount Capital Plc ("Dukemount") (EPIC: DKE), the property management and long dated income provider is pleased to announce that it has raised £255,034.50 with the issue of 72,867,000 new ordinary  shares (the "Placing"), before expenses, in order to bring in additional expertise to position the company for growth within its expanded focus of Education and Healthcare.

Fundraise

The Company has raised, in aggregate, £255,034.50 before expenses, by way of a placing of 72,867,000 new ordinary shares (the "Placing Shares") at a price of 0.35 pence per share (the "Issue Price), the maximum number of shares that can be issued under its existing authorities for cash. The net proceeds of the Fundraise will be used by the Company to engage experienced people familiar with the property sector (and in particular with large scale projects in the education and healthcare sectors) and for general working capital purposes.

The issue price represents a discount of approximately 22.22% to the closing price of the Company's ordinary shares on the Standard Listing segment of the Official List of the UK Listing Authority of 0.45 pence on 21 April 2020, being the latest practicable date prior to this announcement. The Placing Shares represent approximately 19.9% of the Company's issued share capital.

The Placing was conducted by Peterhouse Capital Limited acting as broker to the Company.

Corporate Update

The Company's existing projects in North West England are continuing to move towards completion in the coming months despite the extraordinary national distractions since the third quarter of 2019. The impact of COVID-19 is a matter of regular review by the Company.

The additional focus of Education and Healthcare has kept the board and its advisors very busy. The time has now arrived to increase the headcount within Dukemount, due to the potential increased size and complications of the deals being discussed.

Admission and Total Voting Rights

The Fundraise is conditional only on the admission of the Placing Shares to trading on the Standard List.

Application will be made for Admission of the Placing Shares which is expected to occur at 8.00 a.m. on or around 27th April 2020.

Following Admission, the Company will have 439,033,666 ordinary shares in issue, none of which will be held in treasury. Accordingly, the total number of voting rights in the Company will be 439,033,666 and shareholders may use this figure 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.

Dukemount Chairman Geoffrey Dart said; "The talks we are having with regards to Education and Healthcare have confirmed there is a large appetite for project opportunities within the UK. In order to efficiently execute our plans in these discussions we need to bring in additional staff to move quickly from due diligence talks to project initiation, freeing the board to look at additional opportunities."

For further information, please visit www.dukemountcapitalplc.com or contact:

Dukemount Capital Plc	Via St Swithins PR
Geoffrey Dart
St Swithins PR (Media and Investor Enquiries)	Tel: [phone]
Gary Middleton	[e-mail]
Peterhouse Capital Limited	Tel: [phone]
Lucy Williams/Duncan Vasey

 

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