Result of Placing and Director Dealing

RNS Number : 2703E

Gfinity PLC

02 November 2015

 

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

2 November 2015

Gfinity plc

 ("Gfinity" or the "Company")

Result of Placing and Director Dealing

Gfinity is pleased to announce the successful completion of the Placing announced earlier today.

A total of 5,263,157 Placing Shares have been placed at a Placing Price of 19 pence per Placing Share, representing a discount of approximately 22.4 per cent. to the closing price on 30 October 2015, being the last business date before this announcement.

Based on the Placing Price, the gross proceeds of the Placing are £1 million. The Placing Shares will represent approximately 6.3 per cent. of the enlarged issued ordinary share capital of the Company.

The Company also announces that the following directors and substantial shareholders have subscribed for Placing Shares at the Placing Price as set out below:

Director / substantial shareholder	Beneficial holding of Ordinary Shares before Placing	Number of Placing Shares each to be purchased	Beneficial holding of Ordinary Shares after Placing	% of expected Enlarged Share Capital
Neville Upton	14,579,000	131,579	14,710,579	17.70
Euroblue Investments Limited	10,977,466	263,158	11,240,624	13.53
Tony Collyer	903,000	131,579	1,034,579	1.24

Related party transaction

As Tony Collyer and Neville Upton (being directors of Gfinity) and Euroblue Investments Limited (a substantial shareholder) are participating in the Placing, their participation in the Placing is considered to be a related party transaction as described in the AIM Rules. The Directors (with the exception of those Directors participating in the Placing), who have consulted with Arden in its capacity as Nominated Adviser to the Company, consider the Placing to be fair and reasonable insofar as Shareholders are concerned.

Admission and total voting rights

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on 9 November 2015.

The Placing is conditional, among other things, upon admission becoming effective.

Following Admission, the total number of Ordinary Shares in issue is 83,108,307 and the total number of voting rights is 83,108,307. This 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 share capital of the Company under the FCA's Disclosure and Transparency Rules.

All terms in this announcement have the meanings given to them in the announcement made by the Company at 8:05 a.m. on 2 November 2015 unless otherwise defined herein.

Neville Upton, Chief Executive Officer of Gfinity, said: "We see the current environment of eSports as one of significant opportunity and our progress post IPO has secured a strong foundation for ambitious growth. We are very pleased to have secured further funding from our institutional shareholders in anticipation of delivering on the key steps announced earlier today, which will continue our progress towards becoming one of the leading eSports promotion companies."

Enquiries:

Gfinity plc
Jonathan Hall, Finance Director Neville Upton, Chief Executive Officer	[phone]
Arden Partners plc - Nominated Adviser and Broker
Chris Hardie, Ciaran Walsh	[phone]
Luther Pendragon - PR adviser to Gfinity
Harry Chathli, Alexis Gore, Oliver Hibberd	[phone]

 

END

 

 

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