Placing

RNS Number : 5114C

Ultimate Sports Group PLC

28 June 2016

 

28 June 2016

Ultimate Sports Group Plc ('USG' or 'the Company')

Placing to Raise £500,000

Ultimate Sports Group Plc, the AIM listed investment vehicle, is pleased to announce that it has raised £500,000 through the placing of 5,000,000 new ordinary shares of 10 pence each in the capital of the Company (the 'Placing Shares') at a price of 10 pence per share with new and existing investors (the 'Placing'), which includes Directors of the Company.  The funds raised will be used to support the roll-out of the Company's innovative online platform for children, which measures, motivates and incentivises their personal sporting performance, in addition to supporting general working capital requirements. 

Dowgate Capital Stockbrokers Limited have arranged to place 2,000,000 new shares at 10p per share to raise £200,000 before expenses (the 'Dowgate Placing').  Company Directors Richard Owen (Chairman) and Geoffrey Simmonds (Director) have both participated in the Dowgate Placing, each investing £50,000 for the subscription of 500,000 new shares.  Accordingly, following the Placing Richard Owen will hold 1,944,672 shares or 9.6% of the resultant issued share capital, and Geoffrey Simmonds will hold 2,057,092 shares or 10.15% of the resultant share capital. 

Northland Capital Partners Ltd have arranged to place a further 3,000,000 new shares at 10p per share to raise £300,000 before expenses (the 'Northland Placing).  Provisional approval has been obtained from HMRC for the Northland Placing to qualify for EIS (Enterprise Investment Scheme) relief. 

The participation by Richard Owen and Geoffrey Simmonds in the placing are considered to be related party transactions under the AIM Rules and accordingly, the independent directors (being all of the directors other than Mr Owen and Mr Simmonds), having consulted with Cantor Fitzgerald, the Company's nominated advisor, consider the terms of the transactions to be fair and reasonable insofar as the Company's shareholders are concerned.

Ultimate Sports CEO Geoffrey Simmonds said, "We are delighted to have raised £500,000 to continue the roll-out and development of our innovative sporting platform, Ultimate Player.me, which provides a secure and exciting way for children to improve their personal sporting skill sets.  With an increasing number of Government backed initiatives promoting healthier, more active lifestyles amongst children, there is undoubtedly a demand for our platform, which not only promotes engagement with sport but aims to encourage children to improve their fitness levels and sporting skills.  We look forward to keeping shareholders updated with our progress during this exciting period of growth for the Company."

Details of the Placing:

The Placing is subject, inter alia, to admission of the Placing Shares to trading on AIM ('Admission'), which is expected to occur at 8am on Tuesday 5 July 2016.  Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM.  The Placing Shares will, when issued, rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, the Company will have 20,261,638 Ordinary Shares in issue. The Company has no shares in treasury, therefore the figure of 20,261,638 should 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 of their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

**ENDS**

For further information please visit www.ultimatesportsgroup.me or contact:

Geoffrey Simmonds	Ultimate Sports Group Plc	Tel: [phone]
Marc Milmo / Catherine Leftley	Cantor Fitzgerald Europe	Tel: [phone]
Neil Badger / Jason Robertson	Dowgate Capital Stockbrokers Ltd	Tel: [phone]
Gerald Beaney /  Matthew Johnson	Northland Capital Partners Ltd	Tel: [phone]
Elisabeth Cowell / Charlotte Heap	St Brides Partners Ltd	Tel: [phone]

 

END

 

 

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