Investment in Capcon Holdings plc

RNS Number : 9080Q

Viridas PLC

26 October 2011

 



 Viridas plc

("Viridas" or the "Company")

Investment in Capcon Holdings plc

Viridas announces that it has subscribed for 16,977,675 shares in Capcon Holdings plc ("Capcon") at a price of 1.15 pence per share as part of Capcon's restructuring, which includes, inter alia, the disposal of its existing business, the adoption of a new investing policy focused on the mining sector and its change of name to Brady Exploration plc. As a result of the passing of the necessary resolutions at the general meeting held today, Capcon is now an investment company with cash resources of around £470,000 in which Viridas has a 29.4 per cent. shareholding.

At the same time, Nicholas Lee, Chairman of the Company will join the board of Capcon as a non-executive director.

Viridas also announces that Nicholas Lee, has today been granted options to subscribe for 28 million new ordinary in the Company at an exercise price of 0.32 pence per share (the "Grant"), being the closing mid-market price of the Company's ordinary shares on the last day of trading preceding the Grant. The options are exercisable for a period of ten years from the date of the Grant, with one third becoming exercisable on the first, second and third anniversaries of the Grant, respectively.

Following the Grant, Nicholas Lee holds options over 28 million new ordinary shares in the Company, which, if exercised, will represent 4.6 per cent. of the Company's enlarged share capital. Nicholas Lee does not have any other interest in the Company's share capital.

Nicholas Lee, Chairman said:

"The investment in Capcon enhances Viridas' ability to make investments in the mining sector in line with its stated investment policy.  I expect to be able to update shareholders shortly on the Company's progress regarding the other investment opportunities that are currently being reviewed."

For more information please contact:

Viridas plc:
Nicholas Lee, Chairman	[phone]

Nominated Advisor and Joint Broker:
Arbuthnot Securities
Antonio Bossi/Paul Gillam	[phone]

Joint Broker:
Rivington Street Corporate Finance
Peter Greensmith	[phone]

 

END

 

 

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