Update on Subscription

RNS Number : 8441F

St James House PLC

12 March 2020

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

12 March 2020

ST. JAMES HOUSE PLC

 ("SJH", the "Group" or the "Company")

Update on Subscription

The Company announced on 31 January 2020 that it had entered into a binding agreement for the subscription for 1.666,667 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at a price of 30 pence per Ordinary Share (the "Transaction Price") to raise a total of £500,000 (the "Subscription") with Auxilum Investere SJ Ltd, a UK company controlled by Michael and Linda Peters ("AIS").  The Subscription was subject to certain resolutions at the General Meeting held on 28 February 2020, which were all passed.  Payment of cleared funds for the Subscription have been requested but they have not been received.  The Company is in discussion with Mr Peters, the sole director of AIS to rectify the situation.  Mr Peters has provided personal surety for the monies due and the Board remain confident that the funds will be received, and all options to ensure receipt will be pursued.

The Company will provide a further update on any developments and no later than one week's time.  The Company's working capital position remains constrained but operating revenues remain on the improving trend outlined in the Company's trading update of 28 February 2020.

For further information, contact:

St. James House PLC Roger Matthews Website www.sjhplc.com	020 3655 5000
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss	020 3328 5656

 

END

 

 

IOEUAAWRRSUOAAR