Greenchip Investments PLC
26 September 2002
Greenchip Investments plc ("Greenchip" or the "Company")
Greenchip announces that it has participated in the placing ("Placing") recently
completed by New Opportunities Investment Trust PLC ("NOIT"). NOIT is a new
investment trust which has raised, £11,116,749 in cash and/or qualifying
securities pursuant to the Placing, and was admitted to the Official List of the
United Kingdom Listing Authority and to trading on the London Stock Exchange's
market for listed securities on 25 September 2002 ("Admission").
Under the terms of the Placing, Greenchip subscribed for 375,000 redeemable
ordinary shares in NOIT ("NOIT Shares") at a price of 100p per share, which was
settled by the issue to NOIT of 25,000,000 new ordinary shares of Greenchip at a
price of 1.5p. Application has been made for these shares to be traded on AIM
and admission is expected to become effective on 1 October 2002. As a result of
this transaction NOIT will own 15.6% of the enlarged share capital of Greenchip.
Greenchip also received as part of the Placing 75,000 warrants which confer the
right to subscribe in cash for one new NOIT Share at any time up to including
five years from Admission at a price of 100p per share ("Warrants"). The
Warrants were also admitted to the Official List of the United Kingdom Listing
Authority and to trading on the London Stock Exchange's market for listed
securities at the same time as the NOIT Shares were admitted.
Greenchip has agreed not to dispose of any part of its holding of NOIT Shares
and Warrants for a period of three months from Admission.
For further information, please contact:
Porter Bibb, Greenchip, 001 212 759 3022
Fiona Kindness, Grant Thornton, 0870 991 2520
Details on NOIT
NOIT is an new UK investment trust which will invest primarily in the quoted
equity and debt securities of selected smaller companies. NOIT's investment
objective is to generate capital appreciation in the medium to long term. As
well as accepting cash consideration, NOIT offered investors the opportunity to
participate in the Placing by transferring appropriate securities to the
Company. By accepting appropriate securities from investors, NOIT hopes to
achieve a ready-made portfolio without affecting market prices.
This information is provided by RNS
The company news service from the London Stock Exchange