Information  X 
Enter a valid email address

China Gateway Int (CGA)

  Print      Mail a friend

Thursday 16 February, 2012

China Gateway Int

Issue of Equity, Total Voting Rights

RNS Number : 6007X
China Gateway International PLC
16 February 2012
 



FOR IMMEDIATE RELEASE                                                                                 16 February 2012

China Gateway International PLC

("CGI" or "the Company")

Issue of Equity

Total Voting Rights

CGI announces that it has issued  a total of 1,200,000 new ordinary shares of 1p each ("Shares") being  715,000 Shares to Omega Properties Limited ("Omega") and 485,000 Shares to Blenheim Limited ("Blenheim") at a price of 5.00p per Share, that price being the closing mid-market price on AIM on 2 December 2012, the date when arrangements were agreed.  Accordingly the subscription for Shares has raised £60,000 in cash before expenses which will be used for general working capital purposes.

Omega is a company connected to Ken Wills, director of CGI, and Blenheim is a company connected to Christopher Seymour-Prosser, director of CGI, and thus the subscription constitutes a "related party" transaction under the AIM Rules. The independent Directors, having consulted with the Company's Nominated Adviser, consider that the terms of the subscription are fair and reasonable insofar as its shareholders are concerned.

Application will be made for the Shares, which when issued will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM.   Trading is expected to commence on or around 22  February 2012.

Following the subscription, the Company's issued share capital will consist of 30,024,064 ordinary shares with a nominal value of 1p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury.

 

Therefore the total number of Ordinary Shares in the Company with voting rights will be 30,024,064.

 

The above figure of 30,024,064 Ordinary Shares may be used by shareholders in the Company 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 Financial Service Authority's Disclosure and Transparency Rules.

 

Following the subscription the interests of  the subscribers will be as follows:

 

Name

Related Party

Participation

Resulting holding

Omega Properties Limited *

Directors' interests

715,000

6,696,079 (22.30%)

Blenheim Limited **

Directors' interests

485,000

2,672,443 (8.90%)

 

 

* The shares in Omega Properties Limited are registered in the name of F&A Services Limited, a company incorporated in Malta, which holds them on discretionary trust for a class of beneficiaries which includes Ken Wills, Director and CEO of CGI.

 

** The shares in Blenheim Limited are registered in the name of F&A Services Limited, a company incorporated in Malta, which holds them on discretionary trust for a class of beneficiaries which includes Chris Seymour-Prosser, the Managing Director of CGI.

 

 Following the subscription, Ken Wills will have interests in 8,447,008 ordinary shares or 28.13% of the share capital (including the shares held by Heritage Building Limited) in the Company, and Chris Seymour-Prosser will have interests in 10,426,427 ordinary shares, or 34.73% of the share capital in the Company.  The total number of ordinary shares purchased by Mr Seymour-Prosser in the last twelve months is less than 1% of the voting share capital, and his current percentage holding is less than the highest percentage of shares in which he was interested in the previous twelve months.

 

For further information, please contact:

China Gateway International PLC

KenWills                                                                                                                          

 

 +44 (0) 1843 822444



Beaumont Cornish Limited

Roland Cornish                                             

 

 +44 (0) 20 7628 3396

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOESFSFWMFESEIE