Subscription to raise £500,000 and Board changes
Alpha Returns Group PLC
("Alpha Returns" or the "Company")
2 December 2013
Subscription to raise £500,000
Issue of new ordinary shares/holdings in Company
Further to the announcement made on 22 October 2013, the Board of Alpha Returns, the AIM traded investing company focusing on investments in high-growth Asian economies, is pleased to announce that it has completed an equity subscription to raise an additional £500,000 through the issue of a further 55,555,555 new ordinary shares of 0.01p each in the capital of the Company (representing approximately 13.28 per cent. of the Company's existing issued ordinary share capital) at a price of HK$0.1125 (approximately 0.9 pence) per share. The funds raised strengthen the Company's financial position and give it the flexibility to take advantage of potential investment opportunities within the Asia-Pacific region expeditiously.
Following the subscription, Sze Thye Group Limited remains interested in 247,441,180 ordinary shares, representing approximately 52.23 per cent. of the Company's enlarged issued ordinary share capital.
Application has been made for the new ordinary shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Admission is expected to become effective and dealings to commence on or around 6 December 2013. The enlarged issued share capital of Alpha Returns with voting rights attached consists of 473,790,650 ordinary shares of 0.01p each with one vote per ordinary share. There are no shares held in Treasury. The total number of voting rights in Alpha Returns is therefore 473,790,650, which figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to notify their interest, or a change to their interest, in Alpha Returns under the Financial Conduct Authority's Disclosure and Transparency Rules.
Confirmation of Board Changes
Following the closing of the fund raise above, the Company is pleased to confirm the appointment of Eric Leung to the board as an additional non-executive director and the resignation of Lim Hui Jie, as referred to in the announcement of 22 October 2013.
Mr. Leung will be joining the Company's audit and remuneration committees which will comprise the Company's non-executive directors Messrs. Greg Collier, Tony Drury and Eric Leung (audit committee with Mr. Leung chairman), Messrs. Collier and Leung (remuneration committee with Mr. Collier chairman). The nominations committee will comprise Tony Drury as chairman and Christopher Neo.
Commenting, Christopher Neo, executive director, said: "Following the completion of the second tranche investment in Telistar Solutions Pte. Ltd., the Company has now implemented its investing policy for the purposes of AIM Rule 15. With an additional £500,000 raised, we shall continue to pursue investment opportunities within the Asia-Pacific region. We welcome Eric Leung to the Board and thank Lim Hui Jie for his valuable contribution following the Company's transition into an investing company in December last year."
For further information:
Alpha Returns Group plc
Christopher Neo, Executive Director 020 3286 6388
ZAI Corporate Finance Limited (Nomad) 020 7060 2220
Peter Trevelyan Clark / Wei Wang
Peterhouse Corporate Finance (Broker) 020 7469 0935
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Alpha Returns Group plc via Globenewswire