New Trend Lifestyle

Issue of Equity and TVRs

RNS Number : 1600V
New Trend Lifestyle Group plc
19 July 2018
 

19 July 2018

Issue of Equity

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

 

 

New Trend Lifestyle Group Plc

("NTLG" or the "Company" or the "Group")

 

Issue of New Ordinary Shares and Total Voting Rights

 

New Trend Lifestyle Group plc (Aim: NTLG), the Singapore-based Feng Shui products and services group, is pleased to announce that it has successfully completed, subject only to admission, an issue of 50,000,000 new ordinary shares of 0.1p each ("New Ordinary Shares") at a price of 1p per share (the "Issue") in part settlement of a debt owed by the Group to a trade creditor.

The Issue is the result of discussions with Zue Zuen Enterprise ("ZZG"), a creditor of New Trend Lifestyle Pte Ltd ("NTLSG"), the Company's subsidiary in Singapore. As at 31 December 2017, ZZG was owed SGD2,296,605.37by NTLSG and has agreed to accept 50,000,000 New Ordinary Shares, as partial payment against this debt, at an issue price of £0.01 per share (SGD0.01805 per share), equivalent to £500,000 (SGD902,500). The balance owing to ZZG after the Issue will now be deferred by 18 months, at which time ZZG can either agree a payment plan with NTLSG or discuss the issue of further new ordinary shares.  As a result, ZZG will own approximately 28.6 percent of the enlarged issued share capital of the Company and has also entered into a Relationship Agreement with the Company and the Company's Nominated Adviser which regulates the shareholder's relationship with the Company.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on or about 25 July 2018.

By completing the Issue, the Group has reduced its current liabilities and improved its net assets by £500,000 by settling and deferring a significant trade creditor balance, which will assist the Group as it continues its search for a suitable acquisition. To date, the Group has not been able to identify a suitable acquisition, and the search continues.

The New Ordinary Shares will represent approximately 28.6 per cent. of the enlarged issued ordinary share capital following the admission of the New Ordinary Shares to trading on AIM.

Following the issue of the New Ordinary Shares, the total number of shares in issue is 175,000,000 Ordinary Shares. There are no shares held in treasury.  Therefore, the total number of voting rights in the Company is 175,000,000. This figure 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 under the Disclosure and Transparency Rules.

£1 = SGD1.805

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For further information:-

 

New Trend Lifestyle Group Plc     

Gregory Collier, Non-Executive Chairman

            

+44 (0) 7830 182501

SPARK Advisory Partners Limited (NOMAD)          

Mark Brady/Neil Baldwin       

              

+44 (0) 20 3368 3551

SI Capital Ltd (Broker)

Nick Emerson

+44 (0)1483 413500

 


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