China Gateway is pleased to announce that pursuant to a subscription agreement dated 30 October 2009 ("the Agreement"), the Company have issued 1,570,283 new ordinary shares ("the Shares") to certain
existing shareholders at a price of 9.45p per Share, that price being a 10% discount to the mid-market price at the close of business on 29 October 2009. The subscription will raise, net of expenses, £148,391.74 in cash and the monies will be used for general working capital purposes.
The subscription will include the following "related party" transactions under the AIM Rules.
Name |
Related Party |
Participation |
Resulting holding |
Laxey Partners |
Substantial shareholder |
355,891 |
5,173,234 (22.92%) |
Brian Moritz |
Director |
211,640 |
211,640 (0.93%) |
Omega Properties Limited * |
Directors' interests |
308,254 |
6,369,293 (28.21%) |
Blenheim Limited ** |
Directors' interests |
308,254 |
6,369,293 (28.21%) |
Heritage Building Limited ** |
Directors' interests |
142,222 |
1,692,945 (7.5%) |
Robin Bolton *** |
Director |
105,820 |
105,820 (0.46%) |
* 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 Plc.
** The shares in Blenheim Limited and Heritage Building 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 Plc.
*** Robin Bolton's shares will be held in the name of Adam Nominees. Robin Bolton is the Non-Executive Chairman of CGI Plc.
Following the issue of Shares, Ken Wills will hold 6,369,293 shares or 28.28% of the share capital in the Company, and Chris Seymour-Prosser will hold 8,062,237 shares, or 35.80% of the share capital in the Company.
The Board of Directors, with the exception of those Directors who are involved as participants in the placing as set out in the table above, considers, having consulted with the Company's nominated adviser, that the terms of the transactions are fair and reasonable insofar as its shareholders are concerned.
Application will be made for the new ordinary shares, which will rank, pari passu with all existing ordinary shares, to be admitted to trading on AIM. Trading is expected to commence on or around 31 December 2009.
Ends |
