European Wealth Group Limited Conversion Update (5437P)
May 29 2018 - 6:00AM
UK Regulatory
TIDMEWG
RNS Number : 5437P
European Wealth Group Limited
29 May 2018
29 May 2018
European Wealth Group
("EWG", the "Company" or the "Group")
Conversion update
(Capitalised terms not otherwise defined in this announcement
shall have the same meaning ascribed to such terms in the Company's
announcement released 18 May 2018 unless the context requires
otherwise.)
European Wealth Group, the integrated wealth management group,
today provides an update on the syndication process in respect of
the Convertible Facilities announced on 18 May 2018.
In accordance with the terms of the Facilities Amendment, KPI
(Nominees) Limited ("Kingswood") has syndicated out 25,973,138
Ordinary Shares at the Conversion Price to other investors. In
addition, Kingswood has agreed to convert GBP2,776,653.50 million
of the Convertible Facilities into 16,828,203 Ordinary Shares at
the Conversion Price.
As a result of this exercise, a total of 42,801,341 Ordinary
Shares will be issued pursuant to the Conversion.
Following the Conversion, Kingswood will hold 56,600,368
Ordinary Shares in the Company, representing 39.55 per cent. of the
Company's enlarged issued share capital.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for
42,801,341 Ordinary Shares in respect of the Conversion, which will
rank pari passu with the existing Ordinary Shares, to be admitted
to trading on AIM ("Admission"), and it is expected that Admission
will occur on 30 May 2018.
Following Admission Company will have 143,118,679 Ordinary
Shares in issue. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares with
voting rights in the Company will be 143,118,679. The above figure
may be used by shareholders 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 Company under
the FCA's Disclosure Guidance and Transparency Rules
sourcebook.
As a consequence of the Conversion, the Group will now be
debt-free effective from Admission, with a substantial cash balance
on its balance sheet that will enable it to further its growth
plan.
For further details, please contact:
European Wealth Group Limited +44 (0)20 7623 2368
Marianne Ismail
Hugo Evans
finnCap Ltd (Nomad and Broker) +44 (0)20 7220 0500
Adrian Hargrave
Anthony Adams
Redleaf Communications (for media) +44 (0)20 3757 6865; ewg@redleafpr.com
Robin Tozer
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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