Monchhichi plc Investment Warrants and Directors' Interests (5439H)
June 08 2017 - 4:40AM
UK Regulatory
TIDMMCC
RNS Number : 5439H
Monchhichi plc
08 June 2017
For Immediate Release 8 June 2017
Monchhichi Plc
('Monchhichi' or the 'Company')
Maturity date extension to Bonus Warrants
Issuance of 25 million Investment Warrants
CEO subscribes for additional 5 million Investment Warrants
Quarterly share issuance to Directors in lieu of
remuneration
Conversion of liabilities and fees into equity
Maturity Extension Bonus Warrants
The Board is pleased to inform holders of the Bonus Warrants
that were issued to shareholders on the register on 5 January 2017
that the maturity date has been extended until 24 December 2017. No
action is required to be taken by holders of these Bonus Warrants
presently. At the appropriate time, the Company will make further
announcements with regards to these Bonus Warrants.
Issuance of 30 million Investment Warrants
The Company has furthermore placed a total of 30 million
assignable Investment Warrants that can convert into an equivalent
number of new ordinary shares in the Company at 47.5p per share
with two international investors and the Company's CEO. The upfront
investment consideration per Investment Warrant is 1.0p premium for
a total cash amount of GBP300,000. The Investment Warrants maturity
date is 24 December 2017. The maturity date accelerates to 15
working days from the date Monchhichi provides notification to the
Investment Warrant holder that it has entered into a binding
agreement for one or more investments with a combined value of at
least GBP40 million and with a minimum of 25% of such consideration
being satisfied through the issuance of newly issued shares of the
Company at a notional price of 60p per Monchhichi share or more.
Should these Investment Warrants be exercised in full it would
raise a total of GBP14.55 million in cash for the Company including
the initial upfront 1.0p premium per Investment Warrant. As part of
the issuance 5 million Investment Warrants have been subscribed for
by Monchhichi CEO Jean Pascal TraniƩ.
Quarterly Share Issuance to Directors
As was announced in January 2017, all current Directors opted to
convert their entire fixed annual 2017/18 cash remuneration of
GBP24,000 on a quarterly basis into ordinary Monchhichi shares at a
fixed price of 40p per share. As a result, the Company has today
issued for the period up to 31 March 2017 the following shares:
Name of Director No. Shares Previous New Shareholding
Issued Shareholding / Percentage
------------------ ----------- -------------- -----------------
Simon Fry (held 515,000 /
through SIPP) 15,000 500,000 1.14%
------------------ ----------- -------------- -----------------
Jean Pascal 1,425,000
Tranie 15,000 1,410,000 / 3.17%
------------------ ----------- -------------- -----------------
Felipe Wallace
Simonsen 15,000 18,000 33,000 / 0.07%
------------------ ----------- -------------- -----------------
Furthermore 60,000 shares were issued today to the Company
Secretary Stuart Davies. With effect from 8 June 2017, Cooley
Secretarial Services will take over the role of Company Secretary.
Stuart shall remain available in a consultancy role to the
Directors and the Company until 30 June 2017.
Conversion of Liabilities and Fees into equity
In addition, a total amount of GBP450,000 of outstanding
liabilities and financial commitments have been converted into
1,000,000 new Monchhichi shares.
Application has been made to the London Stock Exchange for the
admission to trading of 1,105,000 new ordinary shares. It is
expected that admission will become effective on 14 June 2017.
After admission of the new shares the Company's share capital
will consist of 45,007,162 ordinary shares with voting rights. The
Company does not hold any ordinary shares in treasury. Therefore,
the total number of voting rights in the Company will be
45,007,162. This 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.
Commenting on today's announcement Jean Pascal TraniƩ, CEO of
Monchhichi PLC said:
"The introduction of additional long term growth oriented
international investors through the issuance of bespoke Investment
Warrants further enhance our ability to conduct meaningful
transactions within our stated Investment Policy. At the same time,
we are pleased to extend the maturity date of the Bonus Warrants by
a period of four months. We thank Stuart for his assistance over
the past months as Company Secretary and wish him well for the
future."
- Ends -
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
Enquiries: Tel: +44 (0)20 7886
Panmure Gordon (Nominated 2500
Adviser and Broker)
Dominic Morley
Buchanan (Financial communications) Tel: +44 (0)20 7466
Richard Oldworth / Henry Harrison-Topham 5000
monchhichi@buchanan.uk.com www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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