REG - Investment Evolution - Subscription, Broker Option and Director's Dealing
31/10/2024 08:15
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RNS Number : 2874K Investment Evolution Credit PLC 31 October 2024
31 October 2024
Investment Evolution Credit plc
("IEC", the "Company" or the Group)
Subscription, Broker Option, Director's Dealing, Related Party Transaction and
Issue of Equity
Investment Evolution Credit plc (AQSE: IEC) - 31 October 2024: IEC, a global
fintech group specialising in online consumer loans, announces that, via a
subscription from existing shareholders only, it has raised £457,526.96 via a
subscription through the issue of 45,752,696 new ordinary shares of £0.005
each in the Company ("Subscription Shares") at a price of £0.01 per share
("Subscription"). The funds raised will be used to fund the Company's business
plan and for general working capital purposes.
Broker Option
A significant number of the Company's existing shareholder have participated
in the Subscription. In order to provide all existing shareholders the
option to participate in the Subscription in the event they have not had the
opportunity to do so, the Company has granted the Company's broker, Axis
Capital Markets, an option ("Broker Option") over 3,000,000 new ordinary
shares. In the event the Broker Option is fully subscribed for, this would
raise a further £30,000 before expenses for the Company.
The Broker Option is only available to existing shareholders and, for the
avoidance of doubt, will not be made available to the public or in
jurisdictions where it would be unlawful to do so.
The Broker Option is expected to close at 5.00 p.m. on 4 November 2024
("Closing Date"). As far as is practical, participation in the Broker Offer
will be available for eligible shareholders (direct or indirect) on the
register at the close of business on 30 October 2024 ("Existing
Shareholders"). In the event any Existing Shareholders subscribe for
additional new ordinary shares pursuant to the Broker Option, a further
announcement will be made following the Closing Date with details of further
subscription. If the Broker Option is not fully subscribed the Closing Date,
orders from eligible investors will be satisfied in full ("Further
Subscription") and the balance of the Broker Option shall lapse. In the event
the Broker Option is fully subscribed for, the Company and its broker may
scale down any subscriptions received and may accept offers for subscription
in the order in which they are received. Application for admission to trading
on the AQSE Growth Market ("Admission") for the Further Subscription will only
occur following receipt of subscription proceeds. In the event Further
subscription proceeds are not received by 7 November 2024, the Company will
reject such subscriptions.
To subscribe for the Broker Option, Existing Shareholders should contact their
broker to communicate any bids to the Company's broker, as the Company's
broker will not accept orders from Existing Shareholders who are not clients.
Shareholder Participation, Director's Dealing and Related Party Transactions
Certain existing shareholders, including a director, who hold more than 3 per
cent. of the existing issued share capital of the Company have participated in
the Subscription as follows:
Name Existing interest in ordinary shares Existing interest in ordinary shares (%) Number of Subscription Shares Resultant interest in ordinary shares in the Company Resultant percentage of issued ordinary shares in the Company
Paul Mathieson 6,837,913 42.05% 17,400,000 24,237,913 39.08%
Sam Prasad 1,350,394 8.30% 3,000,000 4,350,394 7.02%
J and W Willoughby 1,005,000 6.18% 2,330,000 3,335,000 5.38%
Gant Investments Pty Ltd 155,416 0.96% 2,000,000 2,155,416 3.48%
L Prasad Pty Ltd 573,105 3.52% 1,500,000 2,073,105 3.34%
B and E Tanton 977,210 6.01% 600,000 1,577,210 2.54%
Covey Financial Inc. 750,000 4.61% nil 750,000 1.21%
The participation by Paul Mathieson, a director, and Sam Prasad, a former
director, in the Subscription is a related party transaction as pursuant to
Rule 4.6 of the AQSE Growth Market Access Rulebook (the "Transaction").
The Directors of IEC, independent of the Transaction confirm that, having
exercised reasonable care, skill and diligence, the related party transaction
is fair and reasonable insofar as the shareholders of IEC are concerned.
Admission
The Subscription Shares will rank pari passu in all respects with the existing
ordinary shares of the Company. Application for Admission of the 45,752,696
Subscription Shares has been made and it is expected that Admission will take
place on, or around, 5 November 2024.
As noted above, a further announcement will be made in respect of Admission
for any shares pursuant to the Further Subscription.
Total Voting Rights
Following admission of the Subscription Shares, the Company's enlarged issued
share capital will comprise 62,013,671 ordinary shares. The Company does not
hold any shares in treasury. The figure of 62,013,671 ordinary shares 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 in their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company accept responsibility
for the contents of this announcement.
Enquiries:
Investment Evolution Credit plc
Marc Howells iec@investmentevolution.com
CEO
Cairn Financial Advisers LLP (IEC AQSE Corporate Adviser)
Ludovico Lazzaretti +44 (0) 20 7213 0880
Jo Turner
Axis Capital Markets Limited (IEC Corporate Broker)
Lewis Jones +44 (0) 20 3026 0449 / lj@axcap247.com
For more information please visit: www.investmentevolution.com
(http://www.investmentevolution.com) /investors
About IEC
IEC is an experienced regulated licensed lender under the consumer brand Mr.
Amazing Loans in the United States with state consumer lending
licenses/certificates of authority in the 6 states of California, Florida,
Georgia, Illinois, Nevada and New Jersey and an established track-record of
regulatory compliance for over 14 years. IEC plans to expand its United States
lending model to the United Kingdom market in due course by providing £2,000
to £10,000 online personal loans with fixed affordable repayments, subject to
the receipt of all necessary authorisations and permits.
Caution Regarding Forward Looking Statements
Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders and
prospective security holders not to place undue reliance on these
forward-looking statements, which reflect the view of the Company only as of
the date of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the statements are
made. The Company will not undertake any obligation to release publicly any
revisions or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of this
announcement except as required by law or by any appropriate regulatory
authority.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Paul Mathieson
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial Notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name Investment Evolution Credit plc
b. LEI 984500ARA55ED7411Y77
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument Ordinary Shares
Identification Code
ISIN: GB00BPQC9525
b. Nature of the transaction Purchase of ordinary shares
Price(s) per share (p) Volume(s)
1p 17,400,000
d. Aggregated information
- Volume - 17,400,000
- Price - 1 pence per share
e. Date of the transaction 30 October 2024
f. Place of the transaction AQSE, London
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