RNS Number : 6431J
Hermes Pacific Investments PLC
18 July 2013
18 July 2013
HERMES PACIFIC INVESTMENTS PLC
(AIM: HPAC)
Issue of Equity
Hermes Pacific Investments plc ("HPAC" or the "Company") announces that it has completed a share subscription raising £4,160,000 through the issue of 416,000,000 new ordinary shares of 0.5p each, at a placing price of 1p per new ordinary share ("New Ordinary Shares").
Placing
The Company has raised £4,160,000 before expenses, through the placing of 416,000,000 New Ordinary Shares. The New Ordinary Shares have been placed with three existing shareholders and one new investor. The New Ordinary Shares have been allotted by the Company under authorities granted by shareholders at the last Annual General Meeting of the Company held on 25 October 2012..
The New Ordinary Shares represent approximately 89 per cent. of the Enlarged Share Capital. The Enlarged Share Capital comprises 50,658,844 Ordinary Shares.
The proceeds of the Placing will provide the Company with general working capital to enable it to further implement its investing policy.
Following the issue of the New Ordinary Shares, the Directors have been informed of the following significant shareholders (as defined in the AIM Rules) and their respective holdings in the Company:
Name of Placee
Number of Existing Ordinary Shares
Percentage of Existing Share Capital
Number of Ordinary Shares immediately following the Placing
Percentage of Enlarged Share Capital
Hermes Group Assets Limited
14,000,000
27.64
134,500,000
28.82
Audley Registrars Limited
7,500,000
14.80
132,000,000
28.29
Marglaw Secretarial Services Limited
6,500,000
12.83
133,000,000
28.50
Primrose Energy
-
-
44,500,000
9.54
As substantial shareholders in the Company the participation of Hermes Group Assets Limited, Audley Registrars Limited and Marglaw Secretarial Services Limited in the Placing is classified under the AIM Rules as a related party transaction. The directors of HPAC, having consulted with the Company's nominated adviser, WH Ireland Limited, consider that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Completion of the Placing is conditional on admission of the New Ordinary Shares to trading on AIM. Accordingly, application has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that admission will take place on or about 8.00 a.m. on 19 July 2013 ("Admission").
In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that, immediately following Admission, its issued share capital will consist of 466,658,844 Ordinary Shares. The Company does not hold any shares in treasury. Shareholders may use these figures 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 Disclosure and Transparency Rules.
Contacts:
Hermes Pacific Investments plc
Haresh Kanabar, Chairman
+44 (0) 20 7290 3340
WH Ireland Limited
Mike Coe
+44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
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