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Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £42.3m
Position in Universe th / 1783

Private & Comm. Fin. Notice of EGM

Wed 2nd September, 2009 7:00am
TIDMPCF

RNS Number : 3651Y
Private & Commercial Fin Group Plc
02 September 2009

?


Private & Commercial Finance Group plc


Placing of New Ordinary Shares


Notice of Extraordinary General Meeting




The Directors of Private & Commercial Finance Group plc ("PCFG" or "the
Company"), the AIM quoted finance house, are pleased to announce the successful
completion of a conditional placing by Daniel Stewart & Company plc ("Daniel
Stewart") of 22,526,664 ordinary shares of 5 pence each in the capital of the
Company (the "Placing Shares") at a placing price of 6 pence per Placing Share,
raising approximately GBP1.35 million before expenses (the "Placing").


Background to and reasons for the Placing


In 1999, the Company raised GBP2,346,928 before expenses through the issue of
convertible unsecured loan notes ("2009 Loan Notes") by way of a placing and
open offer. The ability to convert 2009 Loan Notes into ordinary shares has now
lapsed. In the Company's final results announcement released on 23 June 2009,
PCFG announced that it had appointed Daniel Stewart to commence marketing
replacement loan notes for the 2009 Loan Notes which fall due for repayment on
30 September 2009. The new loan notes ("New 2013 Loan Notes") offer a yield of
10 per cent. per annum and a conversion option at 25 pence per ordinary share.
On 3 August 2009, the Company announced that Daniel Stewart had successfully
placed 389,648 New 2013 Loan Notes raising GBP389,648 before expenses.


In order to assist in funding the balance of the repayment of the 2009 Loan
Notes, PCFG instructed Daniel Stewart to undertake a placing of new ordinary
shares.


Use of Proceeds


The net proceeds of the Placing will be used to assist in funding the repayment
of the 2009 Loan Notes and to provide further additional working capital for the
Company.


Details of the Placing


The Company is proposing to raise approximately GBP1.35 million (before
expenses) by way of a conditional placing of the Placing Shares at 6p per share
with certain institutional and other investors. The Placing Shares will
represent 52.50 per cent. of the enlarged issued share capital of the Company.


The existing authority granted by shareholders to the Directors to allot shares
for cash is insufficient to allow the issue of all of the Placing Shares.
Therefore the Placing is subject to the passing of a resolution at an
Extraordinary General Meeting ("EGM") of the Company which will allow the
Directors sufficient authority to issue the Placing Shares (the "Resolution").


Under the terms of a placing agreement between the Company and Daniel Stewart,
Daniel Stewart has agreed to use its reasonable endeavours to procure placees
for the Placing Shares at the Placing Price. The placing agreement, is
conditional, amongst other matters, on:


+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
| (a) | Admission of the Placing Shares to trading on AIM occurring by not later than 8.00 a.m. on 28 September 2009 (or such later time and/or date as Daniel Stewart and the Company may agree but in any event notlater
than 5.30 p.m. on 30 September 2009) ("Admission"); |
+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
| |
|
+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
| (b) | the Resolution having been passed; and
|
+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
| |
|
+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
| (c) | the obligations of Daniel Stewart not having been terminated prior to Admission
|
+----------------------------------------+----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------+
.


Conditional upon the passing of the Resolution, an application will be made to
the London Stock Exchange for the Placing Shares to be admitted to trading on
AIM. It is expected that Admission will become effective and that trading in the
Placing Shares will commence at 8.00 a.m. on 28 September 2009.


Director Shareholding


Scott Maybury, who is Chief Executive of the Company, has agreed to subscribe
for 166,666 Placing Shares. On completion of the Placing, Mr. Maybury will hold
1,500,006 Ordinary Shares, representing 2.94 per cent. of the issued share
capital.


Extraordinary General Meeting


A circular is being posted to shareholders today containing a notice of EGM to
be held at The Atrium, 4 Millbank, London, SW1P 3JA at 11.00 a.m. on 25
September 2009. At the EGM, shareholders will be asked to consider the
Resolution.An electronic copy of the circular can be downloaded from the
Company's website at www.pcfg.co.uk.






Enquiries:


+-----------------------------------------------------+------------------------+
| Private & Commercial Finance Group plc | |
+-----------------------------------------------------+------------------------+
| Robert Murray / Scott Maybury | Tel: 020 7222 2426 |
+-----------------------------------------------------+------------------------+
| | |
+-----------------------------------------------------+------------------------+
| Hanson Westhouse Limited (Nominated Adviser) | |
+-----------------------------------------------------+------------------------+
| Tim Feather / Matthew Johnson | Tel: 0113 246 2610 |
+-----------------------------------------------------+------------------------+
| | |
+-----------------------------------------------------+------------------------+
| Daniel Stewart & Company plc (Broker) | |
+-----------------------------------------------------+------------------------+
| Martin Lampshire / Graham Webster | Tel: 020 7776 6550 |
| | |
+-----------------------------------------------------+------------------------+
| St Brides Media and Finance | |
+-----------------------------------------------------+------------------------+
| Felicity Edwards | Tel: 020 72361177 |
+-----------------------------------------------------+------------------------+


Notes to editors:


Private & Commercial Finance Group plc, which is authorised and regulated by the
Financial Services Authority, is an independent AIM-listed finance house. The
Group provides a carefully selected range of high quality equipment finance
products tailored for both business and personal customers. The range extends
from financing cars for consumers to leasing a wide range of vehicles &
equipment to businesses.





This information is provided by RNS
The company news service from the London Stock Exchange
END

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