Business
Capital Increase
Capital Increase.
About this update from Audioboom Group Plc
[{"type":"text","content":"\n Off-Plan Fund Limited (The)\n17 April 2007\n\n\nFor Immediate Release 17 April 2007\n\n\n\n The Off-plan Fund Limited\n\n\n Capital increase and agreement with the Consensus Group\n\n\nHighlights\n\n •20% increase in issued shares\n\n •Issue price 95p per new share\n\n •Issue reserved for Elsina Limited\n\n •Co-investment and co-operation envisaged\n\n •Funds to be used to finance strong deal pipeline\n\n\nDetails\n\n\nThe board of The Off-plan Fund Limited ('the Fund'), which specialises in the\nprovision of forward finance to UK house builders, is pleased to announce of the\nissue of a further 1,858,850 shares at a price of £0.95p per share - a 20%\nincrease in the number of issued shares. The issue price compares with the\nend-December 2006 Red Book NAV* of £0.87p and the current share price of £0.84p.\nThe issue price represents a 5% discount to the estimated Red Book NAV after the\ncompletion of the recently announced Tring and Hayes deals (100.4p).\n\n\nThe issue is exclusively to Elsina Limited ('Elsina'), under advice from its\nduly appointed investment advisors Consensus Business Group Limited ('CBG').\nElsina is ultimately owned by Investec Trust (Guernsey) Limited, as Trustees for\nthe Tchenguiz Family Trust.\n\n\nFollowing the capital increase the number of shares in issue will be 11,153,108,\nwith the interest of Elsina increased from its current 4.3% to 20.25% of the\nexpanded capital base.\n\n\nThe proceeds of the issue will be used to finance the Fund's strong investment\npipeline.\n\n\nCBG will be offered the opportunity to nominate an additional director for\nappointment to the Fund's board.\n\n\nThe Fund and CBG have further agreed to use their reasonable commercial\nendeavours to enhance co-operation between the two companies in order to further\ntheir joint and separate property interests. Co-investment opportunities will be\nconsidered, potentially enabling the Fund to undertake larger deals than in the\npast.\n\n\nApplication has been made for the new shares to be admitted to trading on AIM.\nIt is expected that admission to AIM will become effective, and dealings in such\nnew shares will commence, on 18 April 2007.\n\n\n\nThe chairman of The Off-plan Fund, Graham Berry, said:\n\n\n'We are delighted that an investor of the calibre and expertise of the Consensus\nBusiness Group has recommend...