Business
Issue of Equity - Replacement
Issue of Equity - Replacement.
About this update from Distil Plc
[{"type":"text","content":"\n Blavod Extreme Spirits PLC\n17 December 2007\n\nThe previous release, RNS number 0385K issued at 1007 today, stated that\nLawrence Banks, non-executive director of the Company, has subscribed £50,050\nfor 18,200,000 Placing Shares. This statement was incorrect as the subscription\nof £50,050 represents 1,820,000 Placing Shares. The announcement should have\nread:\n\nBlavod Extreme Spirits PLC ('Blavod' or the 'Company')\n\nIssue of Equity\n\n17 December 2007\n\nPlacing of 13,057,900 new Ordinary Shares at 2.75p per share to raise\napproximately £0.36m.\n\nBlavod, the AIM listed owner of the Blavod Black Vodka brand, and wine and\nspirits distributor, today announces it has raised approximately £0.36m by way\nof a placing of new shares.\n\nSummary of the Placing:\n\n• Placing of 13,057,900 Placing Shares at a price of 2.75p per share to raise\napproximately £0.36m.\n\n• Proceeds of the Placing will be used to strengthen the Company's balance sheet\nand fund the working capital requirements anticipated as a result of the sales\ngrowth of Blavod Black Vodka and the rest of the portfolio of wine and spirit\nbrands.\n\nThe Placing is being made on a non pre-emptive basis as the time and costs\nassociated with a pre-emptive offer resulting from the introduction of the EU\nProspectus Rules (which came into force in July 2005) are considered by the\nDirectors to be excessive. The making of a pre-emptive offer would require the\nproduction of a prospectus which would have to comply with the Prospectus Rules\nand be pre-vetted and approved by the FSA. The Company obtained shareholder\nconsent to the issue of shares constituting up to 20 per cent of the Company's\nexisting issued share capital on a non pre-emptive basis at the recent General\nMeeting.\n\nDetails of the Placing\n\nThe Company is raising approximately £360,000 through the issue of the Placing\nShares at the Placing Price. The Placing Price of 2.75p represents a premium of\n5 per cent. to the closing middle market price of 2.625p on 14 December 2007,\nbeing the last practicable dealing day prior to the date of this announcement.\nThe Placing Shares will represent approximately 15.13 per cent. of the Company's\nissued share capital immediately following Admission.\n\nRelated party transaction\n\nThe Placing Shares have been placed at the Placing Price with various...