Business
Subscription to raise ?3.95 million & Refinancing
Subscription to raise ?3.95 million & Refinancing.
About this update from Eleco Plc
[{"type":"text","content":"\n \nRNS Number : 3093K Eleco PLC 23 June 2014 \n \n\nEleco plc\n \n(\"Eleco\" or the \"Company\")\n \nSubscription to raise up to £3.95 million at 20.75p per share; new Bank Refinancing facilities of up to £5 million and Notice of General Meeting\n \n \nThe Company announces proposals to raise up to £3.95 million through a Subscription of New Ordinary Shares at 20.75p per share and that it has also entered into a Bank Refinancing agreement with Barclays of up to £5 million, comprising a £3 million term loan repayable by quarterly instalments over 4 years and an overdraft facility for up to £2 million renewable in June 2015.\n \nApproximately £3.32 million of the Subscription of up £3.95 million is conditional, inter alia, on the passing by Shareholders of a special resolution to be proposed at a General Meeting convened for 10.00 a.m. on 9 July 2014 2014. Firm subscription applications have already been received for approximately £2.3 million of new Ordinary Shares at 20.75p per share. Shareholders holding 25,517,699 shares, representing 42.07 per cent. of the Existing Ordinary Shares, have irrevocably undertaken to vote in favour of the special resolution.\nThe First Subscription Shares, consisting of 3,028,405 new ordinary shares have been issued and allotted by the Company and the relevant application has been made to AIM for these shares to be admitted to trading on AIM, which is expected to occur at 08.00 a.m. on 24 June 2014. \nA circular containing the details of the Subscription, Bank Refinancing and Re-Banking(the \"Circular\") has today been posted to Shareholders of Eleco and will be available to view shortly on the Company's website at: www.eleco.com \n \nThe same definitions apply throughout this announcement as are applied in the Circular.\n \nCommenting, John Ketteley, Executive Chairman of Eleco said, \n\"Eleco's profitable software interests in the UK, Germany and Sweden are leading providers of innovative state of the art software solutions and tools to the construction industries they serve in the UK, Sweden and Germany and, increasingly, in other markets worldwide. \nI would like to say on behalf of the Board of Eleco and of all our highly skilled and creative employees, that we are truly delighted to be able to announce the Subscription to raise new ...