Business
Subscription & Notice of General Meeting
Subscription & Notice of General Meeting.
About this update from Insig Ai Plc
[{"type":"text","content":"\n \nRNS Number : 7579F Ultimate Sports Group PLC 23 February 2018 \n\n23 February 2018\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \nUltimate Sports Group PLC\n(\"USG\" or the \"Company\" or the \"Group\")\nSubscription & Notice of General Meeting\n \nUltimate Sports Group PLC, the AIM listed investment vehicle, is pleased to announce that it has conditionally raised £537,500 from the issue of 10,750,000 Subscription Shares at a price of 5p per share (the \"Subscriptions\"). \n \nIn addition, the Company is proposing a reorganisation of the share capital with the sub-division of each existing ordinary share of 10p each into one new ordinary share of 1p each and one deferred share of 9p each.\n \nA circular to shareholders (the \"Circular\") containing a notice of General Meeting is being posted to shareholders today and will be available on the Company's website www.ultimatesportsgroup.me. The General Meeting is to be held at 10.00 a.m. on 12 March 2018 at the offices of Howard Kennedy LLP, No.1 London Bridge, London SE1 9BG. Capitalised terms in this announcement shall have the same meaning ascribed to them in the Circular.\n \nFurther details on the Subscriptions\n \nIn aggregate, the Company is proposing to raise gross proceeds of approximately £537,500 pursuant to the Subscriptions, conditional upon shareholder approval. \n \nRichard Bernstein's subscription and related arrangements\n \nThe Directors have conducted a number of meetings with Richard Bernstein to establish ways of developing the Company and have concluded that a share subscription by him would benefit the Company and Shareholders. Richard Bernstein has agreed to subscribe for 9,000,000 Subscription Shares.\n \nThe net proceeds of Richard Bernstein's subscription for 9,000,000 Subscription Shares will provide additional working capital for the Company. In addition, the Company has entered into an agreement with Richard Bernstein pursuant to which Richard Bernstein will seek to intr...