Business
Placing for cash & directors' dealings
Placing for cash & directors' dealings.
About this update from M Winkworth Plc
[{"type":"text","content":"\n \nRNS Number : 0049E M Winkworth Plc 31 March 2011 \n\nM Winkworth plc\n(\"Winkworth\" or the \"Company\")\n \nPlacing for cash and directors' dealings\n \nThe Company is pleased to announce that it has conditionally placed 1,247,488 new ordinary shares of 0.5 pence each in Winkworth (the \"Placing Shares\") at 82 pence per share (the \"Placing Price\") thought its broker, finnCap, to raise approximately £1 million(the \"Placing\"). The net proceeds of the Placing will be used by Winkworth to develop the Company's franchise base. The Company is in discussions with a number of smaller agencies in strategically important territories to potentially join the Winkworth group.\n \nApplication has been made for a total of 1,247,488 new ordinary shares of 0.5 pence each in Winkworth to be admitted to trading on AIM (\"Admission\"). The Placing Shares will rank pari passu with the Company's existing ordinary shares and will be issued in two stages. Admission of the first tranche of 94,750 Placing Shares is expected to become effective on 4 April 2011 (the \"First Admission\"). Admission of the second tranche of 1,152,738 Placing Shares is expected to become effective on 8 April 2011 (the \"Second Admission\").\n \nThree of Winkworth's directors are participating in the Placing at the Placing Price. Dominic Agace is acquiring 12,000 Placing Shares, Lawrence Alkin is acquiring 146,341 Placing Shares and Tony Snarey is acquiring 30,487 Placing Shares. Further to these transactions and the issues of Placing Shares, the directors' interest in the Company will be as follows:\n \n\n\n\n\nDirector\n\n\nCurrent holding\n\n\n% of issued share capital\n\n\nHolding following the Placing\n\n\n% of enlarged issued share capital\n\n\n\n\nSimon Agace\n\n\n6,336,250\n\n\n55.4%\n\n\n6,336,250\n\n\n50.0%\n\n\n\n\nTony Snarey\n\n\n1,312,500\n\n\n11.5%\n\n\n1,342,987\n\n\n10.6%\n\n\n\n\nLawrence Alkin\n\n\n256,250\n\n\n2.2%\n\n\n402,591\n\n\n3.2%\n\n\n\n\nDominic Agace\n\n\n512,000\n\n\n4.5%\n\n\n524,000\n\n\n4.1%\n\n\n\n\nChris Neoh\n\n\n12,500\n\n\n0.1%\n\n\n12,500\n\n\n0.1%\n\n\n\n\n \nFollowing the Second Admission of the Placing Shares, the Company will have 12,676,238 Ordinary Shares in issue with each share carrying the right to one vote. There...