Business
Placing and Issue of Equity
Placing and Issue of Equity.
About this update from Mediazest Plc
[{"type":"text","content":"\n \n2 March 2011\n\n MediaZest Plc \n\n (\"MediaZest\" or the \"Company\"; AIM:MDZ) \n\n Share Placing, Issue of Equity and Proposed Conversion of Debt to Equity \n\nShare Placing and Issue of Equity\n\nMediaZest, the creative digital out-of-home advertising company and\naudio-visual integrator, is pleased to announce a share placing (the \"Placing\")\nof 80,000,000 new ordinary shares of 0.1 pence each in the capital of the\nCompany (\"New Ordinary Shares\") at a price of 0.55 pence per share.\n\nThe gross proceeds of the Placing are £440,000 which will be used by the\nCompany to provide additional working capital and to finance the continued\ngrowth of the Company's existing operations.\n\n1,454,545 of the New Ordinary Shares were taken up by a Director of the\nCompany, details of which are as follows:\n\nDirector No. of New No. of Ordinary % of issued share\n Ordinary Shares Shares held capital held \n following the following the \n Placing Placing \n \nLance O'Neill, 1,454,545 6,638,666 2.7% \n \nChairman \n\nThe issue of New Ordinary Shares to Lance O'Neill is a Related Party\nTransaction for the purpose of AIM Rule 13.\n\nPursuant to AIM Rule 13, the Directors (other than Lance O'Neill) consider,\nhaving consulted with Northland Capital Partners Limited, the Company's\nNominated Adviser, that the terms of the Related Party Transaction with Mr\nO'Neill are fair and reasonable insofar as the Company's shareholders are\nconcerned.\n\nThe New Ordinary Shares which have been issued will represent approximately\n32.31 per cent. of the Company's enlarged issued share capital immediately\nfollowing the Placing.\n\nApplication has been made for the New Ordinary Shares to be admitted to trading\non AIM. It is expected that Admission will be effective and that dealings in\nthe shares will commence on Tuesday 8 March 2011.\n\nThe New Ordinary Shares will rank pari passu with the existing Ordinary Shares.\n\nThe Company's enlarged share capital immediately following the issue of the New\nOrdinary Shares will be 247,625,327 Ordinary Shares. There are no shares held\nin Treasury. The figure of 247,625,327 may be used by shareholders as the\ndenominator for the calculations by which they will determine if they are\nrequired to notify their interest in, or a change to their interest in, the\nshare capital of the Company under the Disclos...