Business
Equity issues-further details
Equity issues-further details.
About this update from R.e.a. Holdings Plc
[{"type":"text","content":"\n R.E.A.Hldgs PLC\n14 February 2006\n\n\nR.E.A. Holdings plc ('REA')\n\nFurther details of proposed equity issues\n\nREA announced on 31 January 2006 that it had decided to seek additional equity \ncapital and that, to this end, two transactions were contemplated: first, a \nplacing of new ordinary shares of 25p each in the capital of REA ('REA ordinary \nshares') and, second, an open offer of new ordinary shares combined with a \nfurther placing of new REA ordinary shares.\n\nFormal agreement has now been reached to effect the first of these two \ncontemplated transactions. Pursuant to this agreement, Mirabaud Securities \nLimited ('Mirabaud'), as agent of REA, has conditionally placed 1,372,000 new \nordinary shares (the 'first transaction shares') at a placing price of 260p per \nshare to raise approximately £3.6 million (before expenses). The placing of the\nfirst transaction shares is conditional upon completion of the agreement of 23 \nJanuary 2006 (the 'settlement agreement') made between REA and certain of its \nsubsidiaries and directors of the one part and Mr M E Zukerman and connected \nparties of the other part for the settlement of the actual and threatened \nlitigation claims between them and for the acquisition by REA of all of the \nissued shares of its subsidiary, Makassar Investments Limited, not already owned\nby it. The issue of the first transaction shares is further conditional upon \nadmission of the first transaction shares to the Official List of the Financial\nServices Authority and to trading on the London Stock Exchange's market for \nlisted securities. Applications for such admissions will be made in due course.\n\nThe first transaction shares will be allotted under authorities and powers \ngranted to the directors of REA by resolution of REA shareholders passed at the \nannual general meeting of REA held on 15 June 2005. The first transaction \nshares will rank pari passu with the REA ordinary shares that are already \nin issue. It is expected that the issue of the first transaction shares will \nbecome effective on 22 February 2006.\n\nFurther consideration has been given to the contemplated second transaction. It\nis proposed that REA should seek to raise up to £7.4 million (before expenses)\nby the issue of up to 2,828,000 new ordinary shares (the 'second transaction\nshares') fully paid at a ...