Business
Result of Placing and Notice of General Meeting
Result of Placing and Notice of General Meeting.
About this update from Safestay Plc
[{"type":"text","content":"\n \nRNS Number : 9377I Safestay PLC 29 November 2018 \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nFor immediate release\n29 November 2018\nSafestay plc\n(\"Safestay\" or the \"Company\")\nResults of Placing and Subscription to raise £10 million\nand\nNotice of General Meeting\n \nFollowing its announcement earlier today, the Company is pleased to announce that it has raised £10 million by way of a placing of 27,609,496 new ordinary shares (\"Placing Shares\") at a price of 34p per Placing Share and subscriptions for 1,802,269 new ordinary shares (\"Subscription Shares\") at a price of 34p per Subscription Share.\n \nThe Placing Shares and Subscription Shares represent in aggregate approximately 86 per cent. of the Company's issued share capital prior to the Placing and Subscription.\nThe Placing and Subscription are conditional upon, inter alia, certain resolutions being passed at a general meeting of the Company (the \"General Meeting\"), which is to be convened for 10.00 a.m. on 17 December 2018, to be held at the offices of Dechert LLP, 160 Queen Victoria Street, London, EC4V 4QQ. The Circular containing the notice of the General Meeting and setting out (amongst other things) the terms and conditions of the Open Offer referred to in the Company's earlier announcement of today is expected to be despatched to Shareholders shortly.\nApplication will be made for the admission of the New Ordinary Shares (as defined in the Company's earlier announcement of today), which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (\"Admission\"). Admission is expected to occur at 8.00 a.m. on 18 December 2018.\n \nDirectors' Participation and Related Party Transactions\n \nThe Company is pleased to confirm that all of the Directors have committed to participate in the Fundraising.\n \nPyrrho Investments Limited (\"Pyrrho\"), of which Anson Chan and Paul Cummins are directors and Anson Chan's family trust is shareholder, has com...