Business
Issue of Equity and Grant of Options
Issue of Equity and Grant of Options.
About this update from Sealand Capital Galaxy Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 7345P\n Sealand Capital Galaxy Limited\n 21 October 2021\n \n \n \n \n For immediate release: 21st October 2021\n \n \n \n \n \n Sealand Capital Galaxy Limited \n \n \n (\"Sealand\" or \"the Company\")\n \n \n Issue of Equity and Grant of Options\n \n \n \n \n \n Sealand Capital Galaxy Limited (LSE: SCGL) announces that it\n has agreed to issue 77,142,857 new ordinary shares to its Executive Chairman, \n Law Chung Lam Nelson, in return for the partial conversion of the loan owed by the Company to him. The conversion price per share is 0.7p, being the closing mid- price on 18 October 2021, making a total conversion of £540,000. The Board of the Company welcomes this transaction as being an important step in strengthening the balance sheet of the Company and preserving the Company's cash. The loan outstanding to Mr Law now stands at £247,081.\n \n \n \n \n \n Similarly, the Company has also agreed to issue 714,286 ordinary shares at the same price per share to a company associated with the Non- Executive Director of the Company, Geoffrey Griggs, in consideration for professional services rendered, in lieu of a cash payment.\n \n \n \n \n \n Application will be made for the 77,857,143 new ordinary shares to be admitted to trading which is expected to be on or around 26 October 2021. The new ordinary shares will rank pari passu with the existing ordinary shares of the Company. Following the issue of the new ordinary shares, the Company's issued share capital will comprise of 595,694,385 ordinary shares. This figure of 595,694,385 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.\n \n \n \n \n \n In addition, the Company has \n granted 105,122,538 share options under the Company's Employee Incentive Scheme (the \"Options\") to its Directors and other staff as set out below.\n \n \n \n \n \n The share options to be granted were proposed by the remuneration committee and approved by the Board as part of the Company's programme of share option grants in order to incentivise the members of the Board and other ...