TIDMPSL
RNS Number : 6073O
Photonstar LED Group PLC
31 January 2019
The following announcement replaces the announcement released on
30 January 2019 at 09:48 under RNS number 5395O. Pursuant to
Schedule 2(g) of the AIM Rules, the following current directorship
for John Michael Treacy was omitted, U.S. Città di Palermo S.p.A.
The corrected announcement is set out below and all other details
remain unchanged.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Photonstar LED Group PLC
("Photonstar" or the "Company")
Issue of equity, changes to the board, change of nominated
adviser,
intention for an orderly wind-down of the operating business
and
Total Voting Rights
Photonstar LED Group plc (AIM: PSL.L) announces the following
updates.
Issue of equity
The Company is pleased to announce that it has raised GBP175,000
(before expenses) via the placing of 1,750,000,000 new ordinary
shares of 0.01p each ("Ordinary Shares") with new and existing
shareholders (the "Placing Shares") at a price of 0.01p per Placing
Share (the "Placing").
The net proceeds of the Placing will provide the Company with
additional working capital and will also enable the Company's board
to evaluate new business opportunities. The Placing will also
further strengthen the Company's balance sheet.
Application will be made for the Placing Shares, which will rank
pari passu with the Company's existing Ordinary Shares, to be
admitted to trading on AIM ("Admission"). The Placing is
conditional on Admission and it is anticipated that Admission will
become effective at 8.00 a.m. on 6 February 2019.
Changes to the board
Photonstar is pleased to announce the appointment of John Treacy
as non-executive director with immediate effect.
Mr Treacy is a London-based experienced small cap financier who
specialises in working with growing companies. He qualified as a
solicitor in the London office of a major international law firm
where he specialised in Capital Markets and Mergers &
Acquisitions. From there he moved to practice corporate finance in
the advisory teams of several prominent UK brokerages where he
acted as an adviser to a number of AIM companies and advised on
numerous IPOs, acquisitions, debt restructurings and placings.
The Company also announces that James McKenzie, Photonstar's
current chief executive officer, has resigned with immediate
effect. The board of directors ("the Board"), thanks James for his
hard work and commitment throughout his time at Photonstar.
Change of nominated adviser
The Company is pleased to announce that Allenby Capital Limited
has been appointed as the Company's new nominated adviser with
immediate effect. Peterhouse Capital Limited will become the
Company's sole broker, also with immediate effect.
Intention for an orderly wind-down of the operating business
The Company currently has one trading subsidiary, PhotonStar
Technology Ltd ("PhotonStar Technology"). The Board has reviewed
PhotonStar Technology's current trading and believe it is
appropriate for this subsidiary to cease trading and for the
business to be wound down. Consequently, pursuant to Rule 15 of the
AIM Rules for Companies, the Company will seek, subject to
shareholder approval, to become an AIM Rule 15 cash shell.
The Board intend to convene a general meeting of the Company
(the "GM") in the near future to seek shareholder approval for the
Company to become an AIM Cash Shell and will be publishing a
circular with respect to the GM in due course. The Board will set
out in this circular its intended plan once the Company becomes an
AIM Cash Shell.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 3,632,221,134 Ordinary Shares. The Company does not
hold any shares in treasury. Therefore, the total number of
Ordinary Shares with voting rights will be 3,632,221,134. This
figure 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.
For further information:
PhotonStar LED Group Plc (www.photonstarled.com) +44 (0)20 3198
2554
Martin Lampshire, non-executive Director
Allenby Capital Limited (nominated adviser) +44 (0)20 3328
5656
John Depasquale / Nick Naylor
Peterhouse Capital Limited (sole broker) +44 (0)20 7469 0930
Lucy Williams / Duncan Vasey
END
Regulatory disclosures
In accordance with Schedule 2(g) of the AIM Rules, John Michael
Treacy (aged 37) holds, or has held in the past 5 years, the
following directorships and partnerships:
Current Past five years
Eight Capital Partners Plc China Sports Developments Ltd
Epsion Capital Ltd Central Rand Gold Plc
Polemos Plc Pineapple Power Corporation
plc
Ananda Developments Plc South African Property Opportunities
Plc
YTC Consultancy Services Ltd
Prefcap Limited
Sport Capital Group Plc
Sports Capital Group Investments
Limited
Sport Capital Group Holdings
Limited
Palermo Football Club SPA
Imaginatik Plc
U.S. Città di Palermo S.p.A
Save for the disclosures above, there are no further disclosures
to be made in accordance with Rule 17 and Schedule 2(g) of the AIM
Rules in respect of John Michael Treacy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCMMGFMZGRGLZZ
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