Issue of Equity
October 01 2010 - 2:00AM
UK Regulatory
TIDMCGA
RNS Number : 6621T
China Gateway International PLC
01 October 2010
FOR IMMEDIATE RELEASE
1 October 2010
China Gateway International PLC
("CGI" or "the Company")
Issue of Equity
CGI is pleased to announce that it has issued 217,391 new ordinary shares ("the
Shares") at a price of 11.5 p per Share, that price being equal to the closing
mid-market price on AIM on 30 September 2010. The subscription will raise
GBP25,000 in cash before expenses which will be used for general working capital
purposes.
The issue is wholly to LACV Limited (a fund under the discretionary management
of Laxey Partners Ltd which holds 23.82% of the Company's issued share capital)
and accordingly the subscription constitutes a "related party" transaction under
the AIM Rules.
The Directors having consulted with the Company's Nominated Adviser, consider
that the terms of the subscription are fair and reasonable insofar as its
shareholders are concerned.
Application will be made for the new ordinary shares, which will rank, pari
passu with all existing ordinary shares, to be admitted to trading on AIM.
Trading is expected to commence on or around 7 October 2010.
Following the subscription Laxey Partners (including funds under their
discretionary management) will hold 6,104,911 representing 24.49% of the
Company's issued share capital.
It is the intentions of Omega Properties Limited and Blenheim Limited, which are
associated with Ken Wills and Chris Seymour-Prosser respectively, shortly to
subscribe on a similar basis (or at the then closing mid-market price if
higher).
Ends
For further information, please contact:
+-------------------------------+-------------------------------+
| China Gateway International | |
| PLC | +44 (0) 1843 822444 |
| Ken Wills | |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Beaumont Cornish Limited | |
| Roland Cornish | +44 (0) 20 7628 3396 |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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