TIDMADS

RNS Number : 2885K

Alexander David Securities Grp PLC

26 July 2013

26 July 2013

Alexander David Securities Group plc

(the "Company")

FCA Approval, Issue of Equity

FCA Approval

Further to the announcement made on 8 July 2013, the board of the Company announces that it has now received approval from the Financial Conduct Authority ("FCA") for the ADHL Share Transfer.

The Proposals, as set out in the circular sent to shareholders on 21 June 2013, will therefore come into effect upon admission of the Placing Shares to trading on AIM, for which application has been made and which is expected to occur on 30 July 2013, namely:

   -     the Investing Policy; 
   -     the Conversion of Preference Shares into Ordinary Shares and New Deferred Shares; 
   -     the Capital Reorganisation; 
   -     the sale of the PCB Business; 
   -     the ADHL Share Transfer; 
   -     the Placing; 
   -     the appointment of Peterhouse Corporate Finance as broker to the Company; and

- the resignation of the incumbent board members and appointment of Mr Trevor Wells and Mr Shahed Mahmood as Non-Executive Chairman and Non-Executive Director of the Company respectively.

The change of the Company's name to Mercer Resources plc (AIM:MCR), will become effective shortly after admission of the Placing Shares and upon the registration of the change of name at Companies House. A further announcement will be made in due course.

Issue of Equity

The Company is pleased to announce that, following further demand from professional investors, the Company has, in addition to the Placing Shares, issued a further 3,844,444 new ordinary shares of GBP0.001 each in the Company at the Placing Price, raising a further GBP34,600. Application for admission of these additional new ordinary shares to AIM has been made and this is expected to occur on 30 July 2013.

Pursuant to the above, the issued share capital of the Company comprises 64,479,136, Ordinary Shares of GBP0.001 each.

All terms in this announcement have the same meaning as in the circular published by the Company on 21 June 2013.

For further information please see www.ad-securities.com or contact:

 
Michael Hicks, Chairman 
 David Scott, Chief Executive      Alexander David Securities Group plc   020 7448 9800 
Nominated Adviser 
 James Caithie/Avi Robinson        Cairn Financial Advisers LLP           020 7148 7900 
Broker 
 Charles Goodfellow/Heena Karani   Peterhouse Corporate Finance Limited   020 7469 0932

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEALXKADADEFF

Mercer Resources (LSE:MCR)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Mercer Resources Charts.
Mercer Resources (LSE:MCR)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Mercer Resources Charts.