TIDMTRIC

RNS Number : 7362Q

Tricor PLC

19 June 2015

19 June 2015

Tricor plc

("Tricor" or the "Company")

Drawdown on working capital facility, issue of equity,

director shareholding and total voting rights

Drawdown on working capital facility

Tricor announces that the Company has drawn down GBP21,000 under the working capital facility provided by Ellwood International Limited ("Ellwood"), further details of which were announced by the Company on 31 March 2015. As a result, and in accordance with the agreement with Ellwood, the Company has issued to Ellwood 5,526,316 new ordinary shares (the "Tranche 2 Shares") of 0.001 pence in the Company ("Ordinary Shares") at 0.38p per Ordinary Share and 22,105,264 warrants to subscribe for new Ordinary Shares, exercisable at 0.5p per Ordinary Share.

Ellwood has entered into an orderly market agreement whereby until 31 March 2016, it will only sell Ordinary Shares following consultation with the Company's broker and always so as to ensure an orderly market in the Company's shares.

Issue of shares pursuant to consultancy agreement

On 6 May 2015 the Company entered into a consultancy agreement with Ellwood (the "Consultancy Agreement"), pursuant to which Ellwood provides Tricor with certain consultancy and accounting services including provision of a senior accounts manager. Under the terms of the Consultancy Agreement, Tricor will pay Ellwood a fee of GBP10,000 per month, such fee to be settled either in cash or via the issue of new Ordinary Shares to Ellwood at Tricor's discretion. The Directors of the Company believe that it is currently in the best interests of Tricor to issue new Ordinary Shares as consideration for services provided under the Consultancy Agreement, in order to preserve the Company's cash. The Company therefore intends to settle the amounts due under the Consultancy Agreement via the issue of new Ordinary Shares until further notice. The issue price for each month's fee will be the closing mid-market price of an Ordinary Share on the last business day of each calendar month.

Accordingly, the Company has today issued and allotted 3,225,806 new Ordinary Shares to Ellwood (the "Consultancy Shares") in respect of fees for April and May 2015 at an issue price of 0.62p per Ordinary Share, being the closing mid market price of an Ordinary Share on the last business day of April and May 2015.

Holding in Company

Following the issue of the Tranche 2 Shares and the Consultancy Shares, Ellwood has a total beneficial interest in 25,331,069 Ordinary Shares, equivalent to 16.30% of the Company's total issued share capital.

Issue of shares in lieu of salary

Further, the Company has issued a total of 1,064,516 new ordinary shares (the "Fee Shares") of 0.001 pence in the Company ("Ordinary Shares") in lieu of remuneration payable to Michael Roberts, Chairman of the Company, for the months of April and May 2015, totalling GBP6,600 as per the terms of his service contract. These new Ordinary Shares have been issued to General and Financial Management Ltd, a consultancy company wholly owned by Michael Roberts under which he provides his services to the Company, at a subscription price of 0.62p each, being the closing mid market price of an Ordinary Share on the last business day of April and May.

Director shareholding

Following the issue of the Fee Shares, Michael Roberts has a total beneficial interest in 1,064,516 Ordinary Shares, equivalent to 0.69% of the Company's total issued share capital.

Admission to trading and total voting rights

Application has been made for the Tranche 2 Shares, the Consultancy Shares and the Fee Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on or around 25 June 2015.

Following Admission, the total number of Ordinary Shares in issue will be 155,365,737, with each share carrying the right to one vote. Tricor holds no shares in treasury. The total number of voting rights in the Company is therefore 155,365,737. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in Tricor under the Disclosure Rules and Transparency Rules of the UK Financial Conduct Authority.

Enquiries:

 
 Tricor plc 
  Michael Roberts                                +44 (0) 20 7099 7703 
  Chan Fook Meng, CEO                            +65 62362985 
 Allenby Capital Ltd (Nominated Adviser & 
  Broker) 
  Jeremy Porter / Nick Naylor / James Reeve    +44 (0) 20 3328 5656

This information is provided by RNS

The company news service from the London Stock Exchange

END

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