RUBICON DIVERSIFIED INVESTMENTS PLC
RNS Number :
12 December, 2011
The Directors of Rubicon (AIM:RUBI) are pleased to announce that the Company has conditionally raised £9,000,000 by way of a placing (the “Placing”) of 225,000,000 ordinary shares (the “Placing Shares”) at 4 pence per share (the “Placing Price”) with institutional investors of WH Ireland.
The proceeds of the Placing will be used to further the Company’s proposed new investing policy of seeking an acquisition or acquisitions in the global aviation and aviation services sector with a particular focus on Africa, and for working capital purposes.
The Placing is conditional only on the passing of various resolutions at the general meeting of the Company's shareholders (“GM”) to be held on 13 December 2011 and admission of the new ordinary shares to AIM. It is expected that the new ordinary shares will be admitted and that dealings will commence with effect from 16 December 2011 (“Admission”).
The Placing Shares are to be issued under the resolutions to be proposed at the GM under which the Directors would have authority to allot securities and under which statutory pre-emption rights over such securities would be dis-applied.
The Placing Shares will represent approximately 74.9 per cent of the issued ordinary share capital of the Company as enlarged by the placing.
Speaking today in relation to the placing, the Company's Chairman, Robert Burnham, said:
“Market reception to our strategic plans, in particular our proposed arrangements with easyGroup, has been extremely positive. We have therefore taken the opportunity to raise additional capital, conditional upon the passing of resolutions at our general meeting today. These new funds will enhance significantly our ability to pursue our strategic goals. We look forward now to an intense period of planning with Stelios and his team as we add further detail to our strategy to build a major aviation business focused on Africa”.
In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission its issued share capital will consist of 300,269,919 Ordinary Shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules following Admission.
Rubicon Diversified Investments Plc
Tel: 07776 133 421
Tel: 0117 945 3471
Posted on 12th December 2011