PhotonStar LED Group PLC (LON:PSL)

PhotonStar LED Group PLC (LON:PSL)


Share Price
0.01 p
Change
-0.0005 (-4.76 %)
Market Cap
£0.36 m
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PhotonStar LED Group PLC RNS Release

Placing, adviser & board change & business update


RNS Number : 5395O
Photonstar LED Group PLC
30 January 2019
 

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.

30 January 2019

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 £175,000 (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

 

 

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 [email protected] or visit www.rns.com.
 
END
 
 
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