Ace Liberty & Stone - Result of Open Offer
RNS Number : 7823P
Ace Liberty & Stone PLC
23 February 2016
 

 

 

 

Press Release

 23 February 2016

 

Ace Liberty & Stone Plc

 

('' Ace'' or the ''Company'')

 

Result of Open Offer

 

Ace Liberty & Stone Plc (ISDX: ALSP), the active property investment company capitalising on commercial property investment opportunities across the UK, is pleased to announce that it has received valid acceptances of 439,640,943 Open Offer Shares from Qualifying Shareholders.  

 

On 5 February 2016, Ace Liberty & Stone announced the details of an Open Offer to raise gross proceeds of £3.5 million in total through the issue of a maximum of 350,000,000 new ordinary shares for a price of 1 pence per share, representing 36% of the enlarged issued Share Capital.    

 

The Open Offer closed for acceptances at 11:00am on 22 February and was supported by 85% of shareholders representing 95% of issued share capital before the resulting shares issue. As the offer has been oversubscribed, shares to be issued to individual shareholders will be scaled down, where applicable in accordance with terms of the Open Offer, to the maximum of 350,000,000 new Ordinary Shares.    

 

It is expected that Admission will occur and trading in the new Ordinary Shares will commence at 08:00am on 26 February 2016.  A further announcement will be made upon the completion of admission.

 

The £3.5 million raised will be utilised by Ace to continue to build its portfolio of properties with good rental income, sound covenants, and potential for capital value increases. The amount that is raised by way of the Open Offer will allow the Directors to identify purchase opportunities in a higher price range that are most attractive.

 

Ismail Ghandour, Chief Executive of Ace Liberty & Stone, commented: "The Board is delighted that the Open Offer Shares have been oversubscribed. We would like to thank our shareholders for their continual support and are confident to make the best use of funds to identify opportunities in the regional commercial property market with the highest returns."  

 

- Ends -

 

 For further information, please contact:

Ace Liberty & Stone Plc

 

Ivan Minter, Financial Director

Tel: +44 (0)  20 7201 8340

 

http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd, ISDX Corporate Adviser

 

Jon Isaacs / Nick Michaels

Tel: +44 (0) 20 7251 3762

 

www.alfredhenry.com

Hybridan LLP, Corporate Broker

 

Claire Noyce / Darshan Patel 

Tel: +44 (0)203 764 2341

 

www.hybridan.com

  Media enquiries:

Abchurch Communications

 

Quincy Allan / Canace Wong

Tel: +44 (0) 20 7398 7700

quincy.allan@abchurch-group.com

www.abchurch-group.com

 

 

Notes to Editors

 

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Doncaster, Sunderland, Dudley and Gateshead Tyne and Wear. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

 

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions smaller properties have begun to appreciate in value, and this trend is starting to appear amongst larger properties.

 

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

 

For more information on the Company please visit: http://acelibertyandstone.com/ 

 

 

 


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