Lagan Capital PLC Issue of Equity and Directorate Changes (9405K)

TIDMLGN

RNS Number : 9405K

Lagan Capital PLC

29 August 2012

LAGAN CAPITAL PLC

(the "Company")

Issue of Equity and Directorate changes

Following the passing of the resolutions at the general meeting of the Company announced earlier today the Directors are pleased to announce that the Company has issued and allotted a total of 72,761,620 new ordinary shares of 1p each (the "New Ordinary Shares").

Of the New Ordinary Shares, 69,074,119 have been subscribed for by various investors at a price of 1p per New Ordinary Share for an aggregate of GBP690,741 (the "Subscription"). The funds generated through the Subscription will be used for the implementation of the Company's investing policy. In addition, the Company has issued and allotted 3,687,501 New Ordinary Shares of 1p to Stephen Casey and Peter Holmes in lieu of outstanding director fees totalling in aggregate GBP49,161.67.

As part of the Placing the Company has also issued 44,537,059 warrants over ordinary shares of 1p each ("Ordinary Shares") exercisable at 1p up until 28 August 2014.

Application has been made for the New Ordinary Shares, which will rank pari passu with the existing ordinary shares, to be admitted to AIM on 30 August 2012 ("Admission").

Following Admission, there will 78,281,120 Ordinary Shares in issue with each share carrying the right to one vote. This number 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.

Board Changes

As detailed in the Company's circular of 10 August 2012 (the "Circular") following the passing of the resolutions at the General Meeting and the allotment of the New Ordinary Shares, Stephen Casey and Peter Holmes have stepped down from the board as directors with immediate effect.

Michael Nosworthy and Stephen ("Steve") Roberts join the board as executive chairman and non-executive director respectively. Michael is a qualified civil engineer and was previously a natural resource specialist with Morgan Grenfell in London and New York and has provided corporate finance advice in Russia since 1991. He was also a founder of Amur Minerals Corporation. Steve has a wealth of advisory experience having been head of corporate finance at Evolution, Fairfax and Daniel Stewart and also held advisory roles at Collins Stewart, Charterhouse, HSBC and James Capel.

The information that is required to be disclosed in accordance with Schedule Two (g) of the AIM Rules for Companies is set out below.

Interests in shares

Following the issue and allotment of the New Ordinary Shares and Admission, the interests of the Directors and those shareholders who are interested, where known, in 3% or more of the issued share capital of the Company will be as follows:

Directors

   Michael Nosworthy                                             29.9% 
   Stephen Roberts                                                0%

Implementation of Investing Policy and suspension

As detailed in the Circular, in order to fulfil its investing policy the Company is required to invest GBP560,000 in appropriate investments. It is the Directors' intention to immediately implement its investing policy following the Subscription. The Directors intend to buy a selection of quoted and listed interests in various mining companies following which, and subject to confirmation from the Stock Exchange that it is satisfied that the Company has implement its investing policy, the suspension of the Company's Ordinary Shares from trading on AIM will be lifted. Further announcements will be made as soon as appropriate.

Appointment of Joint Broker

The Company is pleased to announce the appointment of Peterhouse Corporate Finance Limited as Joint Broker with immediate effect.

Director Details

Michael Nosworthy

Michael John Kerrison Nosworthy, aged 57, is or has been in the past five years a director of the following companies:

 
 Current Directorships             Past Directorships 
 
 EMON (UK) Limited                 World Wide Minerals Ltd 
 EMON (US) Inc. 
 Endor International Exploration 
  Limited 
 Endor International Exploration 
  LLC 
 Foxley Associates Ltd 
 Frost Bay Limited 
 Kimberlitt AS 
 Mining Investment Resources 
  plc

Mr. Nosworthy confirms that there is no further information to be disclosed under Schedule Two (g) of the AIM Rules.

Steve Roberts

Stephen John Roberts, aged 60, is currently a director of CFM3 Ltd and Cedar Gold Ltd. Mr. Roberts confirms that there is no further information to be disclosed under Schedule Two (g) of the AIM Rules.

For further information, please contact:

 
Michael Nosworthy         Lagan Capital plc              +33 675657274 
 
Steve Roberts             Lagan Capital plc                07812043436 
 
 
                          Northland Capital Partners 
Luke Cairns / Matthew      Limited 
 Johnson                   (Nomad and Joint Broker)      020 7796 8800 
 
                          Peterhouse Corporate Finance 
Peter Greensmith / Eran    Limited 
 Zucker                    (Joint Broker)                020 7469 0932 
Jonathan Anderson         Investor Relations               07950410680

This information is provided by RNS

The company news service from the London Stock Exchange

END

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