Update on Subscription, St James House PLC, 2020-05-01
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
1 May 2020
ST. JAMES HOUSE PLC
(“SJH”, the “Group” or the “Company”)
Update on Subscription
The Company announced on 24 March 2020 that the monies due on the previously announced (31 January 2020) binding agreement for the subscription for 1.666,667 ordinary shares of 1p each in the capital of the Company (“Ordinary Shares”) at a price of 30 pence per Ordinary Share (the “Transaction Price”) to raise a total of £500,000 (the “Subscription”), had not been received, but an extension had been agreed to 30 April 2020. The Subscription had been agreed with Auxilum Investere SJ Ltd, a UK company controlled by Michael and Linda Peters (“AIS”). The Board regrets to inform shareholders that the funds were not received by yesterday’s deadline.
The Board is reviewing its available options, including legal remedies. The personal surety provided by Mr Peters remains in place, and a letter before action has been sent to Mr Peters by the Company’s legal adviser. No Ordinary Shares have been issued under the Subscription and will not be issued until cleared funds are received.
The Group’s trading and working capital position remains in line with that announced on 7 April 2020.
A further update will be provided within one week.
For further information, contact:
St. James House PLC
020 3655 5000
Allenby Capital Limited
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss
020 3328 5656
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