DESC Designcapital

 

TIDMDESC 
 
RNS Number : 0364W 
Designcapital PLC 
11 November 2010 
 

 
 
 
11 November 2010 
 
                          designcapital plc (AIM: DESC) 
                       ("designcapital" or "the Company") 
 
                          Placing to raise GBP190,000 
                                        & 
                           Opening of London Showroom 
 
Following strong trading in its French operations during the final months of 
2010, Designcapital plc (AIM: DESC) is pleased to announce its expansion into 
the lucrative English market. 
 
The AIM listed investment company dedicated to high end contemporary furniture 
design, has raised GBP190,000 through a placing of 1,727,272 new ordinary shares 
of 10p each (the "Placing Shares") at a price of 11 pence per share (the 
"Placing"). One warrant to subscribe for one new ordinary share has been issued 
with each new Placing Share issued at the placing price of 11 pence.  In 
addition 149,545 new ordinary shares have been issued at a price of 11 pence to 
trade creditors in settlement of amounts payable of GBP16,450. The net proceeds 
of the Placing will be used entirely to expand the Company's operations: both to 
purchase the lease on designcapital's first showroom outside of Paris and to 
enable the Company to equip the showroom up to the highest standards.  The 
showroom is expected to open in February 2011 for the Artelano brand owned by 
designcapital. 
 
Located in Dover Street in the heart of Mayfair, London, the showroom will sell 
products designed specifically for Artelano (the internationally acclaimed and 
leading French design company of contemporary furniture founded in 1972 and 
since 2008, asubsidiary of designcapital), by such internationally recognised 
designers as Patricia Urquiola, Piero Lissoni, Christophe Pillet, Shin Azumi and 
Eric Gizard along with more recent "signatures", such as, Ora Ito, Francesc Rifé 
and Patrick Naggar. 
 
Artelano will initially target the French ex-patriot and professional community 
living in London, which has the largest population of French nationals outside 
of Paris. Such clients are continuing to buy from luxury, contemporary design 
orientated companies such as Artelano, and demand, whether it stems from 
ex-patriot relocation, the need to furnish a second home or apartment in London, 
or from the collectors' desire to improve a collection, appears undiminished, 
despite the current economic climate.  AltaGamma, the trade association for the 
Italian luxury industry, has estimated recently that the growth rate of the 
high-end "design" segment of the furniture market, is expected to rise by 6-8% 
per annum over the next few years. 
 
As well as looking to sell product into the affluent and 'high net worth' 
markets of London and the South East of England, the Company intends to expand 
its already well-established Parisian contracts business, Forum Diffusion, into 
the UK to offer consultancy services and supply high end contemporary furniture 
into the commercial market. 
 
In Paris, Forum Diffusion, founded in 1977, advises and sells to a wide range of 
private and public clients, such as the Assemblée Nationale, Opéra Bastille, 
Ministère de la Culture, Palais de Justice, Richemont, France Telecom, Deutsche 
Bank, Suez-Lyonnaise, ABN AMRO and most recently the Ministry of Foreign Affairs 
among others. The directors of designcapital believe that a not dissimilar 
customer-base can be secured by the business in the UK, in part owing to the 
Dover Street showroom and the Company's ability to display product in front of 
potential vendors. 
 
The Placing Shares have been conditionally placed by Rivington Street Corporate 
Finance ("Rivington Street").  Application has been made to London Stock 
Exchange plc for 1,876,817 new ordinary shares ("New Shares") to be admitted to 
trading on AIM ("Admission").  Subject, inter alia, to Admission of the New 
Shares becoming effective, dealings in the New Shares are expected to commence 
on AIM at 8.00 a.m. on 17 November 2010. The New Shares represent approximately 
2.96per cent. of the Company's existing issued share capital and will, when 
issued, represent approximately 2.87 per cent. of the Company's enlarged share 
capital. Following Admission, the Company will have 65,300,847ordinary shares of 
10p each in issue. 
 
Frédéric Bobo, Executive Chairman, commented: 
"We are delighted to open and launch our Dover Street showroom, which we see as 
a key stage in our growth strategy. The showroom provides a superb opportunity 
to demonstrate how designcapital can unlock and exploit markets such as London, 
as the first outside Paris in a number of major cities across Europe, with the 
objective of quickly becoming a major pan European, design focused investment 
group." 
 
"We are very pleased with the growth in sales that we are experiencing in our 
Paris-based businesses and we are confident of achieving the same growth in the 
UK. As we accelerate and develop our growth strategy, we will continue to seek 
acquisitions and investment opportunities across a number of European markets, 
where we believe designcapital has the ability to help those acquired businesses 
to achieve scale, build brand value and strengthen distribution networks." 
 
Enquiries: 
Contact: 
 
+-----------------------------------+------------------------------------+ 
| designcapital plc                 |                                    | 
+-----------------------------------+------------------------------------+ 
| Frederic Bobo  - Executive        | Tel: +44 (0) 20 7554 8555          | 
| Chairman                          |                                    | 
+-----------------------------------+------------------------------------+ 
| Mike Hosie - Chief Financial      | www.designcapitalplc.com           | 
| Officer                           |                                    | 
+-----------------------------------+------------------------------------+ 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Strand Hanson - Nominated Adviser | Tel:+44(0)20 7409 3494             | 
+-----------------------------------+------------------------------------+ 
| Angela Peace                      |                                    | 
+-----------------------------------+------------------------------------+ 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| RSCF - Broker                     | Tel +44 (0)20 7562 3350            | 
+-----------------------------------+------------------------------------+ 
| Peter Greensmith                  |                                    | 
+-----------------------------------+------------------------------------+ 
|                                   |                                    | 
+-----------------------------------+------------------------------------+ 
| Peckwater PR                      |                                    | 
+-----------------------------------+------------------------------------+ 
| Tarquin Edwards                   | Tel: +44 (0)7879 458 364           | 
+-----------------------------------+------------------------------------+ 
|                                   | tarquin.edwards@peckwaterpr.co.uk  | 
+-----------------------------------+------------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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