TIDMSCGL
RNS Number : 7345P
Sealand Capital Galaxy Limited
21 October 2021
For immediate release: 21(st) October 2021
Sealand Capital Galaxy Limited
("Sealand" or "the Company")
Issue of Equity and Grant of Options
Sealand Capital Galaxy Limited (LSE: SCGL) announces that it has
agreed to issue 77,142,857 new ordinary shares to its Executive
Chairman, Law Chung Lam Nelson, in return for the partial
conversion of the loan owed by the Company to him. The conversion
price per share is 0.7p, being the closing mid- price on 18 October
2021, making a total conversion of GBP540,000. The Board of the
Company welcomes this transaction as being an important step in
strengthening the balance sheet of the Company and preserving the
Company's cash. The loan outstanding to Mr Law now stands at
GBP247,081.
Similarly, the Company has also agreed to issue 714,286 ordinary
shares at the same price per share to a company associated with the
Non- Executive Director of the Company, Geoffrey Griggs, in
consideration for professional services rendered, in lieu of a cash
payment.
Application will be made for the 77,857,143 new ordinary shares
to be admitted to trading which is expected to be on or around 26
October 2021. The new ordinary shares will rank pari passu with the
existing ordinary shares of the Company. Following the issue of the
new ordinary shares, the Company's issued share capital will
comprise of 595,694,385 ordinary shares. This figure of 595,694,385
ordinary shares 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.
In addition, the Company has granted 105,122,538 share options
under the Company's Employee Incentive Scheme (the "Options") to
its Directors and other staff as set out below.
The share options to be granted were proposed by the
remuneration committee and approved by the Board as part of the
Company's programme of share option grants in order to incentivise
the members of the Board and other valued staff members. The
options are exercisable between one and four years from the date of
grant (or earlier at the discretion of the Board) at a strike price
of 0.7p. The share options awarded are as follows:
-- Law Chung Lam Nelson, Executive Chairman 35,040,846
-- Geoffrey Griggs, Non-Executive Director 35,040,846
-- Seven key members of staff have also been granted options over 35,040,846 shares in total
Following the grant of the share options outlined above, the
total share options outstanding will be 105,122,538 representing
17.6% of the 595,694,385 ordinary shares in issue.
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
-Ends-
Enquiries:
Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Executive + 44 (0) 753 795
Chairman 9788
Novum Securities Limited
+ 44 (0) 20 7399
David Coffman 9400
Notes to Editors:
The Company's Shares are traded on the Official List of the
London Stock Exchange's main market for listed securities under the
ticker SCGL. Further information on Sealand is available on its
website http://www.scg-ltd.com/
The notifications below are made in accordance with the
requirements of the EU Market Abuse Regulation, requiring
notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1) Law Chung Lam Nelson
2) Geoffrey Griggs
-------------------------------- ------------------------------------------
2 Reason for the notification
Grant of Options and Placing and Issue of Shares
----------------------------------------------------------------------------
a) Position/status 1) Executive Chairman
2) NED
-------------------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------
a) Name Sealand Capital Group Limited
-------------------------------- ------------------------------------------
b) LEI 2138009EB25MJIULQO19
-------------------------------- ------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------
a) Description of the Placing and Issue of and Options over
financial instrument, Ordinary shares of GBP0.0001 each
type of instrument
Identification code ISIN Code:
KYG7948E1026
b) Nature of the transaction Issue of equity and Grant of Options
-------------------------------- ------------------------------------------
c) Price(s) and volume(s)
---------------- ----------------------
Price(s) Volume(s)
---------------- ----------------------
1) 0.7p 77,142,857 Shares
Plus 35,040,846
Options
---------------- ----------------------
2) 0.7p 714,286 Shares
Plus 35,040,846
Options
---------------- ----------------------
d) Aggregated information
- Aggregated volume 77,857,143 Shares
Plus 70,081,692 Options
- Price 0.7p
e) Date(s) of the transaction 19 October 2021
-------------------------------- ------------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------------- ------------------------------------------
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END
DSHUROBRABURUAA
(END) Dow Jones Newswires
October 21, 2021 02:00 ET (06:00 GMT)
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