PEL.L

Paragon Entertainment Ltd.
Paragon Entertainmnt - Subscription to raise £150,000
14th March 2019, 07:00
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RNS Number : 8091S
Paragon Entertainment Limited
14 March 2019
 

Date:

14 March 2019

On behalf of:

Paragon Entertainment Limited ("Paragon", the "Company" or the "Group")

Paragon Entertainment Limited

Subscription to raise £150,000

Paragon is pleased to announce that it has raised in aggregate £150,000 through a subscription (the "Subscription") for 18,750,000 ordinary shares of 0.1 pence in the Company ("Ordinary Shares") at a price of 0.80 pence per Ordinary Share (the "Subscription Shares"), representing a premium of approximately 23.1 per cent to the closing mid-market price of an Ordinary Share of 0.65 pence on 13 March 2019.

The Subscription was undertaken by certain members of the Board, a manager and an existing shareholder known to the Company. The Subscription represents 9.99% of the existing share capital of Paragon and the Subscription Shares will be issued under the Company's existing authorities.

The funds raised from the Subscription will be used for general working capital and to increase the Company's headroom against its on-demand facility with HSBC.

Subscribers

The following Directors, manager and existing shareholder participated in the Subscription:

Director

Role

Shareholding prior to Admission

Number of Ordinary Shares subscribed for in the Subscription

Shareholding on Admission

Percentage of the enlarged issued share capital held on Admission

Mark Taylor1

Non-Executive Chairman

10,876,961

5,250,000

16,126,961

7.81%

Mark Pyrah

CEO

19,366,341

5,000,000

24,366,341

11.8%

Neil Jefferies

CFO

0

3,125,000

3,125,000

1.51%

Tim North2

Manager

0

375,000

375,000

0.18%

Colin Pyrah

Shareholder

4,166,667

5,000,000

9,166,667

4.44%

 

1 Subscription via Hemsby International Retirement Pension Scheme, a retirement scheme set up for the benefit of Mark Taylor

2 Tim North's participation in the Subscription has undertaken by way of the conversion of a £3,000 balance payable to him by the Group into Subscription Shares

Further information is set out in the FCA disclosure tables below.

Related Party Transactions

The participation in the Subscription by Mark Taylor, Mark Pyrah and Neil Jefferies are related party transactions under Rule 13 of the AIM Rules for Companies (the "AIM Rules"). With the exception of Mark Taylor, Mark Pyrah and Neil Jefferies (together the "Participating Directors"), who are treated as related parties due to their participation in the Subscription, the independent Director, being David Bridgford, who did not participate in the Subscription, having consulted with finnCap Ltd ("finnCap") in its capacity as the Company's nominated adviser for the purposes of the AIM Rules, consider the terms on which the Participating Directors will participate in the Subscription to be fair and reasonable insofar as the Company's shareholders are concerned.

Admission

The issue of the Subscription Shares is conditional on their admission to trading on AIM ("Admission"). Application is being made for the Subscription Shares to be admitted to trading on AIM and it is expected that Admission will become effective and dealing in the Subscription Shares will commence on or around 20 March 2019. The Subscription Shares will rank pari passu with the existing Ordinary Shares.

Following Admission, the total issued share capital of the Company will be 206,430,550. The above figure of 206,430,550 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in the Company under the FCA's Disclosure and Transparency Rules.

Notice of Results

The Company expects to announce full year results for the year ended 31 December 2018 in May 2019.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

 

For further information:

Paragon Entertainment Limited

Neil Jefferies (Finance Director)

Mark Taylor (Non-Executive Chairman)

finnCap Ltd

Julian Blunt / Simon Hicks (corporate finance)

Alice Lane (ECM)

 

01904 608020

 

 

020 7220 0500

 

 

 

About Paragon

Paragon Entertainment Limited (AIM:PEL) is an award winning provider of attraction services from initial design production and consulting through to the fit out and installation of themed attractions, heritage exhibits, museums, aquariums and water parks, inter alia. Paragon Entertainment is the holding company for Paragon Creative Limited.

 

The Group's projects have included:

·     The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London;

·     The design and build of Kidzania, London;

·     The design and build of galleries at the Olympic Museum for the IOC in Lausanne, Switzerland;

·     The design and build of the galleries at The National Museum of Kazakhstan;

·     The design and build of Titanic Belfast; and

·     The thematic build of the Wallace and Gromit ride at Blackpool Pleasure Beach.

 

The Group listed on AIM in 2011. Further information can be found at http://www.paragonent.com.

 

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

Mark Taylor

2.               

Reason for the Notification

a)

Position/status

Non-Executive Chairman

b)

Initial notification/Amendment

Initial notification

3.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Paragon Entertainment Limited

b)

LEI

213800SQL72GNAE2WE08

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 Financial instrument, type of instrument

Ordinary shares of 0.1p

Identification code

KYG6906M1069

b)

Nature of the transaction

Subscription for Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.8p

5,250,000

d)

Aggregated information:

·     Aggregated volume

·     Price

Subscription for 5,250,000 Ordinary Shares at a price of 0.8 pence per Ordinary Share

e)

Date of the transaction

13 March 2019

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

1.   

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Pyrah

2.               

Reason for the Notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Paragon Entertainment Limited

b)

LEI

213800SQL72GNAE2WE08

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 Financial instrument, type of instrument

Ordinary shares of 0.1p

Identification code

KYG6906M1069

b)

Nature of the transaction

Subscription for Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.8p

5,000,000

d)

Aggregated information:

·     Aggregated volume

·     Price

Subscription for 5,000,000 Ordinary Shares at a price of 0.8 pence per Ordinary Share

e)

Date of the transaction

13 March 2019

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

1.   

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Neil Jefferies

2.               

Reason for the Notification

a)

Position/status

CFO

b)

Initial notification/Amendment

Initial notification

3.   

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Paragon Entertainment Limited

b)

LEI

213800SQL72GNAE2WE08

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 Financial instrument, type of instrument

Ordinary shares of 0.1p

Identification code

KYG6906M1069

b)

Nature of the transaction

Subscription for Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0.8p

3,125,000

d)

Aggregated information:

·     Aggregated volume

·     Price

Subscription for 3,125,000 Ordinary Shares at a price of 0.8 pence per Ordinary Share

e)

Date of the transaction

13 March 2019

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 


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