WeCap Plc - Subscription to raise £172,000 and Board Changes
PR Newswire
LONDON, United Kingdom, December 17
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
WeCap plc
("Company")
Subscription to raise £172,000 from Existing and New Investors
Board Changes
Total Voting Rights
Subscription
The Company is pleased to announce that it has raised £172,000 before expenses through a subscription for an aggregate of 20,235,294 new ordinary shares of 0.25p each ("Subscription") at 0.85 pence per share ("Subscription Shares").
The Subscription is conditional, inter alia, on admission of the Subscription Shares ("Admission") and the appointment of Thomas Richardson as a director of the Company as set out below.
Application will be made for the Subscription Shares to be admitted to trading on the access segment of the Aquis Growth Market and this is expected to occur on or around 20 December 2024.
Board Changes
The Company is pleased to announce the appointment of Thomas Donald Richardson (aged 43) to the Company's board of directors ("Board") as Non-Executive Chairman with immediate effect.
Mr Richardson has over 25 years of experience across banking and oil & gas. Mr Richardson is currently Chairman of two listed Companies, Fenikso and Coro Energy Plc. Prior to investing in Fenikso, Mr Richardson served as CEO of two private Companies in the Natural resources and infrastructure sector. Prior to this Mr Richardson was CFO of Nostrum Oil & Gas Plc, a UK premium listed company. Prior to joining Nostrum, Mr Richardson worked for ING, JP Morgan and NM Rothschild, covering investment banking, capital markets and credit derivatives.
Mr Richardson has a BSc in Economics & Politics from the University of Bristol.
Fiona Wilmot has retired from the Board effective immediately in her role as Non-Executive Director and Company Secretary to focus on her other business commitments.
In addition, current directors, Sandy Barblett has become an Executive Director and John Taylor has become a Non-Executive Director of the Company, with immediate effect.
Orana Corporate LLP has been appointed as Company Secretary.
The Company would like to thank Fiona for her contributions during her tenure and wishes her well for the future.
The below details all directorships held by Thomas Richardson in any other company at any time in the previous five years:
| Current directorships | Previous directorships |
| Certiqi Limited | Canadian Overseas Petroleum Ltd |
| Coro Energy Plc | Metallon Corporation Limited |
| Fenikso Limited | Prep Schools Trust |
| TDR Enterprises Holdings Limited | 138-140 Gloucester Terrace (Management) limited |
| TDR Enterprises Limited | Nice Tech Holdings AG |
| TDR Property Investments Ltd |
Except as set out above, there is no further information regarding Thomas Richardson, that is required to be disclosed pursuant to Rule 4.9 of the Aquis Growth Market Access Rulebook.
Related Party Transaction
Thomas Richardson, a director of the Company, has subscribed for 1,176,471 Subscription Shares on the same terms and conditions as all other subscribers. In accordance with Rule 4.6 of the Access Aquis Growth Market Rulebook, Mr Richardson's subscription is a related party transaction. The Directors of the Company (excluding Mr Richardson, who has played no role on the Board in discussing or voting in relation to his subscription), having exercised reasonable care, skill and diligence, believe that Mr Richardson's subscription is fair and reasonable as far as the shareholders of the Company are concerned.
Total Voting Rights
Following Admission of the Subscription Shares, WeCap plc's issued ordinary share capital will consist of 433,049,311 ordinary shares of 0.25 pence each. This number represents the total voting rights in the Company, and following Admission, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules. The Subscription Shares shall rank pari passu in all respects with the existing ordinary shares of the Company.
The Directors of the Company accept responsibility for the contents of this announcement.
ENDS
Enquiries:
Company:
info@wecapplc.com
Corporate Advisor:
Peterhouse Capital Limited
+ 44 (0) 20 7469 0930 (Direct)
Corporate Broker:
Tennyson Securities Limited
Peter Krens: +44 (0) 20 7186 9033 (Direct)
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Thomas Donald Richardson |
| 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 | WeCap Plc |
| b) | LEI | 213800FYUQ8ENKDP4S43 |
| 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 | Ordinary Shares of 0.25 pence each |
| b) | Identification code | GB00BKTRF404 |
| c) | Nature of the transactions | Subscription |
| d) | Price(s) and volume(s) | Subscription price: 0.85 penceVolume: 1,176,471 |
| e) | Aggregated information- Aggregated volume- Price | 1,176,471 Ordinary Shares of 0.25 pence eachSubscription price: 0.85 pence per share |
| f) | Date of the transactions | 17 December 2024 |
| g) | Place of the transactions | Off market |
