AIM: ADIL 17 August 2009
Adili plc
("Adili" or "the Company")
Placing to raise £0.9 million and directorate change
Adili plc, the online retailer of ethical fashion and lifestyle products, which
announced a change of trading name from Adili.com to Ascension on 13 August
2009, announces that it has raised approximately £940,000 before expenses
through the issue of 62,666,666 new ordinary shares ("Placing Shares") at a
price of 1.5p per share, conditional upon admission of the Placing Shares to
trading on AIM ("Placing"). The net proceeds will provide working capital to
fund continuing growth, which the directors believe will take the Company to
cash break even.
Following completion of the Placing, the holdings of certain existing and new
shareholders will be as follows:
Shareholder Number of Number of Percentage of
Placing Shares ordinary enlarged issued
shares held share capital held
following the following the
Placing
Placing
Hawk Investment Holdings 29,700,269 56,774,317 48.04%
Limited
Williams de Broe Limited 7,866,667 10,403,507 8.80%
Smith & Williamson 5,333,333 5,333,333 4.51%
Mark Houghton Brown Esq. - 4,226,664 3.58%
Peter Davies Esq. 1,333,333 3,886,007 3.29%
The Placing Shares will rank pari passu in all respects with the Company's
existing ordinary shares. Application has been made for the Placing Shares to
be admitted to trading on AIM ("Admission"), which is expected to take place on
18 August 2009. Following Admission, there will be a total of 118,181,870
ordinary shares in issue.
Over the past few months, the Company has undertaken a detailed review of its
cost base. With the savings already achieved since the beginning of April 2009
and further savings identified which will be effected by the end of the first
half of the current financial year, the Company estimates it can achieve
annualised overhead cost savings in excess of £300,000. As part of these cost
savings, Alan Howarth (Non-Executive Director) has resigned by mutual agreement
as a director of the Company with immediate effect.
Nick Samuel, Chairman, commented:
"It gives me great pleasure to announce the Placing and I would like to thank
our key shareholders and new investors for their support of the Company's
business plan in the current economic environment. With the Ascension
rebranding, cost savings implemented and the ability now to concentrate on
driving the business, this is an exciting time for us all to take the Ascension
brand to the next level.
I would like to thank Alan for his significant contribution to the growth of
Adili through its early stages of development and wish him well for the
future."
Enquiries:
Adili plc Adam Smith, Chief Executive T: 01258 837 437
Officer
Mark Swire, Finance
Director
John East & Partners Limited David Worlidge/Bidhi Bhoma T: 020 7628 2200
(Nominated Adviser and Broker)
Graeme Cull