19 September 2016
VIA DEVELOPMENTS PLC
(VIA’ or ‘the Company’)
Further issue of £1,000,000 of 7 per cent. Debenture Stock
due 19 November 2020
The Directors of Via Developments Plc are pleased to announce that an application has been made for the further issue of up to £1,000,000 of 7per cent. Debenture Stock due 2020, with a nominal value of £1 each, of the Company (the “Debenture Stock”) to be admitted to trading on the ISDX Growth Market. The Company’s registered office is at AMS Corporate, Queens Court, 24 Queen Street, Manchester, M2 5HX. The expected admission date of new Debenture Stock to be issued in connection with this Announcement is 21 September 2016.
The Company’s 7 per cent. Debenture Stock were originally admitted to the ISDX Growth Market on 5 November 2015. Since then approximately £3.5m of the Debenture Stock has been issued by the Company in twenty-four placings.
Via Developments Plc was incorporated on 31 March 2015. The Company was established on the expertise of the Directors to achieve growth opportunities in the UK property market. The Company is a wholly owned subsidiary of Pyramid Court Investments Limited, a company that has been engaged in property investment and development primarily in the North West of England since 2010.
The primary focus will initially be residential property in the Manchester/North West region of England where the Directors have significant experience of property development, with future expansion plans to include Liverpool, the Midlands and areas within commuting distance of London.
The Company will also look to develop other opportunities such as commercial developments.
The Directors of the Company, their age and positions are as follows:
John Khan (Age 43, Director)
John Khan is a managing director with over 25 years’ experience gained supporting delivery of residential, commercial and industrial construction projects. John has developed excellent industry insight and hands-on experience to structure and support financial plans which enable property development. He has proven ability to work effectively at all levels and previous experience including underwriting bridging loans and development finance, advising property developers on finance options or surveying projects to ensure they remain on target. He has been a director of property development companies for over 12 years.
Stephen Khan (age 35, Director)
Stephen joined Via in November 2015. He has over 10 years’ experience in real estate property construction development. Some of Stephen’s experience include marketing, sales, design and business management. He brings experience of managing various residential, commercial and industrial property development projects.
Christopher Edwin Fry (age 49, Finance Director)
Chris joined Via in April 2016. He has over 20 years’ experience across a wide range of industry sectors. In 1998 he joined Swiss Life Plc (UK) as CFO. Since leaving Swiss Life in 2002, he has been managing director for Interact Health Management Ltd and also finance director for RBS Insurance, Tracker Network (UK) Ltd and finance director of Direct Line Life Insurance. Subsequently, Chris has maintained his own finance director portfolio, supporting business owners, managing directors and entrepreneurs to realise profitable business growth. Chris is a qualified Accountant (FCCA) and a Chartered Tax Advisor (CTA).
Michael Evans (Age 72, Independent Non-Executive Chairman)
Michael Evans has a combination of 30 years’ experience in retail banking and finance companies both in the UK and overseas involving senior positions. He also gained invaluable experience acquiring, developing and selling his own finance company. More recently, Michael has been involved in the renewable energy sector, fundraising for the development of green energy projects, predominantly for the UK.
David John Harris (age 55, Non-Executive Director)
David joined Via in April 2016. He has over 30 years’ experience in the construction industry and started his career in 1983 at Pearce Group and later a director of Pearce Leisure Services Ltd. He has also held the position of managing director for Welsh Division of Cowlin Wales including West of England where he built the business from a £30m to £100m in 5 years, a managing director for Balfour Construction and WRW Construction. He is a member of the Institution of Civil Engineers, Chartered Institute of Building and the Royal Institute of Chartered Surveyors.
2. The Issue
The Company has applied for the new Debenture Stock to be issued in connection with this Announcement to be admitted to trading on the ISDX Growth Market.
Once an aggregate of £1m of the new Debenture Stock have been placed another Information Memorandum will be issued for the next £3.5m.
The net proceeds of the Debenture Stock to be issued in connection with this Information Memorandum will be used by the Company to fund the building out of the acquired projects which are described in this Information Memorandum together with other suitable property development acquisition opportunities in the United Kingdom.
3. Information on the Debenture Stock
The new Debenture Stock bear interest from and including the applicable issue date at the rate of 7 per cent. interest per annum, payable annually in arrears on 31 December in each year. The new Debenture Stock will be redeemed by the Company on the 19 November 2020.
4. Capital Structure
4.1 Issued Capital
The issued share and loan capital of the Company as at the 19 September 2016 is as follows:
4.2 Debenture Stock Significant Holdings
As at 19 September 2016, the following parties have an interest of more than 3% in the Debenture Stock of the Company:
|DEBENTURE STOCK SIGNIFICANT HOLDING|
Name Debenture Stockholder
|Number of Issued Debenture Stock at Nominal Value £1||Percentage Debenture Stockholder|
|JIM Nominees Limited||2,704,787||74%|
|Reyker Securities Plc||103,914||3%|
|Pershing Nominees Limited||690,156||23%|
|Securities in Issue||3,498,857||100%|
4.3 Shares in Public Hands
The Company has no share capital in public hands.
5. Clearing System
With effect from admission settlement of transactions in the new Debenture Stock will take place within CREST. Debenture Stockholder who wish to receive and retain share certificates will be able to do so.
CREST is a computerised share transfer and settlement system enabling securities to be held in electronic uncertificated form and transferred otherwise than by written instrument. The Articles permit the Company to issue Debenture Stock in uncertificated form in accordance with the CREST Regulations.
6. Document Available for Inspection
Copies of the Information Memorandum dated 8 September 2016 and each of the documents incorporated by reference into the Information Memorandum will be available free of charge during usual business hours on any weekday (Saturdays and public holidays excepted) at the offices of Alexander David Securities Limited at 49 Queen Victoria Street, London EC4N 4SA.
The directors of Via Developments Plc accept responsibility for this announcement.
COMPANY CONTACT DETAILS:
Via Developments Plc
24 Queen Street
Telephone: +44 161 850 2633
CORPORATE ADVISER AND CONTACT DETAILS:
Alexander David Securities Limited
David Scott – Corporate Finance
James Dewhurst – Corporate Broking
Telephone: +44 (0) 20 7448 9820
49 Queen Victoria Street, London EC4N 4SA