| Investor Relations |
| ISSUE OF EQUITY REPLACEMENT | Jan 2003 |
The Company announces that the following amendment has been made to the 'Issue of Equity' announcement released on Friday 24 January at 9:00am under RNS number 5589G. The percentage shareholding of Jubilee in PipeHawk following the share exchange transaction detailed in the final sentence of the penultimate paragraph should have read "11.2%" rather than "1.8%". All other details remain unchanged. The full corrected version is shown below. |
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| Share Exchange | ||
| PipeHawk
announces that it has participated in the placing ("Placing") recently completed by Jubilee
Investment Trust PLC (“Jubilee”). Jubilee is a new investment
trust which has been set up to invest in securities traded on a range
of public markets, primarily in the United Kingdom. Jubilee’s
principal strategic objective is to generate capital appreciation in
the medium and long term through investment in a broadly diversified
portfolio of securities, which it believes have potential but are being
neglected by investors in current market conditions. Jubilee raised £13,484,039 in qualifying securities pursuant to the Placing, and was admitted to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange’s market for listed securities today. Under the terms of the Placing, PipeHawk subscribed for 328,919 ordinary shares in Jubilee ("Jubilee Shares") at a price of 100p per share, which was settled by the issue to Jubilee of 2,268,408 new ordinary shares of PipeHawk at a price of 14.5p. Application has been made for these shares to be traded on AIM and admission is expected to become effective on 29 January 2003. Jubilee's holding in PipeHawk will represent approximately 11.2% of PipeHawk's issued share capital following the issue of the new shares. PipeHawk has agreed not to dispose of any part of its holding of
Jubilee shares for a period of three months from Admission and
has further agreed to be limited to selling a maximum of 10% of its
initial
holding of Jubilee shares in each month thereafter. |
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| For further information, please contact: | ||
| Gordon Watt, PipeHawk, 01420 590990 Fiona Kindness, Grant Thornton, 0870 991 2520 |
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| 29 January 2003 | Back to Investor Relations 2003 | |
