Subscription & new directors
22 Febbraio 2005 - 3:43PM
UK Regulatory
RNS Number:8981I
Advance Visual Communications PLC
22 February 2005
22 February 2005
Advance Visual Communications plc
('AVC' or the 'Company')
Subscription and appointment of directors
The Directors are pleased to announce that the Company has today agreed terms
for a subscription by Milebeach Limited, a company controlled by Stephen Barclay
and John Shaw, of #75,000 for an issue of new ordinary shares in AVC which will
represent 29.9 per cent of its enlarged issued share capital. Milebeach has
made an immediate interest-free unsecured loan to AVC equal to the subscription
monies.
The Company has also agreed to issue an option to Milebeach Limited over new
ordinary shares which will be exercisable in whole or part to the extent that
existing options in the Company are exercised so that Milebeach Limited will be
able to maintain its percentage shareholding in AVC. The exercise price will be
the nominal amount of the ordinary shares.
The Directors expect to despatch to shareholders as soon as practicable a
circular containing a notice of extraordinary general meeting to approve the
subscription and effect a necessary preliminary capital reorganisation; further
details regarding the subscription by Milebeach Limited will be included in that
circular.
In addition, the Company announces that Stephen Barclay and John Shaw have today
been appointed non-executive directors and that Graham Leask has resigned as a
director. Stephen Barclay has been appointed Chairman of AVC and both Barclay
Douglas and Massoud Amiri remain as non-executive directors.
Stephen Barclay, 62, qualified as a chartered accountant with Robson Rhodes
before obtaining an MBA degree from Wharton Business School, University of
Pennsylvania in 1967. He is currently Chairman of CFA Capital Group Plc (which
he founded in 2001 with John Shaw) and is a Governor of The London School of
Economics. He holds no ordinary shares in the Company.
John Shaw, 55, qualified as a chartered accountant with Touche Ross & Co in
1975. He was until recently a director of CFA Capital Group Plc (which he
founded in 2001 with Stephen Barclay). He holds 24,250 ordinary shares in the
Company representing 0.015 per cent of the issued share capital.
Barclay Douglas commented: "I am delighted that the Company has secured
additional funding which ensures that we have adequate working capital to
implement our strategy of effecting the acquisition of a suitable business."
Stephen Barclay commented: " I am pleased to be associated with AVC for which we
are currently considering a number of potential opportunities "
Press enquiries:
Advance Visual Communications plc
Stephen Barclay
07767 444 114
Barclay Douglas
0777 182 4440
Shore Capital
Alex Borrelli
020 7408 4090
Details of the directorships of Stephen Barclay and John Shaw are set out below.
Stephen John Barclay
Present directorships Past directorships (last 5 years)
Templeton College (OCMS) The Leading Edge Holdings Limited
Merton of London Limited The Leading Edge (Retail) Limited
Merton & Falcon Limited Revelation Piccadilly Holdings plc
New Venture Capital Trust Limited Travel Accessories Limited
Marketing Machine Limited Housemasters (West London) Limited
Talisman First Venture Capital Trust Plc City Financial Associates Limited
Clarcon Limited RPH Services Limited
CFA Capital Group Plc Masters Wimbledon Limited
PYV Group Limited The Institute for Jewish Policy Research
Enterprise LSE Limited Quadranet Plc
Raynham Freehold Company Limited Seymour Pierce Nominees Limited
Raynham Freehold Management Limited Fullflow Group Limited
Talisman House Limited Investment Management Holdings Plc
Abinger Investments Limited Marchthistle Limited
Clink Wharf Associates Limited The Premier Group Limited
Haydons Limited Gladstone Plc
Milebeach Limited Acecharm Limited
City Financial Assets (Guernsey) Limited
Coburg Group Plc
London School of Economics and Political Science
Constellation Corporation Plc
SWP Group Plc
SWP Holdings Limited
DRC Holdings Limited
City and Investor Relations Limited
SP (PEP) Nominees Limited
Seymour Pierce Limited
Seymour Pierce Nominees Limited
Seymour Pierce Private Equity Limited
Ten Alps Communications Plc
Patersons Consulting Limited
FD Realisations Plc
Captain O.M. Watts Limited
HOT Group Plc
Mosley Street Securities Limited
Stephen Barclay was a director of Revelation Piccadilly Holdings plc and certain
of its wholly owned subsidiaries, namely: The Leading Edge Holdings Limited; The
Leading Edge (Retail) Limited; Haydons Limited; Travel Accessories Limited;
Housemasters (West London) Limited; and RPH Services Limited (together the '
Revelation Group') which went into administrative receivership in March 1999.
The directors of Revelation Piccadilly Holdings plc estimated the deficiency as
regards secured creditors of the Revelation Group to be approximately #2.9
million and unsecured creditors of the Revelation Group to total approximately
#5.5 million. In addition, Bank of Scotland will be entitled to submit a
significant unsecured claim against each company in the Revelation Group. The
administrative receiver's report indicates that there are no funds available for
distribution to unsecured creditors.
In addition, Stephen Barclay was a director of Cobworth Limited which went into
creditors' voluntary liquidation in 1978 with a deficit to creditors of some
#78,000. He was a director of Clarcon Limited which went into creditors'
voluntary liquidation in August 2003 with a deficit to creditors of #975,000.
He was a director of FD Realisations plc (formerly Fish plc) in January 2002
which went into administrative receivership in July 2002. The directors of Fish
plc estimated the deficiency as regards secured creditors to be approximately
#10.5 million and as regards unsecured creditors of approximately #3.5 million.
In addition, Barclays Bank will be entitled to submit a significant unsecured
claim against each company in the Fish Group. The administrative receiver's
report indicates that there are no funds available for distribution to unsecured
creditors.
John Richard Shaw
Present directorships Past directorships (last 5 years)
Abinger Investments Limited City and Investor Relations Limited
Chatsford Corporate Finance Limited Iverna Court Freehold Limited
Dover Street VCT plc Seymour Pierce Private Equity Limited
Seymour Pierce Limited
Seymour Pierce Nominees Limited
SP Nominees Limited
SP (PEP) Nominees Limited
The Seymour Pierce Venture Capital Trust PLC
Belasis Business Centre Limited
Captain OM Watts Limited
Fundamental-e Investments plc
IEQ PLC (in liquidation)
Clink Wharf Associates Limited
CFA Capital Group Plc
City Financial Associates Limited
Talisman House Limited
Galleon Nominees Limited
CFA Financial Assets (Guernsey) Limited
John Shaw resigned as a director of Scitech Medical Limited in October 1985
which was liquidated in 1986; and he was a director of Belasis Business Centre
Limited which went into administrative receivership on 31 March 1995 and was
dissolved on 13 February 2001.
No further information is required to be disclosed under the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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