St Helens Private Equity Plc
LSE : SHPE

March 12, 2009 09:57 ET

Correction: Rights Issue

                                                                                     12 March 2009


                                   ST HELEN'S PRIVATE EQUITY PLC
                                     ("SHPE" or "the Company")
                                        (PLUS SYMBOL: SHPE)


                                     CORRECTION: RIGHTS ISSUE

This is a correction of the announcement made at 07.00 on 12 March 2009.

St  Helen's Private Equity Plc the Pre-IPO, Special Situations and 'Small cap' investment  company
announces  a Rights Issue (the 'Issue') of one new ordinary share of 6p each at 35p per share  for
every  three ordinary shares held on 6 March 2009 to raise approximately £197,000 before  expenses
through the issue of up to 563,217 new ordinary shares.

Under  the terms of the Issue all shareholders will have the right to subscribe for excess shares.
Subscriptions  for  excess  shares will be satisfied with those  Issue  shares  not  taken  up  by
qualifying shareholders. The Issue will close at 3pm on Monday 6 April.

If applications from Shareholders and the Directors intended subscriptions for excess Issue Shares
do  not result in the Rights Issue being fully subscribed, then the Directors reserve the right to
place the Issue Shares not subscribed in the Rights Issue with persons who may become Shareholders
after  the record date and eligible non Shareholders, such as market professionals, high net worth
bodies (but not individuals) and certificated sophisticated investors.

Application will be made on completion of the Rights Issue for the Issue shares to be admitted  to
trading as PLUS-quoted shares. It is emphasised that no application is being made for admission of
these  securities to AIM, a market operated by the London Stock Exchange, or the Official List  of
the UK Listing Authority.

The nil paid Issue shares are renounceable, however as the Issue is restricted to Shareholders  as
at  6  March 2009 and to eligible non Shareholders, such as market professionals, high  net  worth
bodies  (but  not individuals) and certificated sophisticated investors, the Company will  not  be
making  an  application  for the nil paid Issue shares to be admitted to  trading  as  PLUS-quoted
shares  or  for trading to take place on any other market, nor will it provide any other  facility
whereby transfers may be arranged.  Shareholders who wish to transfer their nil paid Issue  shares
will  need to make their own arrangements, and ensure any such transfers are made to eligible  non
Shareholders,  such  as  market professionals, high net worth bodies  (but  not  individuals)  and
certificated  sophisticated investors, as referred to in the 'Important  Notice'  section  of  the
letter to Shareholders.

The  Directors  intend  to take up some or all of their Rights and, subject to  sufficient  shares
being  made  available  and no unforeseen circumstances, four Directors intend  to  subscribe  for
excess  shares. In total the Directors are intending to subscribe for 428,577 new ordinary  shares
representing approximately £150,000 and 76% of the total Issue shares.

The new funds raised will be used to make new investments. The Company has sufficient present cash
resources to cover estimated outgoings for the next two years. Given the present economic  outlook
the  Directors  see limited prospects for realising many of the Company's investments  during  the
next  eighteen  months  and take the view that the Company's present cash  resources  need  to  be
preserved  to cover outgoings during this period. The Directors believe that the market conditions
which  make realisations unlikely are also those which present good investment opportunities.  The
new funds raised will be used to invest in such opportunities.

THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT

ENQUIRIES:

ST HELEN'S PRIVATE EQUITY PLC          TEL: 020 7628 5582
Hamish Williams

FISHER CORPORATE PLC                   TEL: 020 7388 7000
Gary Miller

Contact Information

  • St Helens Private Equity Plc