Placing of New Ordinary Shares to raise £6.0 million
West Pioneer, which intends to become a leading developer and operator of shopping malls in west and southern India, announces that it has conditionally placed 4,961,298 new ordinary shares ('Placing Shares') of US$0.10 each in the capital of the Company ('Ordinary Shares') at 120 pence per share (the 'Placing Price') to raise approximately £6.0 million (before expenses).
The net proceeds will be used primarily to enable the Company to further its ongoing strategy and to pursue opportunities for land acquisitions in tier two cities in India.
Completion of the placing is conditional on admission to trading on AIM of the Placing Shares and application for admission is to be made in due course with admission expected to occur on or around 31 July 2007.
Following the issue of the Placing Shares, the Company's issued share capital consists of 79,961,298 Ordinary Shares with a nominal value of US$0.10 each, with voting rights. The above figure of 79,961,298 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
Media Enquiries
| Abchurch Communications | |
| Heather Salmond / George Parker | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
For further information, please contact:
| Libertas Capital | |
| Aamir Quraishi / Andrew Hardy | Tel: +44(0) 20 7569 9650 |