NEW YORK, Nov. 12, 2003 (PRIMEZONE) -- The Board of Directors of Sky Capital, the London and New York based Stockbrokers, is delighted to announce that it has successfully completed the initial closing of its Offer for Subscription of Series B New Convertible Preferred Shares, and raised GBP4,700,000 (approximately US $8,000,000). Approximately 2.4 million Convertible Preferred Shares will be issued at 200 pence per Share as a result.
The funds from this initial closing will be applied towards the provision of working capital for the Sky Capital Group. This further funding will considerably strengthen the Company's balance sheet and this, in turn, will allow the Directors the flexibility to continue the Company's growth strategy.
The Offer for the remaining shares will remain open until 21 December 2003, or earlier if the Offer is fully subscribed for.
C. Thomas McMillen, Chairman of the Board of Directors, commented,
"The successful completion of this initial phase of the Offering will enable Sky Capital to accelerate its business plan of building world-class stock brokerage operations in New York and London, arguably the two most important financial centres of the world. We look forward to successfully completing the remainder of the Offer for Subscription."
This information is provided by RNS
The company news service from the London Stock Exchange