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Clerkenwell Ventures

  • BY: Andrew Hore |
  • POSTED: 06/08/2007 |

David Page has successfully built up restaurants operator Clapham House but he is still looking for an acquisition for shell Clerkenwell Ventures.

Clerkenwell is raising £25.6m via a placing at 7.5p a share, which was higher than the price that the shares were trading at prior to the announcement of the placing. David Page and fellow director Paul Campbell are each subscribing for 1.6m shares at the placing price as well as exercising 1m options each at 3p a share. Page will own 1.38% and Campbell 1.14%. The share capital will subsequently be consolidated on the basis of five existing shares becoming one new share. That happens on 11 September and the equivalent consolidated placing price is 37.5p.
Clerkenwell already had £4.4m in the bank at the end of March so it will have just under £30m, after expenses, to finance and acquisition. It has been looking for a leisure-related purchase for nearly three years.

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