up 25% first day on aim

RNS Number:3568K
Sweet China PLC
31 March 2005



Sweet China plc is pleased to announce that trading in its shares on AIM
commences today.



The Company has raised #672,000.35 in a placing of 1,920,001 new ordinary shares
at 35 pence per share. The new ordinary shares have been placed with certain
institutional investors and private clients of Rowan Dartington.



On Admission, the Company has 10,080,100 shares in issue which, at the placing
price of 35 pence, gives the Company a market capitalisation of #3,528,035.


This information is provided by RNS
The company news service from the London Stock Exchange
END

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more of a slow burner -a good post from radarlove on avdfn

I've been reading through the SWC prospectus and it makes interesting reading concerning Mr Cleverly.

First, he owns 52.4% of the shares or to be exact 5,280,100 shares (quite an incentive!)

5m of these were 'founder shares'. He then invested 70,000 of his own money for an additional 280,100 shares.

The prospectus states, "If the group has not published interim or final accounts showing the attainment of a profitable acquisition within 18 months of admission, one half of each of the holdings of founder shares shall be converted by reclassification into the same number of deferred shares which can be bought back by the company at any time thereafter at a price of one penny per share."

Now the really interesting part.

"Chris Cleverly has also agreed to forfeit his salary until a profitable acquisition has been made by the company, from which time he will start receiving 75% of his salary. He will only start receiving 100% of his salary once a subsequent acquisition to the profitable acquisition, which is also profitable, has been completed by the group."

So, as you can see it is all about incentive. Not sure what the proposed salary is.

Here is a list of Cleverly's current directorships and partnerships.

Goggle Eyes Productions: Pullinger Lampen Cleverly: Interactive Ltd: Event Data Correlation Ltd: Cats Eyes Productions: Sweet China Trading: And Roundhouse Films.

For me, an important fact about Cleverly, is that he won't be paid a salary until he makes a profitable acquisition and then only a full salary after acquiring two profitable acquisitions.

Along with his 52.4% stake, quite an incentive!