Agreements in Principle to Issue New Shares

General Capital Limited (NZX:GEN) has announced two placements of new shares, the first to API No 1 Limited Partnership and the second to existing shareholder Borneo Capital Ltd.

These agreements are subject to completion of a written subscription agreement, NZX Listing Rules and Takeovers Code approvals, and other procedural matters.

The API No 1 Limited Partnership agreement is further conditional on the appointment of an additional non-executive director.

The capital raised will be used to increase the capital of its subsidiary, General Finance Limited, and to pursue other opportunities.