Clipper Ventures has raised £1,040,000 through shares

Clipper Ventures plc, the AIM listed ocean racing company, announces that it has raised £1,040,000, before expenses, through the placing of 3,571,429 new ordinary shares of 1p each at 12.5p per share (“Placing Shares”), with institutional and other investors.

Pursuant to the placing, William Ward, Robert Dench and Sir Robin Knox-Johnston, Directors of the Company, have subscribed for a total of 1,680,000 Placing Shares. The Placing Shares will rank pari passu with the ordinary shares of the Company currently in issue. Application has been made for the Placing Shares to be admitted to trading on AIM, with admission expected to take place on 18 March 2004.

William Ward, chief executive of Clipper Ventures plc, commented: “This fund raising will assist in the procurement of foreign exchange forward cover on the build of our new fleet of 68ft Dubois yachts. Since contracting the build, the movement in the US$ exchange rate has reduced the £ cost of the build by more than 15 per cent. It will also place the company in a position to acquire new events.

This year marks the 35th anniversary of Sir Robin Knox-Johnston’s record-breaking circumnavigation and, as Chairman of Clipper Ventures, he is currently in China visiting Shanghai Double Happiness Yachts Ltd where the 10-strong fleet of 68ft yachts are currently under construction.