TIDMBAGR
RNS Number : 2381S
Bagir Group Ltd
19 December 2016
19 December 2016
Bagir Group Limited
("Bagir" or the "Company")
Result of Fundraising
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, is pleased to announce that, following its
earlier announcement, the Company has raised GBP1.97 million
(approximately $2.51 million) through the successful subscription
of 46,226,220 Subscription Shares and placing of 10,100,000 Placing
Shares, in aggregate 56,326,220 New Ordinary Shares, at the Issue
Price of 3.5 pence per New Ordinary Share.
The net proceeds of the Fundraising (being approximately
US$2.4million) will be used to invest in the further development
and growth of the Ethiopian operations as announced earlier this
morning.
Eran Itzhak, Chief Executive Officer, said "We are very pleased
to have raised the new funds and we are grafteful to our
shareholdes for their continued support. Our Ethiopian
manufacturing site only began production recently and is already
attracting the attention of some of the world's leading retailers.
This additional investment is therefore timely and should help
generate significant returns."
Shareholder interests
The following Shareholders who are participating in the
Fundraising, holding, directly or indirectly 10 per cent. or more
of the Existing Ordinary Shares as at the date of this
Announcement, are detailed below:
As at the date Immediately following
of this Announcement Admission
No. of Percentage No. of Percentage
Ordinary of Existing Ordinary of Enlarged
Shares Share Capital Shares* Share
Capital*
Miton Asset
Management 45,758,492 18.00% 55,858,492 17.99%
Barinboim PropertiesLtd.** 54,630,950 21.49% 64,916,670 20.90%
* Assuming that no further Ordinary Shares are issued following
the date of this Announcement
** Barinboim Properties Ltd. also owns the entire issued share
capital of Siverboim Holdings Ltd. which in turns owns 86 per cent.
of S.G. Textile Holdings Ltd.. S.G. Textile Holdings Ltd. owns 0.23
per cent. of the issued share capital of the Company. The remaining
14 per cent. of S.G. Textile Holdings Ltd is owned by Man Capital
Holdings Ltd., a company wholly owned by Marc Zalcman a Director of
the Company.
The participation in the Fundraising by Miton Asset Management
and Barinboim Ltd. constitutes related party transactions for the
purposes of the AIM Rules. The independent Directors (comprising
those Directors unconnected to such substantial Shareholders being
Tessa Laws, Samuel Vlodinger, Donald Stewart, Udi Cohen and Eran
Itzhak), having consulted with the Company's nominated adviser, N+1
Singer, consider that the terms of the related party transactions
are fair and reasonable insofar as Shareholders are concerned.
Admission
The New Ordinary Shares to be issued and allotted as part of the
Fundraising are within the authorities granted to the Board as part
of the resolutions passed at the recent Extraordinary General
Meeting held on 21 October 2016. Application has been made for the
New Ordinary Shares to be admitted to AIM and Admission is expected
to take place on 22 December 2016. The New Ordinary Shares issued
pursuant to the Fundraising will rank pari passu with the Existing
Ordinary Shares.
Total voting rights
Following Admission the number of ordinary shares of 0.04 New
Israeli Shekels each in the capital of the Company in issue and
number of voting rights will be 310,542,881. The above figure may
be used by Shareholders as the denominator for the calculations by
which they will determine whether they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
Enquiries:
Bagir Group Limited
Eran Itzhak, Chief Executive Officer +44 (0) 1483
Udi Cohen, Chief Financial Officer 751577
N+1 Singer (Nominated Adviser &
Broker)
Alex Price +44 (0)20 7496
Sandy Ritchie 3000
Novella Communications (Financial
PR)
Tim Robertson +44 (0)20 3151
Toby Andrews 7008
About Bagir Group
A global innovative tailoring provider, Bagir Group specializes
in developing, manufacturing and marketing of high quality men and
women's tailored fashions. Bagir Group leverages their Global
Presence, Vertical Structure & Innovation in order to provide
consumers with the ultimate wearing experience combining fashion,
comfort, performance and value.
At Bagir Group, focus on excellence in design and innovation
throughout the entire value chain is a fundamental platform for
achieving their goals. Strategic partnerships with retail customers
keep Bagir Group in tune with the latest industry needs and trends
while helping ensure their customers' competitiveness and consumer
satisfaction.
Bagir Group markets their suits, jackets and trousers under
retail private labels as well as world renowned brands such as
AR-RED, and Jay Godfrey. From fiber to fabric, from design to
display, Bagir Group is among the world's most innovative tailoring
providers. The latest innovations introduced by Bagir Group include
stylishly designed concepts from flexible and stretchable clothes
to machine washable suits and airy all-climate garments. At Bagir
Group, innovation means delivering consumers with clothes and suits
that offer perfect performance backed by an experience of pure
comfort and style.
Bagir Group was established in 1961 and was admitted to AIM on
15th April 2014 (ticker:BAGR). http://www.bagir.com/index.html
DEFINITIONS
In this Announcement:
"Admission" means the admission of the New Ordinary Shares to
trading on AIM becoming effective in accordance with the AIM Rules
for Companies;
"AIM" means the market of that name operated by the London Stock
Exchange;
"AIM Rules" means the provisions of the London Stock Exchange
AIM Rules for Companies as amended from time to time governing,
inter alia, admission to AIM and the continuing obligations of AIM
companies;
"Announcement" means this announcement;
"Directors" means the directors of the Company;
"Enlarged Share Capital" means the issued share capital of the
Company immediately following Admission comprising the Existing
Ordinary Shares and the New Ordinary Shares;
"Existing Ordinary Shares" means the 254,216,661 Ordinary Shares
in issue at the date of this Annoucement, all of which are admitted
to trading on AIM and being the entire issued ordinary share
capital of the Company;
"Fundraising" means the Placing and the Subscription;
"Issue Price" means 3.5 pence per Placing Share and Subscription
Share;
"London Stock Exchange" means London Stock Exchange plc;
"New Ordinary Shares" means the Placing Shares and the
Subscription Shares;
"Ordinary Shares" means the ordinary shares of 0.04 New Israeli
Shekels each in the capital of the Company;
"Placing" means the conditional placing of the Placing Shares by
N+1 Singer, as agent on behalf of the Company, pursuant to the
Placing Agreement, further details of which were set out in the
Company's previous announcement;
"Placing Agreement" means the conditional agreement dated 19
December 2016 made between N+1 Singer and the Company in relation
to the Placing;
"Placing Shares" means the 10,100,000 new Ordinary Shares to be
issued pursuant to the Placing;
"Shareholders" means holders of the Existing Ordinary
Shares;
"Subscribers" means Barinboim Properties Ltd., Noked Equity
Limited Partners and The Phoenix Holdings Ltd;
"Subscription" means the conditional subscription by the
Subscribers for the Subscription Shares; and
"Subscription Shares" the 46,226,220 new Ordinary Shares to be
issued to the Subscribers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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