Fiske PLC Placing Update (3187M)
July 27 2017 - 9:00AM
UK Regulatory
TIDMFKE
RNS Number : 3187M
Fiske PLC
27 July 2017
Fiske plc
Placing commitments received for 2,585,000 new Fiske Shares at
50 pence each and transaction with related parties
Circular posted convening a general meeting
Further to the announcement released earlier today regarding the
proposed acquisition of Fieldings Investment Management Limited and
the placing of 2,585,000 new ordinary shares of 25p each ("New
Fiske Shares"), the Board of Fiske is pleased to announce that it
has now received signed commitments for the whole of the
Placing.
160,000 Placing Shares are to be subscribed by Directors in
Fiske at the Placing Price on the same terms as other placees.
Shareholder Number % Holding Number Number of % Holding
of Existing in Fiske of Placing Fiske Shares in Fiske
Fiske Shares Shares held following following
held Completion Completion
---------------- -------------- ---------- ------------ ---------------- ------------
James Harrison 7,000 0.08% 140,000 147,000 1.27%
---------------- -------------- ---------- ------------ ---------------- ------------
Martin Perrin 15,000 0.18% 20,000 35,000 0.30%
---------------- -------------- ---------- ------------ ---------------- ------------
James Harrison and Martin Perrin are directors of Fiske.
In addition to the shareholding shown above, James Harrison has
a beneficial interest in LongSand Limited, a company he controls,
which holds 2,133,802 Existing Fiske Shares. Following the
Acquisition and Placing, James Harrison will have an aggregate
beneficial interest (including shares held by LongSand Limited) in
2,280,802 Fiske Shares representing 19.73% of Fiske's enlarged
issued share capital. James Harrison has procured financing on
commercial terms in order to participate in the purchase of 140,000
shares in the Placing. Craven Hill Investments Limited, a
shareholder in the Company, is connected to the entity providing
the financing.
The participation of James Harrison and Martin Perrin in the
Placing falls to be treated as a related party transaction under
Rule 13 of the AIM Rules for Companies. The independent directors
consider, having consulted with the Company's nominated adviser,
Grant Thornton, that the terms of the Directors' participation in
the Placing are fair and reasonable insofar as the Company's
Shareholders are concerned.
Application will be made to the London Stock Exchange for the
new Fiske Shares to be admitted to trading on AIM. It is expected
that Admission will become effective and that dealings in the
Placing Shares on AIM will commence on or around 17 August
2017.
The Placing and Acquisition are conditional, among other things,
upon Admission becoming effective. Following Admission, the issued
share capital of the Company will comprise 11,560,205 Fiske Shares
with one voting right per share. The Company does not hold any
shares in treasury. Therefore, the total number of ordinary shares
and voting rights in the Company will be 11,560,205. The above
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
A circular has been posted to shareholders containing notice of
a general meeting to be held at 12.30 p.m. on 14 August 2017 to
consider resolutions to grant powers of allotment and disapply
statutory pre-emption rights. A copy of the circular, which
includes the full text of the resolutions and explanatory text is
available at
http://www.fiskeplc.com/producthome/Investor_Relations
For further information please contact:
James Harrison, Chief Executive of Fiske (Tel: 020 7448 4700)
Salmaan Khawaja / Harrison Clarke / Richard Tonthat
Grant Thornton UK LLP (Nominated Adviser) (Tel: 020 7383 5100)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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