Likewise Group PLC Result of Open Offer (8862X)
January 10 2022 - 2:00AM
UK Regulatory
TIDMLIKE
RNS Number : 8862X
Likewise Group PLC
10 January 2022
10 January 2022
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Likewise Group plc
("Likewise" or the "Group")
Result of Open Offer
Likewise Group plc (AIM:LIKE), the distributor of residential
and commercial flooring to retailers and contractors is pleased to
announce that it has raised gross proceeds of GBP2.0 million,
pursuant to the Open Offer, as set out in the Circular dated 17
December 2021.
The Company has received valid acceptances from Qualifying
Shareholders under their Basic Entitlements in respect of 2,307,936
Open Offer Shares and applications from Qualifying Shareholders
under the Excess Application Facility in respect of 15,022,568 Open
Offer Shares, representing in aggregate approximately 303.3% of the
Open Offer Shares.
As set out in the Circular, the Placing and Open Offer was
structured such that if the Open Offer was not fully subscribed,
the number of Open Offer Shares for which valid applications were
not received, would instead be placed with institutional investors
pursuant to the Clawback Placing. Due to the Open Offer being
over-subscribed, no funds will be raised pursuant to the Clawback
Placing.
The Board greatly appreciates this support from its shareholders
and, recognising the significant scale back necessarily applied to
shareholder applications under the excess entitlement of the Open
Offer, the Board proposes that the Open Offer is increased such
that a further 5,714,286 Open Offer Shares ("Extended Open Offer
Shares") of the total applications for 17,330,504 Open Offer Shares
be issued (the "Extended Open Offer"). This will increase the gross
proceeds raised under the open offer to GBP4.0 million and subject
to Shareholder approval and the satisfactory completion of certain
other conditions, the Group is expecting to have raised a total of
GBP16.0 million comprising GBP12.0 million from the Firm Placing ,
GBP2.0 million from the Open Offer and GBP2.0 million from the
Extended Open Offer.
The Company will inform shareholders of their initial excess
allotment under the Open Offer and will be writing to this limited
number of shareholders on 11 January 2022 asking them to inform the
Company if they do not wish the Company to utilise a proportion of
their surplus funds being held as part of their original excess
application for Open Offer Shares. Further details will be set out
in the letter, but should Shareholders not wish to maintain their
application for the Extended Open Offer Shares, they should contact
the Company at openoffer@likewiseplc.com by 5:30 p.m. on 26 January
2022. If no reply is received the Company will assume that the
shareholder has accepted the proposal and confirmed their wish to
apply for new Ordinary Shares as aforementioned and will allot the
shares by using the funds held by the Registrars, with the
remaining funds being returned to the shareholder.
General Meeting
The Placing and Open Offer remain conditional on the approval by
Shareholders of Resolutions 1 and 2 at the Company's General
Meeting to be held later today, the satisfaction of certain
conditions in the Placing and Open Offer Agreement and admission of
the New Ordinary Shares to trading on AIM occurring at or before
8.00 a.m. on 11 January 2022 (or such later date as the Company,
Zeus and Ravenscroft may agree, being not later than 8.00 a.m. on
28 February 2022).
The results of the General Meeting will be made as soon as
practicable following the conclusion of the General Meeting.
The issuance of the Extended Open Offer Shares will not be
subject to further Shareholder approval and it is expected that the
Extended Open Offer Shares will be admitted to trading on AIM on or
around 1 February 2022.
For further information, please contact:
Likewise Group plc Tel: 0121 871
Tony Brewer, Chief Executive 2900
Roy Povey, Chief Financial Officer
Zeus Capital Limited (Nominated Adviser & Joint Tel: 0203 829
Broker) 5000
Jordan Warburton / David Foreman / James Edis
(Corporate Finance)
Dominic King (Corporate Broking)
Ravenscroft Consultancy & Listing Services Limited Tel: 01481
(Joint Broker) 732 746
Semelia Hamon (Corporate Finance)
Novella Communications (Financial PR) Tel: 0203 151
Fergus Young / Tim Robertson 7008
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END
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