Stanley Gibbons Group PLC Result of Open Offer (6217T)
March 31 2016 - 2:00AM
UK Regulatory
TIDMSGI
RNS Number : 6217T
Stanley Gibbons Group PLC
31 March 2016
THE STANLEY GIBBONS GROUP PLC
(the "Company" or the "Group")
Results of Open Offer and EGM
The Stanley Gibbons Group Plc (AIM:SGI) is pleased to report the
results of the Open Offer that was announced on 14 March 2016.
Highlights:
-- GBP13.0 million raised pursuant to the Firm Placing and the
Placing and Open Offer following Shareholder approval at the
Extraordinary General Meeting.
-- Applications received for 83,039,838 Open Offer Shares,
representing a take-up rate of 220.3 per cent. Applications under
the Excess Entitlements Facility will therefore be scaled down and
all conditionally placed shares will be allocated to applicants
under the Open Offer.
-- Proceeds will ensure that the Company has sufficient funds in
order to repay debt, to support its rationalisation programme, to
complete the integration of previous acquisitions and to provide
the additional working capital necessary to allow the Company the
financial flexibility to trade efficiently.
-- As set out in the funding update released on 23 February,
Clive Whiley has been appointed as a Director of the Group.
Extraordinary General Meeting and Results of Open Offer
As announced on 30 March 2016, all resolutions put to
Shareholders at the EGM were duly passed. All conditions to the
Fundraising have therefore been satisfied and the Company will
therefore allot all of the New Ordinary Shares to those who applied
under the Open Offer and to the Firm Placees.
Applications were received under the Open Offer for 29,379,217
New Ordinary Shares by way of Basic Entitlements and for 53,660,621
New Ordinary Shares under the Excess Entitlements Facility.
Pursuant to the terms of the Open Offer, all shares applied for
under the Basic Entitlements will be issued to the relevant
Qualifying Shareholders and 8,317,069 New Ordinary Shares will be
issued pursuant to the Excess Application Facility. Applications
under the Excess Application Facility will be scaled back pro rata
to the number of shares applied for by each Qualifying Shareholder
under the facility. As previously announced, 92,300,000 New
Ordinary Shares will be issued and allotted pursuant to the Firm
Placing.
Directors' interests
As detailed in Part 1 of the Circular, the Directors
participating in the Fundraising are subscribing for Firm Placing
Shares but have not applied for their Basic or Excess Entitlements
in the Open Offer. Following the Fundraising the Directors will
have the following interests in Ordinary Shares:
Director Number of Ordinary Percentage
Shares held of issued
share capital
Martin Bralsford 754,800 0.43
Mike Hall 1,227,648 0.69
Donal Duff 850,000 0.48
Martin Magee 59,456 0.03
Simon Perrée 302,400 0.17
Clive Whiley (via
Zodiac Executive
Pension Scheme) 500,000 0.28
Total 3,694,304 2.08
Admission
Application has been made to the London Stock Exchange for the
issue of 129,996,286 New Ordinary Shares pursuant to the
Fundraising, which rank pari passu with the Company's issued
Ordinary Shares, to be admitted to trading on AIM. Application has
also been made for the issue of 1,800,000 new ordinary shares in
the capital of the Company (the "Evolution Shares") for services
rendered by Evolution Securities China, paid as part of their
retainer as set out in the Circular. It is expected that admission
of the New Ordinary Shares and Evolution Shares to trading on AIM
will become effective and that dealings will commence in such
shares at 8:00 a.m. on 1 April 2016.
Total Voting Rights
Following the issue of New Ordinary Shares, the Company will
have 178,916,643 Ordinary Shares in issue. There are no shares held
in treasury. The total voting rights in the Company is therefore
178,916,643 and Shareholders may use this figure as the denominator
by which they are required to notify their interest in, or change
to their interest in, the Company under the Disclosure and
Transparency Rules.
Capitalised terms in this announcement, unless the context
requires otherwise, shall have the same definition as in the
circular sent to Shareholders on 14 March 2016.
For further information, contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0)1534 766
Donal Duff, Chief Finance Officer 711
finnCap Ltd (Nomad & Broker)
Stuart Andrews / Christopher Raggett
(corporate finance)
Tim Redfern / Simon Johnson (corporate +44 (0)20 7220
broking) 0500
+44 (0)20 7920
Tavistock (Financial PR) 3150
Lulu Bridges / Niall Walsh
This information is provided by RNS
The company news service from the London Stock Exchange
END
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