Safestay PLC Result of Open Offer (1949Y)
September 07 2015 - 2:00AM
UK Regulatory
TIDMSSTY
RNS Number : 1949Y
Safestay PLC
07 September 2015
7 September 2015
Safestay plc
("Safestay" or "the Company" or "the Group")
Result of Open Offer
On 17 August 2015, Safestay (AIM: SSTY), the owner and operator
of a new brand of contemporary hostel, announced the terms of a
Placing and Open Offer to raise up to GBP9.34 million, a new GBP8.5
million debt facility and the issue of New Loan Notes to raise
GBP1.0 million (all before expenses) to finance the proposed
acquisition of a hostel in Edinburgh for GBP14.9 million and for
working capital purposes.
The Placing and Open Offer comprised a firm placing of
13,467,742 new ordinary shares at 62p per share to raise GBP8.35
million (before expenses) and an open offer of 1,603,710 new
ordinary shares at 62p per share to raise up to GBP0.994 million
(before expenses) on the basis of 1 Open Offer Share for every 12
Existing Ordinary Shares held at the Record Date.
The Open Offer closed for acceptances at 11.00 a.m. on 4
September 2015. The Company received valid acceptances in respect
of 264,115 Open Offer Shares under shareholders' Open Offer
Entitlements and 33,081 Open Offer Shares under the Excess
Application Facility. In aggregate, therefore, valid acceptances
were received in respect of 297,196 Open Offer Shares, representing
approximately 18.55 per cent. of the Open Offer Shares available,
and raising GBP0.184 million for the Company (before expenses). As
a result, the Company has raised a total of GBP8.534 million
(before expenses) through the Placing and Open Offer.
All valid applications under the Open Offer have been met in
full, including the Excess Shares applied for under the Excess
Application Facility.
The Proposals are subject to the approval of Shareholders at a
General Meeting to be held at 11.00 a.m. on 9 September 2015 at the
offices of Dechert LLP, 160 Queen Victoria Street, London EC4V
4QQ.
The New Ordinary Shares will on Admission rank pari passu in all
respects with the Existing Ordinary Shares. The New Ordinary Shares
(in uncertificated form) are expected to be credited to CREST
accounts on 10 September 2015 and definitive share certificates for
New Ordinary Shares (in certificated form) are expected to be
despatched to shareholders by 22 September 2015.
Following Admission and in accordance with the Financial Conduct
Authority's Disclosure and Transparency Rules ("DTR"), the
Company's issued share capital will comprise 34,219,134 Ordinary
Shares. The above figure of 34,219,134 Ordinary Shares 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 in their interest in, the
share capital of the Company under the DTR.
All defined terms in this announcement have the same meaning as
in the Company's admission document dated 17 August 2015.
Larry Lipman, Chairman of Safestay, said:
"As we announced on 17 August 2015, due to the size of the fund
raising we decided to make the Open Offer available to all
shareholders so they could participate if they so wished and to
avoid being diluted. I would like to thank those participating
shareholders for their support especially given it has been such a
volatile period for the stock market."
Enquiries
Safestay Tel: 020 8815 1600
Larry Lipman, Chairman
Colin Stone, Finance Director
Phil Houghton, Chief Executive
Westhouse Securities Tel: 020 7601 6100
Tom Griffiths
Richard Johnson
David Coaten
Novella Tel: 020 3151 7008
Tim Robertson
Ben Heath
For more information visit: www.safestay.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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