PLEASE TELL US A LITTLE ABOUT YOURSELF SO THAT WE CAN DISPLAY THE MOST
APPROPRIATE CONTENT TO YOU:

This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here

Login

Register

It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Result of Oversubscribed Placing
RNS Number : 2367F
Macfarlane Group PLC
26 July 2016
 

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

26 July 2016

 

MACFARLANE GROUP PLC

 

 ("Macfarlane" or the "Company")

Result of Oversubscribed Placing

 

Following the earlier announcement this morning that Macfarlane has entered into a conditional agreement to acquire Nelsons and is conditionally raising £5.8 million through a placing of new ordinary shares in the Company, Macfarlane is pleased to announce the completion of an oversubscribed Placing.

 

A total of 10,000,000 Placing Shares have been placed at a Placing Price of 58 pence per Placing Share (the "Placing Price"), representing a discount of approximately 4.1 per cent. to the closing price on 25 July 2016, being the last practicable date before this announcement.

 

Based on the Placing Price, the gross proceeds of the Placing are £5.8 million. The Placing Shares and the Vendor Shares will represent approximately 7.8 per cent. of the enlarged issued ordinary share capital of the Company.

Application will be made to the UKLA and the London Stock Exchange for the Placing Shares and Vendor Shares, a total of 11,724,137 Ordinary Shares, to be admitted to the Official List and to trading on the Main Market. 

It is expected that Admission will become effective and that dealings for normal settlement in the Placing Shares and Vendor Shares on the Main Market will commence at 8.00 a.m. on 29 July 2016.

Related party transactions

The Company has today been notified that the following substantial shareholders of the Company have agreed to acquire Placing Shares pursuant to the terms of the Placing at the Placing Price.  Following Admission, their beneficial interests will be as follows:

 

Shareholder

No. of Placing Shares acquired pursuant to the terms of the Placing and aggregate value at Placing Price

Resulting holding following Admission

% of enlarged issued voting share capital

Discretionary Unit Fund Managers Limited ("DUFM")

415,517

£240,999.86

21,241,368

15.58





Hargreaves Hale Limited ("Hargreaves")

3,017,241

£1,749,999.78

15,843,241

11.62

 

The Placing is deemed to be a related party transaction as described in the Listing Rules. As the participation of Hargreaves and DUFM in the Placing is less than 5% under the relevant class tests in the Listing Rules, shareholder approval is not required under Listing Rule 11. 

However the transaction falls within Listing Rule 11.1.10R and as such the Company is required to obtain from Arden as Sponsor to the Company confirmation the terms of the proposed transaction or arrangement with the related party are fair and reasonable as far as the shareholders of the Company are concerned. 

The Directors, who have consulted with Arden in its capacity as Financial Adviser and Sponsor to the Company, consider the Placing to be fair and reasonable insofar as Shareholders are concerned and to be in the best interests of the Company and its Shareholders as a whole.

All terms in this announcement have the meaning given to them in the announcement made by the Company at 8 a.m. on 26 July 2016 unless otherwise defined herein.

 

Further enquiries:

Macfarlane Group


Tel: 0141 333 9666


Graeme Bissett                                

Chairman



Peter Atkinson              

Chief Executive



John Love                                   

Finance Director







Arden Partners


Tel: 0207 614 5900


Steve Douglas / Ciaran Walsh   

Corporate Finance


 

Matt Groves / Catherine Miles

Corporate Broking


 

 



 

Spreng Thomson


Tel: 0141 548 5191


Callum Spreng


Mob: 07803 970103

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOEAKADQFBKKAOB
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close