Arden Partners plc Result of Placing (7823H)
June 12 2017 - 2:21AM
UK Regulatory
TIDMARDN
RNS Number : 7823H
Arden Partners plc
12 June 2017
For immediate release 12 June 2017
Arden Partners plc
("Arden" or the "Company")
Result of the Placing and Related Party Transaction
Result of the Placing
As a result of the accelerated bookbuilding process announced
earlier today, Arden is pleased to announce that it has
conditionally raised gross proceeds of GBP5.1 million through the
successful placing (the "Placing") with institutional and other
investors of 12,750,000 new Ordinary Shares (the "Placing Shares")
at a price of 40 pence per Placing Share (the "Placing Price"). The
Placing Price represents a premium of approximately 1.3 per cent.
to the Closing Price of 39.5 pence on 9 June 2017 (the latest
practicable date prior to the Placing). The Placing Shares will
represent approximately 39.6 per cent. of the Enlarged Issued Share
Capital on Admission, assuming no other issuance of new Ordinary
Shares prior to Admission.
Completion of the Placing is subject, inter alia, to Shareholder
approval, which will be sought at the General Meeting to be held at
125 Old Broad Street, London EC2N 1AR at 10.00 a.m. on 29 June
2017. A circular containing further details of the Placing and
including the Notice of General Meeting (the "Circular") is
expected to be posted to Shareholders later today and will
thereafter be available on the Company's website at
www.arden-partners.com.
It is intended that the net proceeds of the Placing will used to
further strengthen the Arden balance sheet.
Expected timetable: 2017
Posting of the Circular and Form 12 June
of Proxy
Latest time and date for receipt 10.00 a.m. on
of Forms of Proxy for the General 27 June
Meeting
Time and date of General Meeting 10.00 a.m. on
29 June
Admission and commencement of 8.00 a.m. on
dealings in the Placing Shares 30 June
Each of the times and dates above refer to London time and are
subject to change by the Company. Any such change will be notified
to Shareholders by an announcement on a Regulatory Information
Service.
Related Party Transaction
Luke Johnson, James Reed-Daunter, Donald Brown and Stephen
Wassell, all of whom are Directors, have conditionally subscribed
for Placing Shares in the Placing as follows:
Director Number Per cent. Holding Per cent
of Placing of total of Enlarged of Enlarged
Shares Placing Issued Share Issued Share
subscribed Shares Capital Capital following
following Admission*
Admission*
Luke Johnson 1,250,000 9.80% 3,445,112 10.70%
James Reed-Daunter 200,000 1.57% 2,553,644 7.93%
Stephen Wassell 37,500 0.29% 801,243 2.49%
Donald Brown 200,000 1.57% 200,000 0.62%
* assuming no other issuance of new Ordinary Shares prior to
Admission
The participation of the above mentioned Directors and Director
in the Placing (the "Directors' Participation") constitutes a
related party transaction for the purpose of the AIM Rules.
Jonathan Keeling, and Mark Ansell, being the Independent
Directors consider, having consulted with GCA Altium, the Company's
nominated adviser, that the Directors' Participation is fair and
reasonable in so far as Shareholders are concerned.
Arden's Chief Executive Officer, Donald Brown, commented:
"We are delighted with the results of the oversubscribed placing
and the quality of the institutional names that are coming onto
Arden's shareholder list. We look to the future with
enthusiasm."
Capitalised terms used but not defined in this Announcement
shall have the meanings given to such terms in the Circular.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Arden Partners plc Tel: +44 (0) 20 7614
Donald Brown (Chief Executive 5900
Officer)
Stephen Wassell (Chief
Operating Officer)
GCA Altium Limited (NOMAD) Tel: +44 (0) 20 7484
Sam Fuller / Tim Richardson 4040
This information is provided by RNS
The company news service from the London Stock Exchange
END
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