TIDMDPP
RNS Number : 5225W
DP Poland PLC
18 August 2022
THIS ANNOUNCEMENT (INCLUDING THE APPICES) AND THE INFORMATION
CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
PLEASE SEE THE IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR,
OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN DP POLAND PLC OR
ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR
THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED
ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF DP
POLAND PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
18 August 2022
DP Poland plc
(" DP Poland " or " the Company ")
Proposed Placing and Subscriptions to raise up to approximately
GBP4.8 million
DP Poland (AIM: DPP), the operator of Domino's pizza stores and
restaurants across Poland, is pleased to announce its intention to
raise gross proceeds of up to approximately GBP4.8 million by means
of:
-- a direct subscription with the Company raising gross proceeds
of approximately GBP2.6 million, through a subscription for
31,875,000 new Ordinary Shares (the "M&M Subscription Shares")
at an issue price of 8 pence per share (the "Issue Price") from
M&M Holdings S.à.r.l. ("M&M"), a family office owned
investment company registered and based in Luxembourg (the "M&M
Subscription"); and
-- in order to enable new and existing shareholders to
participate alongside M&M, a combination of a proposed placing
of new Ordinary Shares (the "Placing Shares") at the Issue Price to
institutional and other investors (the "Placing") and potentially
further direct subscriptions with the Company at the Issue Price
from new and existing investors ("Subscriptions") for new Ordinary
Shares ("Subscriptions' Shares") raising in aggregate gross
proceeds of up to approximately GBP2.2 million, such Placing Shares
and Subscriptions' Shares in aggregate being no more than
27,625,000 in number, (together the M&M Subscription, Placing
and Subscriptions, the "Fundraising").
The up to 59,500,000 new Ordinary Shares to be issued as a
result of the Fundraising (being the M&M Subscription Shares,
the Placing Shares and Subscriptions' Shares, together the "New
Shares") will be within the Company's existing allotment
authorities obtained at the last Annual General Meeting held on 15
July 2022 and therefore the Fundraising is not conditional on a
General Meeting. The Fundraising is conditional only on admission
of the New Shares to trading on AIM.
Capitalised terms used in this announcement (including the
appendices (the "Appendices" and together, this "Announcement"))
have the meanings given to them in Appendix II of this
Announcement, unless the context provides otherwise.
Fundraising Highlights
-- Proposed Placing and Subscription to raise up to
approximately GBP2.2 million (before expenses) and M&M
Subscription to raise GBP2.6 million, each at the Issue Price.
-- Net proceeds of the Fundraising receivable by the Company
will be used to continue to work towards the Company's objective of
becoming a market leader in Poland, including through the store
roll out programme and capital expenditure, further details of
which are set out below.
-- The Placing is to be conducted by way of an accelerated
bookbuild brocess (the "Bookbuilding Process") by Singer Capital
Markets Securities Limited ("Singer Capital Markets" or "SCM" ),
the Company's broker and bookrunner, which process will be launched
immediately following the publication of this announcement, in
accordance with the terms and conditions set out in Appendix I.
-- The Issue Price represents a discount of approximately 9.6
per cent. to the closing middle market price per Ordinary Share of
8.85 pence on 17 August 2022, being the last practicable trading
day prior to the release of this Announcement.
-- The New Shares will, if fully subscribed, represent up to
approximately 9.1 per cent. of the Company's existing Ordinary
Shares.
-- The final number of Placing Shares to be placed will be
determined by Singer Capital Markets in consultation with the
Company, at the close of the Bookbuilding Process, and the final
number of Subscriptions' Shares (if any) will also be determined by
agreement between Singer Capital Markets and the Company, and the
result of the Fundraising will be announced as soon as practicable
thereafter. The timing for the close of the Bookbuilding Process
and the allocation of the Placing Shares thereunder, will be
determined by Singer Capital Markets in consultation with the
Company.
Reasons for the Fundraising and Use of Proceeds
The Board believes Poland is a significant market for Domino's
pizza stores and restaurants given its strong economic fundamentals
and the fragmentation of, and consolidation opportunities within,
the quick service restaurant space. DP Poland is a strong player in
the largest Polish cities, with restaurants and stores in desirable
locations, a focus on delivery (66% of sales(1) ) and a stong
online presence (85% of orders placed online(1) ). The Board
believes that the current store count can be multiplied via both
organic growth, in particular in Poland's second and third tier
towns and further in-fill opportunities in larger cities, as well
as through acquisitive growth.
The Board intends to use the net proceeds to continue to work
towards the Company's objective of becoming a market leader in
Poland. This includes accelerating the store roll out programme in
Poland and Croatia by at least an additional 4 stores, the
discontinuation of the 'Dominium by Domino's' brand, capital
expenditure including oven upgrades, e-bikes, IT and e-commerce as
well as advertising and marketing spend and general working
capital.
(1) For the year ended 31 December 2021
Nils Gornall, CEO of DP Poland, said:
"I am delighted by the support shown by M&M Holdings and our
existing shareholders in the future prospects of the Company. The
funds raised will enable us to accelerate expansion and work
towards our goal of becoming a market leader in Poland. This will
include executing our store roll out programme in both Poland and
Croatia, in addition to organic growth initiatives, whilst we
continue to pursue M&A opportunities.
Strong sales momentum, recent store openings and supportive
market dynamics strengthens our market position and, enhanced by
the acquisition of Domino's Croatia, I believe that the Company is
in a very strong position to provide a unique customer offering and
deliver shareholder value. "
Current Trading
DP Poland now dominates the largest Polish cities with 120
stores across the country. The Board remains focused on revenue
growth to strengthen the Company's position in the market and,
further to the trading update on 15 July 2022, has achieved like
for like system sales growth of approximately 25% year to date(2)
compared to both 2021 and 2019.
The strong trading of newly opened stores in Siedlce and
Szczecin validates the store roll out plans, and further attractive
store locations have been identified in Poland.
Whilst inflationary pressures of rising food costs and wage
inflation continue, the Company has implemented increased prices
and is also gaining buyer power due to its increasing scale. With a
focus on improving delivery times and overall delivery efficiency,
the Board aims to drive repeat business and higher growth rates for
the delivery business through customer satisfaction. In addition,
incoming tourism levels are still below historical levels and as a
result the Board believe certain high traffic locations have
potential to grow further, contributing to an increased market
share.
(2) Being the period from 1 January 2022 to 10 July 2022
Domino's Croatia
The two stores acquired in Croatia are performing well, despite
low brand awareness and SEO. They generated an average of EUR615k
run rate sales and EUR93k run rate EBITDA in Q1 2022 on a per store
basis, being almost double the sales per store average in Poland
despite a lower GDP per capita. Average order count in Croatia is
almost double that in Poland, with a larger proportion of dine-in
sales (c30%) and slightly lower pricing. The Board are pleased with
the performance of these stores and, in addition to the third store
which opened in June, locations for two more stores in Zagreb have
been identified.
Details of the Fundraising
The Company announces a proposed Placing and Subscription to
raise up to approximately GBP2.2 million (before expenses) and the
M&M Subscription raising GBP2.6 million, each at the Issue
Price.
Singer Capital Markets Securities Limited is acting as sole
broker and bookrunner in connection with the Placing, and Singer
Capital Markets Advisory LLP is acting as nominated adviser to the
Company in connection with the Fundraising and Admission. The
Placing is subject to the terms and conditions set out in Appendix
I to this announcement.
The issue of the New Shares is within the Company's existing
allotment authorities obtained at the last Annual General Meeting
held on 15 July 2022 and therefore the Fundraising is not
conditional on a General Meeting.
The Issue Price represents a discount of approximately 9.6 per
cent. to the middle market closing price per existing Ordinary
Share of 8.85 pence on 17 August 2022 being the last business day
prior to the publication of this announcement.
The M&M Subscription is being made pursuant to a separate
Subscription Letter which will be entered into by the Company and
M&M, following release of this Announcement. To the extent
there are further Subscriptions, these too, will also be made
pursuant to separate subscription letter with the Company and
M&M, entered into following release of this Announcement. In
each case, such subscriptions are outside of the Placing.
The Bookrunner will today commence the Bookbuilding Process in
respect of the Placing. The final number of Placing Shares to be
placed at the Issue Price will be determined at the close of the
Bookbuilding Process.
The book will open with immediate effect following this
Announcement. The timing of the closing of the Bookbuilding Process
and allocations thereunder are at the absolute discretion of Singer
Capital Markets, having consulted with the Company. Details of the
number of Placing Shares will be announced as soon as practicable
after the close of the Bookbuilding Process. The Placing is not
being underwritten.
The New Shares, when issued, will be fully paid and will rank
pari passu in all respects with the existing Ordinary Shares,
including the right to receive all dividends and other
distributions declared, made or paid after the date of issue. If
all of the New Shares are issued (such that all of the Placing
Shares are placed (and/or otherwise subscribed for in the
Subscriptions) and all of the M&M Subscription Shares are
subscribed for), it would represent an increase of approximately
9.1 per cent. of the existing issued Ordinary Share capital of the
Company. The issue and allotment of the New Shares will be within
the existing authorities granted at the Company's most recent
annual general meeting.
In order to effect the Placing, Singer Capital Markets has
entered into the Placing Agreement with the Company, pursuant to
which it has agreed to use its reasonable endeavours to procure
placees to subscribe for the Placing Shares at the Issue Price.
The Placing Agreement contains customary warranties given by the
Company as to matters relating to the Company and its business and
customary indemnities from the Company to Singer Capital Markets in
respect of liabilities arising out of or in connection with the
Fundraising and Admission. The Placing Agreement also contains
customary rights of termination which could enable Singer Capital
Markets to terminate the Placing in certain limited
circumstances.
Admission, settlement and CREST
Application has been made for the New Shares to be admitted to
trading on the AIM market ("AIM") of London Stock Exchange plc (the
"London Stock Exchange") ("Admission").
Settlement for the New Shares is expected to take place at 8.00
a.m. on or around 24 August 2022 (or such later time and/or date as
the Bookrunner may agree with the Company, not being later than
8.00 a.m. on 31 August 2022). The Placing is conditional upon,
among other things, Admission becoming effective and the placing
agreement entered into today between the Company and the Bookrunner
(the "Placing Agreement") not being terminated in accordance with
their terms.
Appendix I sets out further information relating to the
Bookbuilding Process and the terms and conditions of the Placing.
Persons who have chosen to participate in the Placing, by making an
oral, electronic or written offer to acquire Placing Shares, will
be deemed to have read and understood this Announcement in its
entirety (including Appendix I) and to be making such offer on the
terms and subject to the conditions herein, and to be providing the
representations, warranties, agreements, acknowledgements and
undertakings contained in Appendix I.
This announcement should be read in its entirety. In particular,
you should read and understand the information provided in the
"Important Notices" section of this announcement.
This Announcement is released by DP Poland plc and contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 (MAR) and the UK version of MAR
which forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 (UK MAR), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR and UK MAR.
For the purposes of UK MAR and EU MAR and Article 2 of
Commission Implementing Regulation (EU) 2016/1055, the person
responsible for arranging the release of this Announcement on
behalf of the Company is Nils Gornall, CEO of the Company .
Expected Timetable for the Fundraising
2022
Announcement of results of the Fundraising 19 August
Admission and commencement of dealing in the 8.00 a.m. on 24
New Shares August
CREST accounts to be credited with the New 8.00 a.m. on 24
Shares August
Each of the times and dates above refer to London time and are
subject to change. Any such change will be notified to Shareholders
by an announcement through a Regulatory Information Service.
Enquiries:
DP Poland PLC Tel: +44 (0) 20 3393
6954
Nils Gornall, CEO
Singer Capital Markets (Nominated Adviser Tel: +44 (0) 20 7496
and Broker) 3000
Shaun Dobson / Will Goode / Amanda Gray
/ Oliver Platts
Notes for editors
About DP Poland plc
DP Poland, through its wholly owned subsidiary DP Polska S.A.,
has the exclusive right to develop, operate and sub-franchise
Domino's Pizza stores in Poland. Following its acquisition of
Dominium S.A., which constituted a reverse takeover under the AIM
Rules for Companies, the Group now operates over 100 stores and
restaurants across a number of cities and towns in Poland.
Market soundings (as defined in MAR) were taken in respect of
the Placing with the result that certain persons became aware of
inside information (as defined in MAR), as permitted by MAR. This
inside information is set out in this Announcement. Therefore those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
The Company is solely responsible for the M&M Subscription
and any other potential Subscriptions. No responsibility or
liability is accepted by SCM or any of its partners, directors,
officers, employees, advisers, consultants, affiliates or agents
for any loss, cost or damage suffered or incurred howsoever
arising, directly or indirectly, from any acts or omissions of the
Company in relation to the M&M Subscription and any other
potential Subscriptions.
Appendix I to this Announcement (which forms part of this
Announcement) sets out further information relating to the
Bookbuild and the terms and conditions of the Placing.
Unless otherwise stated, capitalised terms in this Announcement
have the meanings ascribed to them in Appendix II (which forms part
of this Announcement).
This Announcement should be read in its entirety. In particular,
you should read and understand the information provided in the
"Important Notices" section below and the Appendices to this
Announcement (which form part of this Announcement) which includes
the terms and conditions of the Placing. Persons who have chosen to
participate in the Fundraising, by making an oral or written offer
to acquire Placing Shares, will be deemed to have read and
understood this Announcement in its entirety (including the
Appendices) and to be making such offer on the terms and subject to
the conditions herein and, in respect of those persons
participating in the Placing, to be providing the representations,
warranties, agreements, confirmations, acknowledgements and
undertakings contained in Appendix I.
IMPORTANT NOTICES
Neither this Announcement (including the appendices and the
information contained in them), nor any copy of it, may be taken or
transmitted, published or distributed, directly or indirectly, in
or into the United States, Australia, Canada, Japan, New Zealand or
the Republic of South Africa or to any persons in any of those
jurisdictions or any other jurisdiction where to do so would
constitute a violation of the relevant securities laws of such
jurisdiction. This Announcement is for information purposes only
and does not constitute an offer to sell or issue, or the
solicitation of an offer to buy, acquire or subscribe for any
shares in the capital of the Company in the United States,
Australia, Canada, Japan, New Zealand or the Republic of South
Africa or any other state or jurisdiction in which such offer or
solicitation is not authorised or to any person to whom it is
unlawful to make such offer or solicitation. Any failure to comply
with these restrictions may constitute a violation of securities
laws of such jurisdictions.
The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or under the securities laws of any
state or other jurisdiction of the United States, and may not be
offered or sold, directly or indirectly, in or into the United
States absent registration under the Securities Act or pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance
with the securities laws of any state or any other jurisdiction of
the United States. Subject to certain exceptions, the Placing
Shares are being offered and sold by the Company outside the United
States in offshore transactions as defined in, and pursuant to,
Regulation S under the Securities Act ("Regulation S"). No public
offering of securities is being made in the United States .
No prospectus will be made available in connection with the
matters contained in this Announcement and no such prospectus is
required (in accordance with Regulation (EU) 2017/1129 (the "EU
Prospectus Regulation") or the UK version of Regulation (EU)
2017/1129, which forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018 (the "EUWA") (the "UK Prospectus
Regulation")) to be published. Persons needing advice should
consult a qualified independent legal adviser, business adviser ,
financial adviser or tax adviser for legal, financial, business or
tax advice
This Announcement is for information purposes only and is
directed only at persons whose ordinary activities involve them in
acquiring, holding, managing and disposing of investments (as
principal or agent) for the purposes of their business and who have
professional experience in matters relating to investments and are:
(a) if in a member state of the European Economic Area (the "EEA")
(each a "Relevant State"), qualified investors within the meaning
of article 2(e) of the EU Prospectus Regulation ("Qualified
Investors"); or (b) if in the United Kingdom, qualified investors
within the meaning of article 2(e) of the UK Prospectus Regulation
who are also (i) persons who fall within the definition of
"investment professional" in article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the "Order"), or (ii) persons who fall within article
49(2)(a) to (d) of the Order, or (c) persons to whom it may
otherwise be lawfully communicated (all such persons referred to in
(i), (ii) and (iii) above together being referred to as "Relevant
Persons").
Any investment or investment activity to which this Announcement
relates is available in Relevant States only to Qualified Investors
and in the United Kingdom only to Relevant Persons, and will be
engaged in only with Qualified Investors in Relevant States and
Relevant Persons in the United Kingdom. This Announcement must not
be acted on or relied on by persons in a Relevant State who are not
Qualified Investors, or persons in the United Kingdom who are not
Relevant Persons.
The distribution of this Announcement (including the Appendices)
and the offering of the Placing Shares in certain jurisdictions may
be restricted by law. No action has been taken by the Company or
SCM or any of their respective partners, directors, officers,
employees, advisers, consultants, affiliates or agents that would
permit an offering of such shares or possession or distribution of
this Announcement or any other offering or publicity material
relating to such shares in any jurisdiction where action for that
purpose is required. Persons into whose possession this
Announcement comes are required by the Company, and SCM to inform
themselves about, and to observe, such restrictions.
This Announcement is not being distributed by, nor has it been
approved for the purposes of section 21 of the Financial Services
and Markets Act 2000, as amended ("FSMA"), by a person authorised
under FSMA. This Announcement is being distributed to persons in
the United Kingdom only in circumstances in which section 21(1) of
FSMA does not apply.
Persons (including without limitation, nominees and trustees)
who have a contractual right or other legal obligations to forward
a copy of this Announcement should seek appropriate advice before
taking any action.
By participating in the Bookbuild and the Placing, each Placee
by making an oral or written and legally binding offer to subscribe
for and/or purchase Placing Shares will be deemed (i) to have read
and understood this Announcement (including the appendices) in its
entirety, (ii) to be participating, making an offer and acquiring
Placing Shares on the terms and conditions contained in Appendix I
to this Announcement and (iii) to be providing the representations,
warranties, indemnities, acknowledgements and undertakings
contained in Appendix I to this Announcement.
This Announcement has been issued by, and is the sole
responsibility of, the Company. No representation or warranty,
express or implied, is or will be made by SCM or by any of its
partners, directors, officers, employees, advisers, consultants,
affiliates or agents as to or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to any interested person or their
advisers, and any liability therefore is expressly disclaimed. None
of the information in this Announcement has been independently
verified or approved by SCM or any of its partners, directors,
officers, employees, advisers, consultants, affiliates or agents.
Save for any responsibilities or liabilities, if any, imposed on
SCM by FSMA or by the regulator regime established under it, no
responsibility or liability is accepted by SCM or any of its
partners, directors, officers, employees, advisers, consultants,
affiliates or agents for any errors, omissions or inaccuracies in
such information or opinions or for any loss, cost or damage
suffered or incurred howsoever arising, directly or indirectly,
from any use of this Announcement or its contents or otherwise in
connection with this Announcement or from any acts or omissions of
the Company in relation to the Placing.
Singer Capital Market Securities Limited, which is authorised
and regulated in the United Kingdom by the FCA, is acting solely
for the Company and no-one else in connection with the transactions
and arrangements described in this Announcement and will not regard
any other person (whether or not a recipient of this Announcement)
as a client in relation to the transactions and arrangements
described in this Announcement. Neither Singer Capital Market
Securities Limited nor its partners, directors, officers,
employees, advisers, consultants, affiliates or agents are
responsible to anyone other than the Company for providing the
protections afforded to clients of Singer Capital Market Securities
Limited or for providing advice in connection with the contents of
this Announcement or for any other matters referred to herein.
Singer Capital Market Advisory LLP, which is authorised and
regulated in the United Kingdom by the FCA, is acting solely for
the Company and no-one else in connection with the transactions and
arrangements described in this Announcement and will not regard any
other person (whether or not a recipient of this Announcement) as a
client in relation to the transactions and arrangements described
in this Announcement. Neither Singer Capital Market Advisory LLP
nor its partners, directors, officers, employees, advisers,
consultants, affiliates or agents are responsible to anyone other
than the Company for providing the protections afforded to clients
of Singer Capital Market Advisory LLP or for providing advice in
connection with the contents of this Announcement or for any other
matters referred to herein.
Cautionary statements
This Announcement may contain and the Company may make verbal
statements containing "forward-looking statements" with respect to
certain of the Company's plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "seek", "may", "could", "outlook" or other words
of similar meaning. By their nature, all forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances which are beyond the control of the Company. As a
result, the actual future financial condition, performance and
results of the Company may differ materially from the plans, goals
and expectations set forth in any forward-looking statements. Any
forward-looking statements made in this Announcement by or on
behalf of the Company speak only as of the date they are made. The
information contained in this Announcement is subject to change
without notice and except as required by applicable law or
regulation (including to meet the requirements of the AIM Rules, UK
MAR, the UK Prospectus Regulation and/or FSMA), the Company
expressly disclaims any obligation or undertaking to publish any
updates or revisions to any forward-looking statements contained in
this Announcement to reflect any changes in the Company's
expectations with regard thereto or any changes in events,
conditions or circumstances on which any such statements are based.
Such forward-looking statements involve risks and uncertainties
that could significantly affect expected results and are based on
certain key assumptions. Many factors could cause actual results,
performance or achievements to differ materially from those
projected or implied in any forward-looking statements. The
important factors that could cause the Company's actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, economic and
business cycles, the terms and conditions of the Company's
financing arrangements, foreign currency rate fluctuations,
competition in the Company's principal markets, acquisitions or
disposals of businesses or assets and trends in the Company's
principal industries. Statements contained in this Announcement
regarding past trends or activities should not be taken as
representation that such trends or activities will continue in the
future. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this
Announcement.
No statement in this Announcement is intended to be a profit
forecast and no statement in this Announcement should be
interpreted to mean that earnings per share of the Company for the
current or future years would necessarily match or exceed the
historical published earnings per share of the Company.
This Announcement does not identify or suggest, or purport to
identify or suggest, the risks (direct or indirect) that may be
associated with an investment in the Placing Shares. Any investment
decisions to buy Placing Shares in the Placing must be made solely
on the basis of publicly available information, which has not been
independently verified by SCM.
This Announcement does not constitute a recommendation
concerning any investor's investment decision with respect to the
Fundraising. The price of shares and any income expected from them
may go down as well as up and investors may not get back the full
amount invested upon disposal of the shares. Past performance is no
guide to future performance. The contents of this Announcement are
not to be construed as legal, business, financial or tax advice.
Each investor or prospective investor should consult his, her or
its own legal adviser, business adviser, financial adviser or tax
adviser for legal, financial, business or tax advice.
In connection with the Fundraising, SCM and its respective
partners, directors, officers, employees, advisers, consultants,
affiliates or agents may take up a portion of the shares of the
Company in the Placing in a principal position and in that capacity
may retain, purchase or sell for its own account such shares and
other securities of the Company or related investments and may
offer or sell such shares, securities or other investments
otherwise than in connection with the Placing. Accordingly,
references in this Announcement to Placing Shares being issued,
offered or placed should be read as including any issue, offering
or placement of such shares in the Company to SCM and any of its
respective partners, directors, officers, employees, advisers,
consultants, affiliates or agents as, acting in such capacity. In
addition, SCM and any of its respective partners, directors,
officers, employees, advisers, consultants, affiliates or agents
may enter into financing arrangements (including swaps, warrants or
contracts for difference) with investors in connection with which
SCM and any of its respective partners, directors, officers,
employees, advisers, consultants, affiliates or agents may from
time to time acquire, hold or dispose of such securities of the
Company, including the Placing Shares. Neither SCM nor any of its
respective partners, directors, officers, employees, advisers,
consultants, affiliates or agents intends to disclose the extent of
any such investment or transactions otherwise than in accordance
with any legal or regulatory obligation to do so.
The Placing Shares to be issued and/or purchased pursuant to the
Placing will not be admitted to trading on any stock exchange other
than AIM, a market operated by the London Stock Exchange plc.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into or forms part of this Announcement.
This Announcement has been prepared for the purposes of
complying with applicable law and regulation in the United Kingdom
and the information disclosed may not be the same as that which
would have been disclosed if this Announcement had been prepared in
accordance with the laws and regulations of any jurisdiction
outside the United Kingdom.
UK Product Governance Requirements
Solely for the purposes of the product governance requirements
contained within the FCA Handbook Product Intervention and Product
Governance Sourcebook (the "UK Product Governance Rules"), and
disclaiming all and any liability, whether arising in tort,
contract or otherwise, which any 'manufacturer' (for the purposes
of the UK Product Governance Rules) may otherwise have with respect
thereto, the Placing Shares have been subject to a product approval
process, which has determined that the Placing Shares are: (i)
compatible with an end target market of (a) retail clients, as
defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as
it forms part of domestic law by virtue of the EUWA, (b) investors
who meet the criteria of professional clients as defined in
Regulation (EU) No 600/2014 as it forms part of domestic law by
virtue of the EUWA and (c) eligible counterparties as defined in
the FCA Handbook Conduct of Business Sourcebook ("COBS"); and (ii)
eligible for distribution through all distribution channels as are
permitted by Directive 2014/65/EU (the "UK Target Market
Assessment"). Notwithstanding the UK Target Market Assessment,
distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital
protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The UK
Target Market Assessment is without prejudice to the requirements
of any contractual, legal or regulatory selling restrictions in
relation to the Placing. Furthermore, it is noted that,
notwithstanding the UK Target Market Assessment, SCM will only
procure investors who meet the criteria of professional clients and
eligible counterparties.
For the avoidance of doubt, the UK Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of COBS; or (b) a recommendation to any investor
or group of investors to invest in, or purchase, or take any other
action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
EU Product Governance Requirements
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the "MiFID
II Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the MiFID II Product
Governance Requirements) may otherwise have with respect thereto,
the Placing Shares have been subject to a product approval process,
which has determined that the Placing Shares are: (i) compatible
with an end target market of retail investors and investors who
meet the criteria of professional clients and eligible
counterparties, each as defined in MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by
MiFID II (the "EU Target Market Assessment"). Notwithstanding the
EU Target Market Assessment, distributors should note that: the
price of the Placing Shares may decline and investors could lose
all or part of their investment; the Placing Shares offer no
guaranteed income and no capital protection; and an investment in
the Placing Shares is compatible only with investors who do not
need a guaranteed income or capital protection, who (either alone
or in conjunction with an appropriate financial or other adviser)
are capable of evaluating the merits and risks of such an
investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The EU Target Market Assessment
is without prejudice to the requirements of any contractual, legal
or regulatory selling restrictions in relation to the Placing.
Furthermore, it is noted that, notwithstanding the EU Target Market
Assessment, SCM will only procure investors who meet the criteria
of professional clients and eligible counterparties.
For the avoidance of doubt, the EU Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of MiFID II; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take
any other action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
TERMS AND CONDITIONS OF THE PLACING
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE
PLACING.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS
DIRECTED ONLY AT PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM IN
ACQUIRING, HOLDING, MANAGING AND DISPOSING OF INVESTMENTS (AS
PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESS AND WHO HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE:
(A) IF IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (THE "EEA")
(EACH A "RELEVANT STATE"), QUALIFIED INVESTORS WITHIN THE MEANING
OF ARTICLE 2(E) OF THE EU PROSPECTUS REGULATION ("QUALIFIED
INVESTORS"); OR (B) IF IN THE UNITED KINGDOM, QUALIFIED INVESTORS
WITHIN THE MEANING OF ARTICLE 2(E) OF THE UK PROSPECTUS REGULATION
WHO ARE ALSO (I) PERSONS WHO FALL WITHIN THE DEFINITION OF
"INVESTMENT PROFESSIONAL" IN ARTICLE 19(5) OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS
AMED (THE "ORDER"), OR (II) PERSONS WHO FALL WITHIN ARTICLE
49(2)(A) TO (D) OF THE ORDER, OR (C) PERSONS TO WHOM IT MAY
OTHERWISE BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS REFERRED TO IN
(I), (II) AND (III) ABOVE TOGETHER BEING REFERRED TO AS "RELEVANT
PERSONS").
ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT
RELATES IS AVAILABLE IN RELEVANT STATES ONLY TO QUALIFIED INVESTORS
AND, IN THE UNITED KINGDOM, ONLY TO RELEVANT PERSONS, AND WILL BE
ENGAGED IN ONLY WITH QUALIFIED INVESTORS IN RELEVANT STATES AND
RELEVANT PERSONS IN THE UNITED KINGDOM. THIS ANNOUNCEMENT MUST NOT
BE ACTED ON OR RELIED ON BY PERSONS IN RELEVANT STATES WHO ARE NOT
QUALIFIED INVESTORS BY PERSONS IN THE UNITED KINGDOM WHO ARE NOT
RELEVANT PERSONS.
THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE
OR SUBSCRIPTION OF, OR THE SOLICITATION OF AN OFFER TO ACQUIRE OR
SUBSCRIBE FOR, ANY SECURITIES IN THE COMPANY.
PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES
THAT IT IS LAWFUL TO DO SO. EACH PLACEE SHOULD CONSULT WITH ITS OWN
ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF AN
INVESTMENT IN THE PLACING SHARES.
THE PLACING SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMED (THE
"SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF, OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF, ANY STATE OR OTHER JURISDICTION
OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD OR TRANSFERRED,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES ABSENT
REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION OF THE UNITED STATES. SUBJECT TO CERTAIN EXCEPTIONS,
THE PLACING IS BEING MADE OUTSIDE THE UNITED STATES IN OFFSHORE
TRANSACTIONS AS DEFINED IN, AND PURSUANT TO, REGULATION S UNDER THE
SECURITIES ACT . NO PUBLIC OFFERING OF THE SHARES REFERRED TO IN
THIS ANNOUNCEMENT IS BEING MADE IN THE UNITED KINGDOM, THE UNITED
STATES, ANY OTHER RESTRICTED JURISDICTION OR ELSEWHERE. .
EACH PLACEE SHOULD CONSULT WITH ITS OWN ADVISORS AS TO LEGAL,
TAX, BUSINESS AND RELATED ASPECTS OF A PURCHASE OF PLACING
SHARES.
The Placing Shares have not been approved or disapproved by the
US Securities and Exchange Commission, any state securities
commission or other regulatory authority in the United States nor
have any of the foregoing authorities passed upon or endorsed the
merits of the Placing or the accuracy or adequacy of this
Announcement. Any representation to the contrary is a criminal
offence in the United States. Subject to certain exceptions, the
securities referred to in this Announcement may not be offered or
sold in the United States or in any other Restricted Jurisdiction
or to, or for the account or benefit of, a citizen or resident, or
a corporation, partnership or other entity created or organised in
or under the laws of any other Restricted Jurisdiction. The
relevant clearances have not been, nor will they be, obtained from
the securities commission of any province or territory of Canada,
no prospectus has been lodged with, or registered by, the
Australian Securities and Investments Commission or the Japanese
Ministry of Finance; the relevant clearances have not been, and
will not be, obtained for the South Africa Reserve Bank or any
other applicable body in the Republic of South Africa in relation
to the Placing Shares and the Placing Shares have not been, nor
will they be registered under or offered in compliance with the
securities laws of any state, province or territory of Australia,
Canada, Japan or the Republic of South Africa. Accordingly, the
Placing Shares may not (unless an exemption under the relevant
securities laws is applicable) be offered, sold, resold or
delivered, directly or indirectly, in or into Australia, Canada,
Japan or the Republic of South Africa or any other jurisdiction
outside the EEA.
Persons (including without limitation, nominees and trustees)
who have a contractual right or other legal obligations to forward
a copy of this Announcement should seek appropriate advice before
taking any action.
This Announcement should be read in its entirety. In particular,
any Placee should read and understand the information provided in
the "Important Notice" section of this Announcement.
This Announcement has been issued by, and is the sole
responsibility of, the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by SCM,
any of its affiliates or any person acting on its or their behalf
as to or in relation to, the accuracy or completeness of this
Announcement or any other written or oral information made
available to or publicly available to any party or its advisers,
and any liability therefore is expressly disclaimed.
By participating in the Bookbuild and the Placing, each Placee
will be deemed to have read and understood this Announcement in its
entirety, to be participating, making an offer and acquiring
Placing Shares on the terms and conditions contained herein and to
be providing the representations, warranties, indemnities,
acknowledgements and undertakings contained herein.
In particular, each such Placee represents, warrants,
undertakes, agrees and acknowledges (amongst other things)
that:
(a) if it is in the United Kingdom, it is a Relevant Person and,
if it is in a Relevant State, it is a Qualified Investor, and
undertakes that it will subscribe for, hold, manage or dispose of
any Placing Shares that are allocated to it for the purposes of its
business;
(b) unless otherwise agreed in writing with the Company and SCM,
it is and, at the time the Placing Shares are subscribed for, will
be, outside the United States and acquiring the Placing Shares in
an "offshore transaction" as defined in, and in accordance with
Regulation S;
(c) it is acquiring the Placing Shares for its own account or is
acquiring the Placing Shares for an account with respect to which
it exercises sole investment discretion and has the authority to
make and does make the representations, warranties, indemnities,
agreements and acknowledgements, contained in these terms and
conditions; and
(d) if it is a financial intermediary, as that term is used in
Article 5(1) of the EU Prospectus Regulation and the UK Prospectus
Regulation, that it understands the resale and transfer
restrictions set out in this Appendix and that any Placing Shares
subscribed for by it in the Placing will not be subscribed for on a
non-discretionary basis on behalf of, nor will they be subscribed
for with a view to their offer or resale to, persons in
circumstances which may give rise to an offer of securities to the
public other than an offer or resale in a member state of the EEA
to Qualified Investors or in the United Kingdom to Relevant
Persons, or in circumstances in which the prior consent of SCM has
been given to each such proposed offer or resale.
IMPORTANT INFORMATION FOR PLACEES ONLY REGARDING THE PLACING
Defined terms used in this Appendix are set out in Appendix 2.
1.
No prospectus
The Placing Shares are being offered to a limited number of
specifically invited persons only and will not be offered in such a
way as to require any prospectus or other offering document to be
published. No prospectus or other offering document has been or
will be submitted to be approved by the FCA in relation to the
Placing or the Placing Shares and Placees' commitments will be made
solely on the basis of their own assessment of the Company, the
Placing Shares and the Placing based on the information contained
in this Announcement and the announcement of the results of the
Placing (the "Result of Placing Announcement") (together, the
"Placing Documents") and any information publicly announced through
a regulatory information service ("RIS") by or on behalf of the
Company on or prior to the date of this Announcement (the "Publicly
Available Information") and subject to any further terms set forth
in the trade confirmation sent to Placees.
Each Placee, by participating in the Placing, agrees that the
content of the Placing Documents is exclusively the responsibility
of the Company and confirms that it has neither received nor relied
on any information (other than the Publicly Available Information),
representation, warranty or statement made by or on behalf of SCM
or the Company or any other person and none of SCM, the Company nor
any other person acting on such person's behalf nor any of their
respective affiliates has or shall have any responsibility or
liability for any Placee's decision to participate in the Placing
based on any other information, representation, warranty or
statement (regardless of whether or not such information,
representation, warranty or statement was given or made by or on
behalf of any such persons). Each Placee acknowledges and agrees
that it has relied on its own investigation of the business,
financial or other position of the Company in accepting a
participation in the Placing. No Placee should consider any
information in this Announcement to be legal, tax or business
advice. Each Placee should consult its own attorney, tax advisor
and business advisor for legal, tax and business advice regarding
an investment in the Placing Shares. Nothing in this paragraph
shall exclude the liability of any person for fraudulent
misrepresentation.
2. Details of the Placing Agreement and the Placing Shares
SCM is acting as sole bookrunner in connection with the Placing
and has entered into the Placing Agreement with the Company under
which, on the terms and subject to the conditions set out in the
Placing Agreement, SCM, as agent for and on behalf of the Company,
has agreed to use its reasonable endeavours to procure placees for
the Placing Shares. The Placing is not being underwritten by SCM or
any other person.
The price per Ordinary Share at which the Placing Shares are to
be placed is 8 pence (the "Issue Price"). The timing of the closing
of the book and allocations are at the discretion of the Company
and SCM.
The Placing Shares will be made up of a number of new Ordinary
Shares issued and allotted by the Company. Accordingly, by
participating in the Placing, Placees agree to subscribe for
Placing Shares.
The Placing Shares have been or will be duly authorised and
will, when issued, be credited as fully paid up and will be issued
subject to the Company's Articles of Association and rank pari
passu in all respects with the existing Ordinary Shares, including
the right to receive all dividends and other distributions
declared, made or paid on or in respect of the Ordinary Shares
after the date of issue of the Placing Shares, and will on issue be
free of all pre-emption rights, claims, liens, charges,
encumbrances and equities.
3. Application for listing and admission to trading
Application will be made to the London Stock Exchange for
Admission of the Placing Shares on AIM (the "Admission
Application").
It is expected that Admission of the Placing Shares will occur
at 8.00 a.m. on 24 August 2022 (or such later time or date as SCM
may agree with the Company, being no later than 8.00 a.m. on 31
August 2022) and that dealings in the Placing Shares will commence
at that time.
4. Bookbuild
SCM will today commence the accelerated bookbuilding process to
determine demand for participation in the Placing by Placees (the
"Bookbuild"). This Appendix gives details of the terms and
conditions of, and the mechanics of participation in, the Placing.
No commissions will be paid to Placees or by Placees in respect of
any Placing Shares.
SCM and the Company shall be entitled to effect the Placing by
such alternative method to the Bookbuild as they may, in their sole
discretion, determine.
5. Participation in, and principal terms of, the Placing
1. SCM is arranging the Placing as sole bookrunner and placing agent of the Company.
2. Participation in the Placing will only be available to
persons who may lawfully be, and are, invited to participate by
SCM. SCM may itself agree to be a Placee in respect of all or some
of the Placing Shares or may nominate any member of its group to do
so.
3. Subject to certain exceptions, the Placing Shares are being
offered and sold by the Company outside the United States in
offshore transactions as defined in, and pursuant to, Regulation S
under the Securities Act
4. Following a successful completion of the Bookbuild, the
Company will confirm the closing of the Placing via the Result of
Placing Announcement.
5. To bid in the Bookbuild, prospective Placees should
communicate their bid orally by telephone or in writing to their
usual sales contact at SCM. Each bid should state the number of
Placing Shares which the prospective Placee wishes to subscribe for
at the Issue Price. Bids may be scaled down by SCM on the basis
referred to in paragraph 7 below. SCM reserves the right not to
accept bids or to accept bids in part rather than in whole. The
acceptance of the bids shall be at SCM's absolute discretion,
subject to agreement with the Company.
6. The Bookbuild is expected to close no later than 4.30 p.m. on
19 August 2022 but may be closed earlier or later at the discretion
of SCM. SCM may, in agreement with the Company, accept bids that
are received after the Bookbuild has closed. The Company reserves
the right (upon the prior agreement of SCM) to reduce the number of
shares to be issued pursuant to the Placing, in its absolute
discretion.
7. Allocations of the Placing Shares will be determined by SCM
after consultation with the Company (and in accordance with SCM's
allocation policy as has been supplied by SCM to the Company in
advance of such consultation). Allocations will be confirmed orally
by SCM and a trade confirmation will be despatched as soon as
possible thereafter. SCM's oral confirmation to such Placee
constitutes an irrevocable legally binding commitment upon such
person (who will at that point become a Placee), in favour of SCM
and the Company, to subscribe for the number of Placing Shares
allocated to it and to pay the Issue Price in respect of each such
share on the terms and conditions set out in this Appendix and in
accordance with the Company's Articles of Association. A bid in the
Bookbuild will be made on the terms and subject to the conditions
in this Appendix and will be legally binding on the Placee on
behalf of which it is made and except with SCM's consent, such
commitment will not be capable of variation or revocation after the
time at which it is submitted.
8. Each Placee's allocation and commitment will be evidenced by
a trade confirmation issued to such Placee. The terms of this
Appendix will be deemed incorporated in that trade
confirmation.
9. Irrespective of the time at which a Placee's allocation
pursuant to the Placing is confirmed, settlement for all Placing
Shares to be subscribed/purchased for pursuant to the Placing will
be required to be made at the same time, on the basis explained
below under "Registration and Settlement".
10. All obligations under the Bookbuild and the Placing will be
subject to fulfilment or (where applicable) waiver of the
conditions referred to below under "Conditions of the Placing" and
to the Placing not being terminated on the basis referred to below
under "Right to terminate under the Placing Agreement".
11. By participating in the Placing, each Placee agrees that its
rights and obligations in respect of the Placing will terminate
only in the circumstances described below and will not be capable
of rescission or termination by the Placee.
12. To the fullest extent permissible by law, none of SCM, the
Company nor any of their respective affiliates, agents, directors,
officers or employees shall have any responsibility or liability to
Placees (or to any other person whether acting on behalf of a
Placee or otherwise). In particular, none of SCM, the Company, nor
any of their respective affiliates, agents, directors, officers or
employees shall have any responsibility or liability (including to
the extent permissible by law, any fiduciary duties) in respect of
SCM's conduct of the Placing.
13. The Placing Shares will be issued subject to the terms and
conditions of this Appendix and each Placee's commitment to
subscribe for Placing Shares on the terms set out herein will
continue notwithstanding any amendment that may in future be made
to the terms and conditions of the Placing and Placees will have no
right to be consulted or require that their consent be obtained
with respect to the Company's or SCM's conduct of the Placing.
14. All times and dates in this Announcement may be subject to
amendment. SCM shall notify the Placees and any person acting on
behalf of the Placees of any changes.
6. Conditions of the Placing
The Placing is conditional, amongst others, upon the Placing
Agreement becoming unconditional and not having been terminated in
accordance with its terms. SCM's obligations under the Placing
Agreement are conditional on customary conditions, including
(amongst others) (the "Conditions"):
1. Admission occurring no later than 8.00 a.m. on 24 August 2022
(or such later time or date as SCM may otherwise agree with the
Company, being no later than 8.00 a.m. on 31 August 2022) (the
"Closing Date");
2. there having been no development or event resulting in a
material adverse effect which could materially and adversely affect
the Proposals;
3. the M&M Subscription Letter having been entered into on
the date of the Placing Agreement and not having been amended
(without SCM prior written consent (such consent not to be
unreasonably withheld) or terminated prior to Admission;
4. the delivery to SCM of a certificate from and signed by the
Company in terms of the warranties being provided by such persons
under the Placing Agreement ("Warranties") not later than 5.00 p.m.
on the Business Day immediately prior to the date on which
Admission is expected to occur (and dated as of such date);
5. the Company having complied with its obligations which fall
to be performed on or prior to Admission under the Placing
Agreement;
6. there not having arisen or been noted prior to Admission any
fact or circumstance which would or might reasonably be expected to
require publication of a corrective or update announcement through
a Regulatory Information Service of any Publicly Available
Information; and
7. none of the Warranties on the part of the Company in the
Placing Agreement being untrue or inaccurate or misleading when
made and none of the Warranties ceasing to be true and accurate or
becoming misleading at any time prior to Admission by reference to
the facts and circumstances then subsisting.
SCM may, at its discretion and upon such terms as it thinks fit,
waive compliance by the Company with the whole or any part of any
of its obligations in relation to the Conditions or extend the time
or date provided for fulfilment of any such Conditions in respect
of all or any part of the performance thereof, save in respect of
condition 1 above relating to Admission taking place. Any such
extension or waiver will not affect Placees' commitments as set out
in this Appendix.
If: (i) any of the Conditions are not fulfilled or (where
permitted) waived by SCM by the relevant time or date specified (or
such later time or date as SCM may agree with the Company, being no
later than 8.00 a.m. on 31 August 2022); or (ii) the Placing
Agreement is terminated in the circumstances specified below under
"Right to terminate under the Placing Agreement", the Placing will
not proceed and the Placees' rights and obligations hereunder in
relation to the Placing Shares shall cease and terminate at such
time and each Placee agrees that no claim can be made by it or on
its behalf (or any person on whose behalf the Placee is acting) in
respect thereof.
Neither SCM nor the Company, nor any of their respective
affiliates, agents, directors, officers or employees shall have any
liability to any Placee (or to any other person whether acting on
behalf of a Placee or otherwise) in respect of any decision they
may make as to whether or not to waive or to extend the time and/or
date for the satisfaction of any Condition to the Placing, nor for
any decision they may make as to the satisfaction of any Condition
or in respect of the Placing generally, and by participating in the
Placing each Placee agrees that any such decision is within the
absolute discretion of SCM.
7. Right to terminate under the Placing Agreement
SCM is entitled, at any time before Admission, to terminate the
Placing Agreement in accordance with its terms in certain
circumstances, including (amongst other things):
1. where there has been a breach of any of the Warranties contained in the Placing Agreement;
2. if any of the Conditions have (i) become incapable of
satisfaction or (ii) not been satisfied before the latest time
provided in the Placing Agreement and have not been waived if
capable of being waived by SCM;
3. there has been a development or event resulting in a material
adverse effect which could in the good faith opinion of SCM,
materially and adversely affect the Placing or dealings in the
Ordinary Shares following Admission whether or not foreseeable at
the date of the Placing Agreement;
4. an event having occurred, or is likely to occur, which
constitutes or (if it occurs) will, in the context of the
Proposals, constitute a material new factor, mistake or inaccuracy
relating to the information contained in the Placing Documents
(notwithstanding that a corrective announcement could be or may
have been published in connection with such material new factor,
mistake or inaccuracy) or such an event is or (if it occurs) will,
in the context of the Proposals, be material in the context of any
assumption or other matter relevant to any estimate or statement
about the prospects of the Group in the Placing Documents;
5. the M&M Subscription Letter has been amended (without SCM
prior written consent (such consent not to be unreasonably
withheld)) or terminated prior to Admission;
6. the Company fails to comply in any respect with any
obligation under the Placing Agreement or otherwise relating to the
Proposals which SCM (acting in good faith) considers material;
or
7. the occurrence of a material adverse change or certain force
majeure events including, but not limited to, an escalation of the
COVID-19 pandemic in the United Kingdom or Poland.
Upon termination, the parties to the Placing Agreement shall be
released and discharged (except for any liability arising before or
in relation to such termination) from their respective obligations
under or pursuant to the Placing Agreement, subject to certain
exceptions.
By participating in the Placing, each Placee agrees that (i) the
exercise by SCM of any right of termination or of any other
discretion under the Placing Agreement shall be within the absolute
discretion of SCM and that it need not make any reference to, or
consult with, Placees and that it shall have no liability to
Placees whatsoever in connection with any such exercise or failure
to so exercise and (ii) its rights and obligations terminate only
in the circumstances described above under "Right to terminate
under the Placing Agreement" and "Conditions of the Placing", and
its participation will not be capable of rescission or termination
by it after oral confirmation by SCM of the allocation and
commitments following the close of the Bookbuild.
8. Restriction on Further Issue of Shares
The Company has undertaken to SCM that, between the date of the
Placing Agreement and a period of 3 months from Admission (the
"Restricted Period"), it will not, without the prior written
consent of SCM directly or indirectly offer, issue, lend, sell or
contract to sell, issue options in respect of or otherwise dispose
of or announce an offering or issue of any Ordinary Shares (or any
interest therein or in respect thereof) or any other securities
exchangeable for or convertible into, or substantially similar to,
Ordinary Shares or enter into any transaction with the same
economic effect as, or agree to do, any of the foregoing (whether
or not legally or contractually obliged to do so) provided that the
foregoing restrictions shall not restrict the ability of the
Company or any other member of the Group during the Restricted
Period to grant of options under, or the allotment and issue of
shares pursuant to options under, any employee or non- executive
share or option schemes or long term incentive plans of the Company
(in accordance with its normal practice) or the issuance of the
M&M Subscription Shares pursuant to the M&M Subscription or
the Subscriptions' Shares pursuant to the potential
Subscriptions.
By participating in the Placing, Placees agree that the exercise
by SCM of any power to grant consent to the undertaking by the
Company of a transaction which would otherwise be subject to the
restrictive provisions on further issuance under the Placing
Agreement shall be within the absolute discretion of SCM and that
it need not make any reference to, or consult with, Placees and
that it shall have no liability to Placees whatsoever in connection
with any such exercise of the power to grant consent.
9. Registration and Settlement
Settlement of transactions in the Placing Shares (ISIN:
GB00B3Q74M51) following Admission will take place within the system
administered by Euroclear UK & Ireland Limited ("CREST"),
subject to certain exceptions. SCM reserves the right to require
settlement for, and delivery of, the Placing Shares (or any part
thereof) to Placees by such other means that they may deem
necessary if delivery or settlement is not possible or practicable
within the CREST system or would not be consistent with the
regulatory requirements in the Placee's jurisdiction.
SCM is acting as settlement bank. Following the close of the
Bookbuild, each Placee to be allocated Placing Shares in the
Placing will be sent a trade confirmation stating the number of
Placing Shares allocated to them at the Issue Price, the aggregate
amount owed by such Placee to SCM and settlement instructions. Each
Placee agrees that it will do all things necessary to ensure that
delivery and payment is completed in accordance with the standing
CREST or certificated settlement instructions in respect of the
Placing Shares that it has in place with SCM.
The Company will deliver (or will procure the delivery of) the
Placing Shares to a CREST account operated by SCM as agent for the
Company and SCM will enter its delivery instruction into the CREST
system. The input to CREST by a Placee of a matching or acceptance
instruction will then allow delivery of the relevant Placing Shares
to that Placee against payment.
It is expected that settlement in respect of the Placing Shares
will take place on 24 August 2022 on a delivery versus payment
basis.
Interest is chargeable daily on payments not received from
Placees on the due date in accordance with the arrangements set out
above at the rate of two percentage points above LIBOR as
determined by SCM.
Each Placee is deemed to agree that, if it does not comply with
these obligations, SCM may sell any or all of the Placing Shares
allocated to that Placee on such Placee's behalf and retain from
the proceeds, for SCM's account and benefit, an amount equal to the
aggregate amount owed by the Placee plus any interest due. The
relevant Placee will, however, remain liable for any shortfall
below the aggregate amount owed by it and will be required to bear
any stamp duty or stamp duty reserve tax or other taxes or duties
(together with any interest or penalties) imposed in any
jurisdiction which may arise upon the sale of such Placing Shares
on such Placee's behalf.
If Placing Shares are to be delivered to a custodian or
settlement agent, Placees should ensure that the trade confirmation
is copied and delivered immediately to the relevant person within
that organisation. Insofar as Placing Shares are issued in a
Placee's name or that of its nominee or in the name of any person
for whom a Placee is contracting as agent or that of a nominee for
such person, such Placing Shares should, subject as provided below,
be so registered free from any liability to UK stamp duty or stamp
duty reserve tax. If there are any circumstances in which any stamp
duty or stamp duty reserve tax or other similar taxes or duties
(including any interest and penalties relating thereto) is payable
in respect of the allocation, allotment, issue, sale, transfer or
delivery of the Placing Shares (or, for the avoidance of doubt, if
any stamp duty or stamp duty reserve tax is payable in connection
with any subsequent transfer of or agreement to transfer Placing
Shares), neither SCM or the Company shall be responsible for
payment thereof.
10. No Prospectus
The Placing Shares are being offered to a limited number of
specifically invited persons only and have not been nor will be
offered in such a way as to require the publication of a prospectus
in the United Kingdom or in any other jurisdiction. No prospectus
has been or will be submitted to be approved by the FCA in relation
to the Placing, and Placees' commitments will be made solely on the
basis of the information contained in the Placing Documents and the
Publicly Available Information. Each Placee, by accepting a
participation in the Placing, agrees that the content of the
Placing Documents is exclusively the responsibility of the Company
and confirms that it has neither received nor relied on any other
information, representation, warranty, or statement made by SCM or
any other person and neither SCM nor the Company nor any other
person will be liable for any Placee's decision to participate in
the Placing based on any other information, representation,
warranty or statement which the Placees may have obtained or
received and, if given or
made, such information, representation, warranty or statement
must not be relied upon as having been authorised by SCM, the
Company, or their respective officers, directors, employees or
agents. Each Placee acknowledges and agrees that it has relied on
its own investigation of the business, financial or other position
of the Company in accepting a participation in the Placing. Neither
the Company nor SCM are making any undertaking or warranty to any
Placee regarding the legality of an investment in the Placing
Shares by such Placee under any legal, investment or similar laws
or regulations. Each Placee should not consider any information in
the Placing Documents to be legal, tax or business advice. Each
Placee should consult its own solicitor, tax adviser and financial
adviser for independent legal, tax and financial advice regarding
an investment in the Placing Shares. Nothing in this paragraph
shall exclude the liability of any person for fraudulent
misrepresentation.
11. Representations, warranties, undertakings and acknowledgements
By participating in the Placing each Placee (and any person
acting on such Placee's behalf) irrevocably acknowledges, confirms,
undertakes, represents, warrants and agrees (as the case may be)
with SCM (in its capacity as bookrunner and placing agent of the
Company in respect of the Placing) and the Company, in each case as
a fundamental term of their application for Placing Shares, the
following:
1. it has read and understood this Announcement in its entirety
and its subscription for Placing Shares is subject to and based
upon all the terms, conditions, representations, warranties,
acknowledgements, agreements and undertakings and other information
contained herein and it has not relied on, and will not rely on,
any information given or any representations, warranties or
statements made at any time by any person in connection with the
Placing, the Company, the Placing Shares or otherwise other than
the information contained in the Placing Documents and the Publicly
Available Information;
2. the Ordinary Shares are admitted to trading on AIM and that
the Company is therefore required to publish certain business and
financial information in accordance with the rules and practices of
AIM, which includes a description of the Company's business and the
Company's financial information, including balance sheets and
income statements, and that it is able to obtain or has access to
such information without undue difficulty, and is able to obtain
access to such information or comparable information concerning any
other publicly traded companies, without undue difficulty;
3. to be bound by the terms of the Articles of Association of the Company;
4. the person whom it specifies for registration as holder of
the Placing Shares will be (a) itself or (b) its nominee, as the
case may be. Neither SCM or the Company will be responsible for any
liability to stamp duty or stamp duty reserve tax or other similar
taxes or duties imposed in any jurisdiction (including interest and
penalties relating thereto) ("Indemnified Taxes"). Each Placee and
any person acting on behalf of such Placee agrees to indemnify SCM
and the Company on an after-tax basis in respect of any Indemnified
Taxes;
5. neither SCM nor any of its affiliates agents, directors, officers and employees accepts any responsibility for any acts or omissions of the Company or any of the directors of the Company or any other person in connection with the Placing;
6. time is of the essence as regards its obligations under this Appendix;
7. any document that is to be sent to it in connection with the
Placing will be sent at its risk and may be sent to it at any
address provided by it to SCM;
8. it will not redistribute, forward, transfer, duplicate or
otherwise transmit this Announcement or any part of it, or any
other presentational or other material concerning the Placing
(including electronic copies thereof) to any person and represents
that it has not redistributed, forwarded, transferred, duplicated,
or otherwise transmitted any such documents to any person;
9. no prospectus or other offering document is required under
the EU Prospectus Regulation or UK Prospectus Regulation, nor will
one be prepared in connection with the Bookbuild, the Placing or
the Placing Shares and it has not received and will not receive a
prospectus or other offering document in connection with the
Bookbuild, the Placing or the Placing Shares;
10. in connection with the Placing, SCM and any of its
affiliates acting as an investor for its own account may subscribe
for Placing Shares in the Company and in that capacity may retain,
purchase or sell for its own account such Placing Shares in the
Company and any securities of the Company or related investments
and may offer or sell such securities or other investments
otherwise than in connection with the Placing. Accordingly,
references in this Announcement to the Placing Shares being issued,
offered or placed should be read as including any issue, offering
or placement of such shares in the Company to SCM or any of its
affiliates acting in such capacity;
11. SCM and its affiliates may enter into financing arrangements
and swaps with investors in connection with which SCM and any of
its affiliates may from time to time acquire, hold or dispose of
such securities of the Company, including the Placing Shares;
12. SCM does not intend to disclose the extent of any investment
or transactions referred to in paragraphs 10 and 11 above otherwise
than in accordance with any legal or regulatory obligation to do
so;
13. SCM does not owe any fiduciary or other duties to any Placee
in respect of any representations, warranties, undertakings or
indemnities in the Placing Agreement;
14. its participation in the Placing is on the basis that it is
not and will not be a client of SCM in connection with its
participation in the Placing and that SCM has no duties or
responsibilities to it for providing the protections afforded to
its clients or customers or for providing advice in relation to the
Placing nor in respect of any representations, warranties,
undertakings or indemnities contained in the Placing Agreement nor
for the exercise or performance of any of its rights and
obligations thereunder including any rights to waive or vary any
conditions or exercise any termination right;
15. the content of the Placing Documents and the Publicly
Available Information has been prepared by and is exclusively the
responsibility of the Company (and such other persons specifically
identified as accepting responsibility to certain parts thereto)
and neither SCM nor any of its affiliates agents, directors,
officers or employees nor any person acting on behalf of any of
them is responsible for or has or shall have any responsibility or
liability for any information, representation or statement
contained in, or omission from, the Placing Documents, the Publicly
Available Information or otherwise nor will they be liable for any
Placee's decision to participate in the Placing based on any
information, representation, warranty or statement contained in the
Placing Documents, the Publicly Available Information or otherwise,
provided that nothing in this paragraph excludes the liability of
any person for fraudulent misrepresentation made by such
person;
16. the only information on which it is entitled to rely and on
which such Placee has relied in committing itself to subscribe for
Placing Shares is contained in the Placing Documents or any
Publicly Available Information (save that in the case of Publicly
Available Information, a Placee's right to rely on that information
is limited to the right that such Placee would have as a matter of
law in the absence of this paragraph 16), such information being
all that such Placee deems necessary or appropriate and sufficient
to make an investment decision in respect of the Placing
Shares;
17. it has neither received nor relied on any other information
given, or representations, warranties or statements, express or
implied, made, by SCM nor the Company nor any of their respective
affiliates, agents, directors, officers or employees acting on
behalf of any of them (including in any management presentation
delivered in respect of the Bookbuild) with respect to the Company,
the Placing or the Placing Shares or the accuracy, completeness or
adequacy of any information contained in the Placing Documents, or
the Publicly Available Information or otherwise;
18. neither SCM or the Company nor any of their respective
affiliates, agents, directors, officers or employees or any person
acting on behalf of any of them has provided, nor will provide, it
with any material or information regarding the Placing Shares or
the Company or any other person other than the information in the
Placing Documents or the Publicly Available Information; nor has it
requested any of SCM or the Company or any of their respective
affiliates or any person acting on behalf of any of them to provide
it with any such material or information;
19. neither SCM or the Company will be liable for any Placee's
decision to participate in the Placing based on any other
information, representation, warranty or statement, provided that
nothing in this paragraph excludes the liability of any person for
fraudulent misrepresentation made by that person;
20. it may not rely, and has not relied, on any investigation
that SCM, any of its affiliates or any person acting on its behalf,
may have conducted with respect to the Placing Shares, the terms of
the Placing or the Company, and none of such persons has made any
representation, express or implied, with respect to the Company,
the Placing, the Placing Shares or the accuracy, completeness or
adequacy of the information in the Placing Documents, the Publicly
Available Information or any other information;
21. in making any decision to subscribe for Placing Shares it:
(a) has such knowledge and experience in financial and business
matters to be capable of evaluating the merits and risks of
subscribing for the Placing Shares;
(b) will not look to SCM for all or part of any such loss it may suffer;
(c) is experienced in investing in securities of this nature in
this sector and is aware that it may be required to bear, and is
able to bear, the economic risk of an investment in the Placing
Shares;
(d) is able to sustain a complete loss of an investment in the Placing Shares;
(e) has no need for liquidity with respect to its investment in the Placing Shares;
(f) has made its own assessment and has satisfied itself
concerning the relevant tax, legal, currency and other economic
considerations relevant to its investment in the Placing Shares;
and
(g) has conducted its own due diligence, examination,
investigation and assessment of the Company and Group, the Placing
Shares and the terms of the Placing and has satisfied itself that
the information resulting from such investigation is still current
and relied on that investigation for the purposes of its decision
to participate in the Placing;
22. it is subscribing for the Placing Shares for its own account
or for an account with respect to which it exercises sole
investment discretion and has the authority to make and does make
the acknowledgements, representations and agreements contained in
this Appendix;
23. it is acting as principal only in respect of the Placing or,
if it is acting for any other person, it:
(a) is duly authorised to do so and has full power to make the
acknowledgments, representations and agreements herein on behalf of
each such person; and
(b) will remain liable to the Company and/or SCM for the
performance of all its obligations as a Placee in respect of the
Placing (regardless of the fact that it is acting for another
person);
24. it and any person acting on its behalf is entitled to
subscribe for the Placing Shares under the laws and regulations of
all relevant jurisdictions that apply to it and that it has fully
observed such laws and regulations, has capacity and authority and
is entitled to enter into and perform its obligations as a
subscriber of Placing Shares and will honour such obligations, and
has obtained all such governmental and other guarantees, permits,
authorisations, approvals and consents which may be required
thereunder and complied with all necessary formalities to enable it
to commit to this participation in the Placing and to perform its
obligations in relation thereto (including, without limitation, in
the case of any person on whose behalf it is acting, all necessary
consents and authorities to agree to the terms set out or referred
to in this Appendix) and will honour such obligations and that it
has not taken any action or omitted to take any action which will
or may result in SCM or the Company or any of their respective
directors, officers, agents, employees or advisers acting in breach
of the legal or regulatory requirements of any jurisdiction in
connection with the Placing;
25. where it is subscribing for Placing Shares for one or more
managed accounts, it is authorised in writing by each managed
account to subscribe for the Placing Shares for each managed
account;
26. it irrevocably appoints any duly authorised officer of SCM
as its agent for the purpose of executing and delivering to the
Company and/or its registrars any documents on its behalf necessary
to enable it to be registered as the holder of any of the Placing
Shares for which it agrees to subscribe for upon the terms of this
Appendix;
27. the Placing Shares have not been and will not be registered
or otherwise qualified and that a prospectus will not be cleared in
respect of any of the Placing Shares under the securities laws or
legislation of the Restricted Jurisdictions, or any state,
province, territory or jurisdiction thereof;
28. the Placing Shares may not be offered, sold, or delivered,
directly or indirectly, in or into the Restricted Jurisdictions or
any jurisdiction (subject to certain exceptions) in which it would
be unlawful to do so and no action has been or will be taken by any
of the Company or SCM or any person acting on behalf of the Company
or SCM that would, or is intended to, permit a public offer of the
Placing Shares in the Restricted Jurisdictions or any country or
jurisdiction, or any state, province, territory or jurisdiction
thereof, where any such action for that purpose is required;
29. no action has been or will be taken by any of the Company or
SCM or any person acting on behalf of the Company or SCM that
would, or is intended to, permit a public offer of the Placing
Shares in the United States or in any country or jurisdiction where
any such action for that purpose is required;
30. unless otherwise specifically agreed with SCM, it is not and
at the time the Placing Shares are subscribed for, neither it nor
the beneficial owner of the Placing Shares will be, a resident of,
nor have an address in, Australia, New Zealand, Japan, the Republic
of South Africa or any province or territory of Canada;
31. it may be asked to disclose in writing or orally to SCM:
(a) if he or she is an individual, his or her nationality; or
(b) if he or she is a discretionary fund manager, the
jurisdiction in which the funds are managed or owned;
32. unless otherwise agreed in writing with the Company and SCM,
it is and the prospective beneficial owner of the Placing Shares
is, and at the time the Placing Shares are subscribed for will be
outside the United States and is acquiring the Placing Shares in an
"offshore transaction" as defined in, and in accordance with,
Regulation S under the US Securities Act;
33. it has not been offered to purchase or subscribe for Placing
Shares by means of any "directed selling efforts" as defined in
Regulation S under the US Securities Act or by means of any
"general solicitation" or "general advertising" within the meaning
of Regulation D under the US Securities Act;
34. it understands that the Placing Shares have not been, and
will not be, registered under the US Securities Act and may not be
offered, sold or resold, pledged or delivered in or into or from
the United States except pursuant to (i) an effective registration
statement under the US Securities Act; or (ii) pursuant to an
exemption from the registration requirements of the US Securities
Act and, in each case, in accordance with applicable United States
state securities laws and regulations;
35. it (and any account for which it is purchasing) is not
acquiring the Placing Shares with a view to any offer, sale or
distribution thereof within the meaning of the US Securities
Act;
36. it will not distribute, forward, transfer or otherwise
transmit this Announcement or any part of it, or any other
presentational or other materials concerning the Placing in or into
or from the United States (including electronic copies thereof) to
any person, and it has not distributed, forwarded, transferred or
otherwise transmitted any such materials to any person;
39. it understands that any investment or investment activity to
which this Announcement relates is available only to, in the United
Kingdom, Relevant Persons, in any Relevant State, Qualified
Investors, and will be engaged in only with such persons, and
further understands that this Announcement must not be acted on or
relied on by persons who are not, in the United Kingdom, Relevant
Persons and, in any Relevant State, Qualified Investors ;
40. it has not offered or sold and will not offer or sell any
Placing Shares to persons in the EEA except to Qualified Investors
or otherwise in circumstances which have not resulted in and which
will not result in an offer to the public in any member state of
the EEA within the meaning of the EU Prospectus Regulation;
41. if a financial intermediary, as that term is used in Article
5(1) of the EU Prospectus Regulation and the UK Prospectus
Regulation, the Placing Shares subscribed for/purchased by it in
the Placing will not be acquired on a non-discretionary basis on
behalf of, nor will they be acquired with a view to their offer or
resale to, persons in a member state of the EEA which has
implemented the EU Prospectus Regulation other than Qualified
Investors or persons in the United Kingdom other than Relevant
Persons, or in circumstances in which the prior consent of SCM has
been given to each proposed offer or resale;
42. if in the United Kingdom, that it is a person (i) having
professional experience in matters relating to investments who
falls within the definition of "investment professionals" in
Article 19(5) of the Order or (ii) who falls within Article 49(2)
(a) to (d) ("High Net Worth Companies, Unincorporated Associations,
etc") of the Order, or (iii) to whom it may otherwise lawfully be
communicated;
43. it has not offered or sold and will not offer or sell any
Placing Shares to persons in the United Kingdom, except to persons
whose ordinary activities involve them in acquiring, holding,
managing or disposing of investments (as principal or agent) for
the purposes of their business or otherwise in circumstances which
have not resulted and which will not result in an offer to the
public in the United Kingdom within the meaning of section 85(1) of
the Financial Services and Markets Act 2000, as amended
("FSMA");
44. it has only communicated or caused to be communicated and
will only communicate or cause to be communicated any invitation or
inducement to engage in investment activity (within the meaning of
section 21 of FSMA) relating to the Placing Shares in circumstances
in which section 21(1) of FSMA does not require approval of the
communication by an authorised person and it acknowledges and
agrees that the Placing Documents have not and will not have been
approved by SCM in its capacity as an authorised person under
section 21 of the FSMA and it may not therefore be subject to the
controls which would apply if it was made or approved as a
financial promotion by an authorised person;
45. it has complied and will comply with all applicable laws
with respect to anything done by it or on its behalf in relation to
the Placing Shares (including all applicable provisions in FSMA and
UK MAR) in respect of anything done in, from or otherwise
involving, the United Kingdom);
46. if it is a pension fund or investment company, its
subscription for/purchase of Placing Shares is in full compliance
with applicable laws and regulations;
47. it has complied with its obligations under the Criminal
Justice Act 1993 and Articles 8, 10 and 12 of UK MAR and in
connection with money laundering and terrorist financing under the
Proceeds of Crime Act 2002 (as amended), the Terrorism Act 2000,
the Terrorism Act 2006 and the Money Laundering, Terrorist
Financing and Transfer of Funds (Information on the Payer)
Regulations 2017 and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any government
agency having jurisdiction in respect thereof (the "Regulations")
and the Money Laundering Sourcebook of the FCA and, if making
payment on behalf of a third party, that satisfactory evidence has
been obtained and recorded by it to verify the identity of the
third party as required by the Regulations;
48. in order to ensure compliance with the Regulations, SCM (for
itself and as agent on behalf of the Company) or the Company's
registrars may, in their absolute discretion, require verification
of its identity. Pending the provision to SCM or the Company's
registrars, as applicable, of evidence of identity, definitive
certificates in respect of the Placing Shares may be retained at
SCM's absolute discretion or, where appropriate, delivery of the
Placing Shares to it in uncertificated form may be delayed at SCM's
or the Company's registrars', as the case may be, absolute
discretion. If within a reasonable time after a request for
verification of identify SCM (for itself and as agent on behalf of
the Company) or the Company's registrars have not received evidence
satisfactory to them, either SCM and/or the Company may, at its
absolute discretion, terminate its commitment in respect of the
Placing, in which event the monies payable on acceptance of
allotment will, if already paid, be returned without interest to
the account of the drawee's bank from which they were originally
debited;
49. the allocation, allotment, issue and delivery to it, or the
person specified by it for registration as holder, of Placing
Shares will not give rise to a stamp duty or stamp duty reserve tax
liability under (or at a rate determined under) any of sections 67,
70, 93 or 96 of the Finance Act 1986 (depositary receipts and
clearance services) and that the Placing Shares are not being
acquired in connection with arrangements to issue depositary
receipts or to issue or transfer Placing Shares into a clearance
service;
50. it (and any person acting on its behalf) has the funds
available to pay for the Placing Shares for which it has agreed to
subscribe and acknowledges and agrees that it will make payment in
respect of the Placing Shares allocated to it in accordance with
this Appendix on the due time and date set out herein, failing
which the relevant Placing Shares may be placed with other
subscribers or sold as SCM may in its sole discretion determine and
without liability to such Placee, who will remain liable for any
amount by which the net proceeds of such sale falls short of the
product of the relevant Issue Price and the number of Placing
Shares allocated to it and will be required to bear any stamp duty,
stamp duty reserve tax or other taxes or duties (together with any
interest, fines or penalties) imposed in any jurisdiction which may
arise upon the sale of such Placee's Placing Shares;
51. any money held in an account with SCM on behalf of the
Placee and/or any person acting on behalf of the Placee and/or any
person acting on behalf of the Placee will not be treated as client
money within the meaning of the relevant rules and regulations of
the FCA made under the FSMA. Each Placee acknowledges that the
money will not be subject to the protections conferred by the
client money rules: as a consequence this money will not be
segregated from SCM's money in accordance with the client money
rules and will be held by it under a banking relationship and not
as trustee;
52. its allocation (if any) of Placing Shares will represent a
maximum number of Placing Shares which it will be entitled, and
required, to subscribe for, and that SCM or the Company may call
upon it to subscribe for a lower number of Placing Shares (if any),
but in no event in aggregate more than the aforementioned
maximum;
53. neither SCM nor any of its affiliates, nor any person acting on behalf of them, is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing;
54. if it has received any 'inside information' (for the
purposes of UK MAR and section 56 of the Criminal Justice Act 1993)
in relation to the Company and its securities in advance of the
Placing, it confirms that it has received such information within
the market soundings regime provided for in article 11 of UK MAR
and associated delegated regulations and it has not:
(a) used that inside information to acquire or dispose of
securities of the Company or financial instruments related thereto
or cancel or amend an order concerning the Company's securities or
any such financial instruments;
(b) used that inside information to encourage, require,
recommend or induce another person to deal in the securities of the
Company or financial instruments related thereto or to cancel or
amend an order concerning the Company's securities or such
financial instruments; or
(c) disclosed such information to any person, prior to the
information being made publicly available;
55. the rights and remedies of the Company and SCM under the
terms and conditions in this Appendix are in addition to any rights
and remedies which would otherwise be available to each of them and
the exercise or partial exercise of one will not prevent the
exercise of others; and
56. these terms and conditions of the Placing and any agreements
entered into by it pursuant to the terms and conditions of the
Placing, and all non-contractual or other obligations arising out
of or in connection with them, shall be governed by and construed
in accordance with the laws of England and it submits (on behalf of
itself and on behalf of any person on whose behalf it is acting) to
the exclusive jurisdiction of the English courts as regards any
claim, dispute or matter arising out of any such contract
(including any dispute regarding the existence, validity or
termination of such contract or relating to any non- contractual or
other obligation arising out of or in connection with such
contract), except that enforcement proceedings in respect of the
obligation to make payment for the Placing Shares (together with
any interest chargeable thereon) may be taken by either the Company
or SCM in any jurisdiction in which the relevant Placee is
incorporated or in which any of its securities have a quotation on
a recognised stock exchange.
The foregoing representations, warranties, confirmations,
acknowledgements, agreements and undertakings are given for the
benefit of the Company as well SCM and are irrevocable. SCM, the
Company and their respective affiliates and others will rely upon
the truth and accuracy of the foregoing representations,
warranties, confirmations, acknowledgements, agreements and
undertakings.
Each prospective Placee, and any person acting on behalf of such
Placee, irrevocably authorises the Company and SCM to produce this
Announcement, pursuant to, in connection with, or as may be
required by any applicable law or regulation, administrative or
legal proceeding or official inquiry with respect to the matters
set forth herein.
By participating in the Placing, each Placee (and any person
acting on such Placee's behalf) agrees to indemnify on an after tax
basis and hold the Company, SCM and their respective affiliates,
agents, directors, officers and employees harmless from any and all
costs, claims, liabilities and expenses (including legal fees and
expenses) arising out of or in connection with any breach of the
representations, warranties, acknowledgements, agreements and
undertakings given by the Placee (and any person acting on such
Placee's behalf) in this Appendix or incurred by SCM, the Company
or any of their respective affiliates, agents, directors, officers
or employees arising from the performance of the Placees'
obligations as set out in this Announcement, and further agrees
that the provisions of this Appendix shall survive after completion
of the Placing.
12. Taxation
The agreement to allot and issue certain of the Placing Shares
by the Company to Placees (and/or to persons for whom such Placee
is contracting as agent) free of stamp duty and stamp duty reserve
tax relates only to their allotment and issue to Placees, or such
persons as they nominate as their agents, direct from the Company
for the Placing Shares in question.
There should be no liability to stamp duty or SDRT arising on
the allotment of the Placing Shares by the Company. The
registration of and the issue of definitive share certificates to
Ordinary Shareholders should not give rise to any liability to
stamp duty or SDRT.
In addition, neither UK stamp duty nor SDRT should arise on the
transfers/sale of Ordinary Shares on AIM (including instruments
transferring Shares and agreements to transfer Ordinary
Shares).
Such agreement also assumes that the Placing Shares are not
being acquired in connection with arrangements to issue depositary
receipts or to issue or transfer the Placing Shares into a
clearance service. If there are any such arrangements, or the
settlement relates to any other dealing in the Placing Shares,
stamp duty or stamp duty reserve tax or other similar taxes or
duties may be payable, for which neither the Company nor SCM will
be responsible and the Placees shall indemnify the Company and SCM
on an after-tax basis for any stamp duty or stamp duty reserve tax
or other similar taxes or duties (together with interest, fines and
penalties) in any jurisdiction paid by the Company or SCM in
respect of any such arrangements or dealings. If this is the case,
each Placee should seek its own advice and notify SCM accordingly.
Placees are advised to consult with their own advisers regarding
the tax aspects of the subscription for Placing Shares.
The Company and SCM are not liable to bear any taxes that arise
on a sale of Placing Shares subsequent to their acquisition by
Placees, including any taxes arising otherwise than under the laws
of any country in the EEA. Each prospective Placee should,
therefore, take its own advice as to whether any such tax liability
arises and notify SCM and the Company accordingly. Furthermore,
each prospective Placee agrees to indemnify on an after-tax basis
and hold SCM and/or the Company and their respective affiliates
harmless from any and all interest, fines or penalties in relation
to stamp duty, stamp duty reserve tax and all other similar duties
or taxes in any jurisdiction to the extent that such interest,
fines or penalties arise from the unreasonable default or delay of
that Placee or its agent.
In addition, Placees should note that they will be liable for
any stamp duty and all other stamp, issue, securities, transfer,
registration, documentary or other duties or taxes (including any
interest, fines or penalties relating thereto) payable, whether
inside or outside the UK, by them or any other person on the
subscription, acquisition, transfer or sale by them of any Placing
Shares or the agreement by them to subscribe for, acquire, transfer
or sell any Placing Shares.
No statement in the Placing Documents is intended to be a profit
forecast or estimate, and no statement in the Placing Documents
should be interpreted to mean that earnings per share of the
Company for the current or future financial years would necessarily
match or exceed the historical published earnings per share of the
Company. Past performance is no guide to future performance and
persons needing advice should consult an independent financial
adviser.
The price of shares and any income expected from them may go
down as well as up and investors may not get back the full amount
invested upon disposal of the shares. Past performance is no guide
to future performance, and persons needing advice should consult an
independent financial adviser.
The New Shares to be issued pursuant to the Proposals will not
be admitted to trading on any stock exchange other than AIM, a
market operated by the London Stock Exchange plc.
APPIX II
The following definitions apply to this Announcement as the
context shall admit:
"GBP", "GBP", "pounds", are to the lawful currency of the UK
"pound sterling"
or "sterling",
"p", "penny" or
"pence"
Admission admission of the New Shares to trading on
AIM becoming effective in accordance with
the AIM Rules
AIM AIM, a market operated by the London Stock
Exchange
AIM Rules the AIM Rules for Companies published by the
London Stock Exchange
Announcement this Announcement, including the appendices
and the terms and conditions of the Placing
set out in Appendix I
Articles of Association the articles of association of the Company
or Articles as at the date of this Agreement
Bookbuild the bookbuilding process to be conducted by
SCM to arrange participation by Placees in
the Placing
Certificated or not in uncertificated form (that is, not in
in Certificated CREST)
form
City Code The City Code on Takeovers and Mergers
Company or DP DP Poland plc
Poland
CREST the computerised settlement system to facilitate
transfer of the title to an interest in securities
in uncertificated form operated by Euroclear
CREST Regulations the Uncertificated Securities Regulations
2001, including (i) any enactment or subordinate
legislation which amends or supersedes those
regulations; and (ii) any applicable rules
made under those regulations or any such enactment
or subordinate legislation for the time being
in force
Directors or Board the directors of the Company for the time
being, together being the board of directors
Domino's Pizza the brand owned and exploited by the DPI Group
DPI Group DPI and its affiliates
EEA European Economic Area
Enlarged Share the Existing Ordinary Shares, together with
Capital the N ew Shares, being the Ordinary Shares
in issue immediately following Admission
EU MAR the Market Abuse Regulation (EU) 596/2014
EU Prospectus Prospectus Regulation (EU) 2017/1129
Regulation
Euroclear Euroclear UK & International Limited
EUWA the European Union (Withdrawal) Act 2018
EUR or Euro Euros
Existing Ordinary the 652,373,431 Ordinary Shares in issue at
Shares the date of this Announcement
FCA the UK Financial Conduct Authority
FSMA the Financial Services and Markets Act 2000
Fundraising together the Placing, the M&M Subscription
and any other potential Subscriptions
Group the Company and its subsidiary undertakings
(and "Group Company" shall be construed accordingly)
Issue Price 8p per Ordinary Share
London Stock Exchange London Stock Exchange plc
M&M Subscription the proposed subscription of the M&M Subscription
Shares at the Issue Price pursuant to the
terms of the M&M Subscription Letter
M&M Subscription the conditional subscription letter expected
Letter to be entered into following the release of
this Announcement between the Company and
M& M pursuant to which it shall subscribe
for the M&M Subscription Shares
M&M Subscription the 31,875,000 new Ordinary Shares expected
Shares to be issued by the Company pursuant to the
M&M Subscription
MiFID II EU Directive 2014/65/EU on markets in financial
instruments
MiFIR the Market in Financial Instruments Regulation
(EU) 600/2014 as it forms part of UK domestic
law by virtue of the EUWA
New Shares up to 59,500,000 new Ordinary Shares expected
to be issued pursuant to the Fundraising,
comprising the Placing Shares, the M&M Subscription
Shares and any Subscriptions' Shares
Ordinary Shares ordinary shares of GBP0.005 each in the capital
of the Company
Panel the UK Panel on Takeovers and Mergers
Placees persons who agree to subscribe for Placing
Shares at the Issue Price
Placing the conditional placing by SCM (or its respective
agents) as agent of the Company of the Placing
Shares at the Issue Price, in accordance with
the Placing Agreement
Placing Agreement the agreement dated 18 August 2022 between
the Company and SCM relating to the Placing
Placing Documents this Announcement and the announcement of
the results of the Placing
Placing Shares the new Ordinary Shares expected to be issued
pursuant to the Placing
Poland the Republic of Poland
Proposals the Fundraising and Admission
Publicly Available any information publicly announced through
Information a regulatory information service by or on
behalf of the Company on or prior to the date
of this Announcement
Regulation S Regulation S promulgated under the Securities
Act
R estricted Jurisdictions United States, Australia, Canada, the Republic
of South Africa or Japan or in any jurisdiction
in which such publication or distribution
is unlawful
SCM Singer Capital Markets Securities Limited
SDRT Stamp Duty Reserve Tax
Securities Act the US Securities Act of 1933, as amended
Shareholder a holder of Existing Ordinary Shares
Subscriptions the potential direct subscriptions of the
Subscriptions' Shares at the Issue Price which
may take place alongside (but outside of)
the Placing
Subscriptions' the new Ordinary Shares which may be issued
Shares by the Company pursuant to the Subscriptions
subsidiary or subsidiary have the meaning given to such term in the
undertaking Companies Act 2006
uncertificated in respect of a share or other security, where
or in uncertificated that share or other security is recorded on
form the relevant register of the share or security
concerned as being held in uncertificated
form in CREST and title to which may be transferred
by means of CREST
UK or United Kingdom the United Kingdom of Great Britain and Northern
Ireland
UK MAR the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue
of the EUWA
UK Prospectus Prospectus Regulation (EU) 2017/1129 as it
Regulation forms part of UK domestic law by virtue of
the EUWA
United States the United States of America, its territories
or United States and possessions, any state of the United States
of America or US of America, the District of Columbia and all
other areas subject to its jurisdiction and
any political sub-division thereof
US dollar or $ the lawful currency of the United States
VAT UK value added tax or its equivalent in Poland,
as applicable
Zloty or PLN the lawful currency of Poland
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END
IOEBKFBNPBKDQFD
(END) Dow Jones Newswires
August 18, 2022 11:37 ET (15:37 GMT)
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