Hornby PLC Result of General Meeting (4308Y)
December 05 2017 - 4:56AM
UK Regulatory
TIDMHRN
RNS Number : 4308Y
Hornby PLC
05 December 2017
5 December 2017
Hornby plc
("Hornby" or the "Company")
Result of General Meeting and
Result of Placing and Open Offer
On 17 November 2017, Hornby announced a proposed Acquisition and
Placing and Open Offer to raise, in aggregate, approximately
GBP12.0 million (before expenses) through the issue of 40,677,968
New Ordinary Shares at an issue price of 29.5 pence per New
Ordinary Share.
The Company is pleased to announce that at its General Meeting
held earlier today, all of the Resolutions set out in the circular
dated 17 November 2017 were duly approved.
Further to this, the Company can now confirm that it will issue,
pursuant to the Placing and Open Offer, 40,677,968 New Ordinary
Shares at 29.5 pence per share, raising approximately GBP12.0
million. The issue of New Ordinary Shares will be split as
follows:
-- 33,898,306 shares under the firm element of the Placing,
raising gross proceeds of approximately GBP10.0 million;
-- 316,912 shares taken up under the Open Offer, including
excess applications, raising gross proceeds of approximately GBP0.1
million; and
-- 6,462,750 shares under the conditional element of the
Placing, raising gross proceeds of approximately GBP1.9
million.
Application has been made for the 40,677,968 New Ordinary Shares
to be admitted to trading on AIM and it is expected that Admission
will become effective and trading will commence in the New Ordinary
Shares at 8.00 a.m. on 7 December 2017. Following Admission the
Company's issued share capital will comprise 125,261,172 Ordinary
Shares. From Admission, the figure of 125,261,172 may be used by
Shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
David Adams, Interim Chairman said,
"Since the interim results in November, we have received support
from our major shareholder and our lending bank, which has
culminated in the success of the placing and open offer. The
proceeds of the fundraising will strengthen our balance sheet and
means we are well positioned to execute the new strategy, as
outlined in the circular. We look forward to updating shareholders
on progress in due course."
Defined terms used in this announcement will have the meanings
(unless the context otherwise requires) set out in the circular
dated 17 November 2017, which is available on the Company's website
www.hornby.plc.uk.
- ends -
For further information contact:
Hornby Plc 01843 233500
Lyndon Davies, CEO Web: www.hornby.plc.uk
David Mulligan, CFO
Liberum Capital Limited
Neil Elliot
Neil Patel
Ben Roberts 020 3100 2222
Capital Access Group
Scott Fulton 020 3763 3400
This information is provided by RNS
The company news service from the London Stock Exchange
END
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