TIDMNWOR
RNS Number : 3519O
National World PLC
08 February 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN
OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY
JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED
HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION
WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS
INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
National World plc
("National World" or the "Company")
Further issues of loan notes
National World (LSE: NWOR) is pleased to announce that, further
to its announcement on 21 January 2021, it has issued a further GBP
5.9 million of convertible loan notes on the same terms as those
issued on 31 December 2020 and 21 January 2021.
Financing update
The further issue of GBP5.9 million of convertible loan notes
reflects strong investor demand and National World has now issued
GBP20.0 million of convertible loan notes in aggregate, the maximum
allowed under the convertible loan note documentation.
If all GBP20.0 million of the convertible loan notes were
converted into new ordinary shares of nominal value 0.1 pence each
in the capital of the Company ("Ordinary Shares") on 30 April 2021,
such conversions would result in the issue of a further 205 million
Ordinary Shares representing 79 % of the Company's share capital as
enlarged by the conversion of such 10% convertible loan notes.
Trading in the Ordinary Shares
As announced on 31 December 2020, trading in the Ordinary Shares
has been suspended since 2 December 2019. For trading to resume,
the Company will be required to publish a prospectus, prepared in
accordance with the Prospectus Regulation Rules of the Financial
Conduct Authority (the "FCA"), and setting out, inter alia,
information on the JPI Group and the convertible loan notes.
Following publication of a prospectus, applications will be made
for the Ordinary Shares to be admitted to listing on the standard
segment of the Official List and to trading on the main market for
listed securities of London Stock Exchange plc (the "London Stock
Exchange").
The Company anticipates that, subject to the regulatory
approval, it will publish a prospectus and that trading in Ordinary
Shares will resume at the end April 2021.
General meeting
The Company intends to convene a general meeting prior to the
publication of a prospectus to pass resolutions to approve:
- the issue of Ordinary Shares to the loan note holders on conversion of the loan notes; and
- the issue of further Ordinary Shares to fund the Company's strategy.
Expected timetable
March 2021
- posting of notice of general meeting of the Company
April 2021
- general meeting of the Company
- publication of the prospectus
- re-admission of the Ordinary Shares to trading
For the purposes of UK MAR, the person responsible for arranging
for the release of this announcement on behalf of National World is
Vijay Vaghela, Chief Operating Officer.
- Ends -
Enquiries:
National World plc c/o Montfort Communications
David Montgomery +44 (0)77 3970
Vijay Vaghela 1634
Dowgate Capital Limited - Financial Advisers
and Brokers
James Serjeant +44 (0)20 3903
Nicholas Chambers 7715
Alvarium MB (UK) Limited - Financial Advisers +44 (0)20 7195
Zeph Sequeira 1400
Stanhope Capital LLP - Financial Advisers
Nigel Spray
Rakesh Sharma +44 (0)20 7725
Emmanuel Daïen 1800
Montfort Communications - Financial PR +44 (0)77 3970
& IR 1634
Nick Miles +44 (0)78 1234
Olly Scott 5205
Forward-looking statements
This announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance and which involve a number of
risks and uncertainties. The Company cautions readers that no
forward-looking statement is a guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as "aim", "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", or other words of
similar meaning. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual performance, results of
operations, financial condition and the development of its
financing strategies may differ materially from the forward-looking
statements contained in this announcement. In addition, even if the
Company's actual performance, results of operations, financial
condition and the development of its financing strategies are
consistent with the forward-looking statements contained in this
announcement, those results or developments may not be indicative
of results or developments in subsequent periods. A number of these
factors are beyond the Company's control. As a result, the
Company's actual future results may differ materially from the
plans, goals, and expectations set forth in the Company's
forward-looking statements. You should not place undue reliance on
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. Except as required by the FCA, the London
Stock Exchange or applicable law or regulation, the Company
expressly disclaims any obligation or undertaking to release
publicly 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 statement is
based.
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END
IODBXGDDIUGDGBI
(END) Dow Jones Newswires
February 08, 2021 09:15 ET (14:15 GMT)
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