Ultimate Finance Group PLC Placing to raise £1m (2718W)
January 27 2012 - 1:00AM
UK Regulatory
TIDMUFG
RNS Number : 2718W
Ultimate Finance Group PLC
27 January 2012
27 January 2012
Ultimate Finance Group plc
("Ultimate Finance" or the "Group")
Placing to raise GBP1m to support future growth
Ultimate Finance Group plc (AIM: UFG), a leading provider of
financial solutions to SMEs, announces a successful placing raising
approximately GBP1 million, before expenses ("the Placing").
Jeremy Coombes, Co-Founder and Chief Executive Officer,
commented: "We are delighted with the level of support received
from both new and existing shareholders. The Placing strengthens
the balance sheet and supports our future growth strategy."
Details of the Placing
The Placing, which was over subscribed, involves the issue of
7,462,040 ordinary shares of 5 pence each ("Ordinary Shares") at a
price of 13.4 pence ("the Placing Price") per Ordinary Share ("the
Placing Shares"). The Placing Price represents a discount of
approximately 5.13 per cent. to the closing mid-market price of
14.125 pence per Ordinary Share on 26 January 2012, being the last
dealing day prior to the announcement of the Placing.
The Placing is being undertaken to strengthen the Company's
balance sheet and reduce the Group's gearing ratio.
Application will be made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM. It is expected
that admission will become effective at 8.00 a.m. on 30 January
2012 ("Admission"). Immediately following Admission the Company's
issued share capital will consist of 57,259,059 Ordinary Shares
("Enlarged Share Capital")and the Placing Shares will represent
approximately 13.03 per cent. of the Enlarged Share Capital.
The Placing Shares will rank pari passu in all respects with the
existing Ordinary Shares, including the right to receive all
dividends and other distributions declared on or after the date
they are issued. It is expected that CREST accounts will be
credited with entitlements to Placing Shares as soon as practicable
after 8.00 a.m. on the day of Admission (as the case may be) and
that share certificates (where applicable) will be despatched as
soon as practicable after Admission.
Related party interests
The following directors ("the Participating Directors") have
participated in the Placing:
Placing Shares Revised Total % of Enlarged
Holding Share Capital
Roger McDowell 1,492,538 1,492,538 2.61%
Matthew Cooper 932,836 932,836 1.63%
As directors of Ultimate Finance, the Participating Directors'
participation in the Placing is classified under the AIM Rules as a
related party transaction. The independent directors of Ultimate
Finance, that is the directors excluding the Participating
Directors, having consulted with its nominated adviser, WH Ireland
Limited, consider that the terms of this transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
In addition, Helium Special Situations Fund ("Helium"), a
substantial shareholder in Ultimate Finance, has subscribed for
1,363,678 Ordinary Shares in the Placing. Immediately following
Admission the revised total holding of Helium will be 12,646,800
Ordinary Shares representing approximately 22.09% of the Enlarged
Share Capital. The directors of Ultimate Finance, having consulted
with the nominated adviser, WH Ireland Limited, consider that the
terms of this transaction are fair and reasonable insofar as the
Company's shareholders are concerned.
Voting rights
In accordance with the Disclosure and Transparency Rules (DTR
5.6.1R) the Company hereby notifies the market that immediately
following admission of the Placing Shares its issued share capital
will consist of 57,259,059 Ordinary Shares and immediately
following admission of the Conditional Placing shares its issued
share capital will consist of 57,259,059 Ordinary Shares. The
Company does not hold any shares in treasury. Shareholders may use
these figure as the denominator for the calculations by WH Ireland
they will determine if they are required to notify their interest
in, or a change to their interest in, the Company under the FSA's
Disclosure and Transparency Rules.
Contacts:
Ultimate Finance Group plc www.ultimatefinance.co.uk
Jeremy Coombes, Chief Executive Officer +44 (0) 7967 613208
Shane Horsell, Finance Director +44 (0) 7811 330828
WH Ireland Limited (Nominated Adviser and www.wh-ireland.co.uk
Broker)
John Wakefield / Marc Davies (Corporate Finance) +44 (0) 117 945 3470
Jasper Berry / Richard Smith (Corporate Broking) +44 (0) 207 220 1690
Threadneedle Communications (Financial PR) www.threadneedlepr.co.uk
John Coles / Fiona Conroy +44 (0) 20 7653 9850
About Ultimate Finance Group plc
Ultimate Finance group is a leading provider of financial
solutions to SMEs across the UK. The Company is headquartered in
Bristol with offices in Manchester, Tunbridge Wells and Birmingham
and through its three subsidiaries, (Ultimate Invoice Finance,
Ashley Commercial Finance and Ultimate Asset Finance), provides
support to SMEs by funding their growth. As bank lending to SMEs is
increasingly restricted in the current climate, the benefits of
ultimate finance's flexible and fast-moving solutions become even
more compelling.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEBFMLTMBTTBAT
Ultimate Finance (LSE:UFG)
Historical Stock Chart
From Oct 2024 to Nov 2024
Ultimate Finance (LSE:UFG)
Historical Stock Chart
From Nov 2023 to Nov 2024
