TIDMVLE
RNS Number : 8287D
Volvere PLC
30 October 2020
THIS ANNOUNCEMENT (TOGETHER WITH THE APPIX, THE "ANNOUNCEMENT")
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 OF AMERICA,
AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF IRELAND, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (596/2014/EU) ("MAR"). IN ADDITION,
MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF
CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE
RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE
INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN
POSSESSION OF INSIDE INFORMATION.
PLEASE SEE THE IMPORTANT NOTICE AT THE OF THIS ANNOUNCEMENT.
30 October 2020
Volvere plc
("Volvere", the "Group" or the " Company ")
Result of Placing of Ordinary Shares
Volvere plc (AIM: VLE), the growth and turnaround investment
company, today announces the successful completion of the placing
of 740,740 Treasury Shares announced earlier today . The Placing
was oversubscribed.
The Placing has been undertaken with new and existing investors
at a Placing Price of 1,350 pence per Treasury Share. Canaccord
Genuity Limited ("Canaccord Genuity") are acting as Broker and
Alternative Capital Investments Limited ("AltCap") is acting as
Financial Adviser in respect of the Placing. In addition, retail
investors have subscribed via the PrimaryBid platform for Treasury
Shares (the "Retail Offer Share s") at the Placing Price (the
"Retail Offer").
The Placing and the Retail Offer in aggregate comprise 740,740
Treasury Shares, which will raise gross proceeds of approximately
GBP10.0 million. The Placing Price of 1,350 pence is in line with
the middle market closing share price of the Company on 29 October
2020.
It is expected that settlement of the Placing Shares and the
Retail Offer Shares will be on 13 November 2020 unless otherwise
notified or such later time as may be agreed between the Company
and Canaccord Genuity, not being later than the Long Stop Date of
27 November 2020.
The Placing Shares and the Retail Offer Shares will, when
issued, be credited as fully paid and will rank pari passu in all
respects with each other and with the existing Ordinary Shares in
the capital of the Company, including, without limitation, the
right to receive all dividends and other distributions declared,
made or paid after the date of issue.
Following the above transaction, the Company will have 6,207,074
Ordinary Shares in issue and admitted to trading on AIM and will
hold 3,635,152 Ordinary Shares in treasury. The number of shares in
issue (excluding treasury shares), and the figure to be used as the
denominator for calculations of interests in the Company's voting
rights, is 2,571,922.
Jonathan Lander, Chief Executive Officer of Volvere, said:
"I am delighted to announce a successful Placing today, which
was over-subscribed, supported by existing and new investors. It
reflects the historic success of the Group and continued confidence
in our investment strategy. We believe the current business
environment will lead to an increase in distressed and turnaround
opportunities available to the Group. The net proceeds of the
Placing provide the Group with greater cash resources to execute on
these opportunities."
The definitions referenced in this announcement remain in line
with those from the announcement published at 7.00 a.m. (UK) on 30
October 2020, unless otherwise stated.
This Announcement is released by the Company and contains inside
information for the purposes of Article 7 of MAR, encompassing
information relating to the Placing and Retail Offer and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For further information:
Volvere plc Tel: +44 (0) 20 7634
Jonathan Lander, CEO 9707
www.volvere.co.uk
Canaccord Genuity Limited Tel: + 44 (0) 20 7523
(Joint Broker and Sole Bookrunner) 8000
Bobbie Hilliam/Alex Aylen/Georgina
McCooke
Alternative Capital Investments Tel: +44(0) 20 7399
(Financial Adviser) 3590
Gianpaolo Pera/Charlie Daniel/Gareth
Thomas
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213
(Nomad) 0880
Sandy Jamieson/James Lewis
Hobart Capital Markets LLP Tel: +44 (0) 20 7070
(Joint Broker) 5691
Lee Richardson
IMPORTANT INFORMATION
This Announcement contains (or may contain) statements that are,
or may be deemed to be, "forward-looking statements". These
forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes",
"estimates", "plans", "anticipates", "targets", "aims",
"continues", "expects", "intends", "hopes", "may", "will", "would",
"could" or "should" or, in each case, their negative or other
variations or comparable terminology. These forward-looking
statements include matters that are not facts. They appear in a
number of places throughout this Announcement and include
statements regarding the Directors' intentions, beliefs or current
expectations concerning, amongst other things, the Group's results
of operations, financial condition, liquidity, prospects, growth,
strategies and the industries in which the Group operates. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances. A number of
factors could cause actual results and developments to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation: ability to find
appropriate investments in which to invest and to realise
investments held by the Group; conditions in the public markets;
the market position of the Group; the earnings, financial position,
cash flows, return on capital and operating margins of the Group;
the anticipated investments and capital expenditures of the Group;
changing business or other market conditions; changes in political
or tax regimes, exchange rates and clients; and general economic
conditions. These and other factors could adversely affect the
outcome and financial effects of the plans and events described
herein. Forward-looking statements contained in this Announcement
based on past trends or activities should not be taken as a
representation that such trends or activities will continue in the
future. Subject to any requirement under the AIM Rules for
Companies or other applicable legislation or regulation, neither
the Company nor the Broker undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Investors should not place
undue reliance on forward-looking statements, which speak only as
of the date of this Announcement.
No statement in this Announcement or incorporated by reference
into this Announcement is intended to constitute a profit forecast
or profit estimate for any period, nor should any statement be
interpreted to mean that earnings or earnings per share will
necessarily be greater or lesser than those for the relevant
preceding financial periods for the Company.
Certain data in this Announcement, including financial,
statistical and operating information, has been rounded.
This Announcement is for information purposes only and shall not
constitute an offer to buy, sell, issue, or subscribe for, or the
solicitation of an offer to buy, sell, issue, or subscribe for any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Canaccord Genuity, which is a member of the London Stock
Exchange, is authorised and regulated in the United Kingdom by the
Financial Conduct Authority and is acting as broker for the
purposes of the AIM Rules for Companies. Alternative Capital
Investments is authorised and regulated in the United Kingdom by
the Financial Conduct Authority and is acting as financial adviser.
The Broker is acting exclusively for the Company in connection with
the matters referred to in this Announcement and for no-one else
and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients nor
for providing any advice in relation to the contents of this
Announcement or any transaction, arrangement or matter referred to
herein.
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 the
Broker or by any of their respective 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 or
publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.
The distribution of this Announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company or the Broker 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 the Broker to
inform themselves about, and to observe such restrictions.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of the Appendix or this Announcement should seek appropriate advice
before taking any action.
The Placing Shares to which this Announcement relates may be
illiquid and / or subject to restrictions on their resale.
Prospective purchasers of the Placing Shares should conduct their
own due diligence on the Placing Shares. If you do not understand
the contents of this Announcement you should consult an authorised
financial adviser.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
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END
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October 30, 2020 12:46 ET (16:46 GMT)
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