Flowgroup plc Result of Open Offer (3939N)

TIDMFLOW

RNS Number : 3939N

Flowgroup plc

18 May 2015

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT

THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY RIGHTS, ORDINARY SHARES OR OTHER SECURITIES OF THE COMPANY AND NEITHER THIS ANNOUNCEMENT NOR ANYTHING HEREIN FORMS THE BASIS FOR ANY CONTRACT OR COMMITMENT WHATSOEVER. RIGHTS, ORDINARY SHARES OR OTHER SECURITIES OF THE COMPANY MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OF AMERICA ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION AND THE RIGHTS OR ORDINARY SHARES DESCRIBED HEREIN WILL BE SOLD IN ACCORDANCE WITH ALL APPLICABLE LAWS AND REGULATIONS.

18 May 2015

Flowgroup PLC

("Flowgroup" or the "Company")

Result of Open Offer

On 30 April 2015, Flowgroup plc (AIM: FLOW), which develops and commercialises alternative and efficient energy technology products, announced a conditional Firm Placing to raise approximately GBP21.0m and an Open Offer to raise up to approximately GBP2.0m, both before expenses.

The Open Offer closed for acceptances at 11.00 a.m. on 15 May 2015 and the Company is pleased to announce that it has received valid acceptances in respect of 4,352,390 Open Offer Shares from Qualifying Shareholders which includes applications for 1,843,147 Open Offer Shares under the Excess Application Facility. This represents 62.0 per cent. of the Open Offer Shares offered. The Company has therefore raised a total of GBP22.2 million, before expenses, from the Firm Placing and Open Offer.

The new ordinary shares to be issued pursuant to the Firm Placing and Open Offer remain subject to the passing of the Resolutions at the General Meeting to be held at 10:30 a.m. today at Third Floor, Castlefield House, Liverpool Road, Castlefield, Manchester, M3 4SB.

Capitalised terms in this announcement have the meanings given to them in the Circular dated 30 April 2015 ("Circular").

For further information, please contact:

 
 Flowgroup plc                               www.flowgroup.uk.com 
 Tony Stiff, Group Chief Executive           Tel: +44 (0)20 
  Officer                                     3137 4525 
 Nigel Canham, Chief Financial 
  Officer 
 
 Investec Bank plc (NOMAD, joint             Tel: +44 (0)20 
  Financial Adviser and joint Broker)         7597 4000 
 Christopher Baird / Daniel Adams 
  / Ben Williams 
 
 Cenkos Securities plc (joint Financial      Tel: +44 (0)20 
  Adviser and joint Broker)                   7397 8900 
 Stephen Keys / Christopher Golden 
  (Corporate Finance) 
  Julian Morse (Sales) 
 
 Walbrook PR Ltd                             Tel: [phone] 
                                              or [e-mail] 
 Paul McManus (Media Relations)                     Mob: [phone] 
                                                     893 
 
 

This announcement does not constitute an offer to sell or an invitation to subscribe for, or solicitation of an offer to subscribe for or buy New Ordinary Shares to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation. In particular, this announcement must not be taken, transmitted, distributed or sent, directly or indirectly, in, or into, the United States of America, Canada, Australia, Japan or the Republic of South Africa or transmitted, distributed or sent to, or by, any national, resident or citizen of such countries. Accordingly, the New Ordinary Shares may not, subject to certain exceptions, be offered or sold, directly or indirectly, in, or into, the United States of America, Canada, Australia, Japan or the Republic of South Africa or in any other country, territory or possession where to do so may contravene local securities laws or regulations. The New Ordinary Shares have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) or under the securities legislation of any state of the United States of America, any province or territory of Canada, Australia, Japan or the Republic of South Africa and they may not be offered or sold, directly or indirectly, within the United States of America or Canada, Australia, Japan or the Republic of South Africa or to or for the account or benefit of any national, citizen or resident of the United States of America, Canada, Japan or the Republic of South Africa or to any US person (within the definition of Regulation S made under the US Securities Act 1933 (as amended)).

This information is provided by RNS

The company news service from the London Stock Exchange

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