Bagir Group Ltd Result of EGM (2154N)

TIDMBAGR

RNS Number : 2154N

Bagir Group Ltd

21 October 2016

21 October 2016

Bagir Group Ltd.

("Bagir" or the "Company")

Result of EGM

Directors' holdings and total voting rights

Result of EGM

On 15 September 2016 Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, announced that it has conditionally raised gross proceeds of GBP6.4 million through a placing and subscription of, in aggregate, 183,236,754 new ordinary shares (the "New Ordinary Shares") at a price of 3.5 pence per new ordinary share (the "Placing"). The placing was arranged by N+1 Singer.

The Company is pleased to announce that at the Extraordinary General Meeting held earlier today all resolutions proposed were duly passed and accordingly the Placing will complete upon admission of the New Ordinary Shares to trading on AIM expected on or around 25 October 2016.

Issue of equity

Application has been made to the London Stock Exchange for the New Ordinary Shares together with the 20,551,247 ordinary shares to be issued to Bank Leumi Le Israel B.M. and Discount Bank Ltd. (the "Lenders") to be admitted to trading on the AIM market of the London Stock Exchange. It is expected that admission will become effective on or around 25 October 2016 ("Admission").

Further background on the issue of shares to the Lenders is set out in the Company's announcement on 25 July 2016. Bank Leumi Le Israel B.M. will receive 12,330,748 shares and Discount Bank Ltd will receive 8,220,499 shares under the refinancing agreement.

Total voting rights

Following Admission the number of ordinary shares of 0.04 New Israeli Shekels each in the capital of the Company in issue and number of voting rights will be 254,216,661. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Directors' holdings

Immediately following Admission, the Directors will together hold an aggregate of 1,185,508 shares, representing 0.46 per cent. of the share capital as enlarged by the Placing and issue of shares to the Lenders, as set out in the table below:

 
                     Number of shares             Percentage of 
                       post Admission            enlarged share 
                                         capital post Admission 
 Tessa Laws***                310,390                     0.12% 
 Eran Itzhak                  286,000                     0.11% 
 Samuel Vlodinger             419,333                     0.16% 
 Donald Stewart**             143,000                     0.06% 
 Marc Zalcman*                      -                         - 
 Udi Cohen                          -                         - 
 Fiona Holmes                  26,785                     0.01% 
 

* Marc Zalcman owns the entire issued share capital of Man Capital Holdings Ltd. which owns 2.08% of the current issued share capital of the Company. Man Capital Holdings Ltd. also owns 14 per cent. of S.G. Textile Holdings Ltd.. S.G. Textile Holdings Ltd. owns 1.14 per cent. of the issued share capital of the Company. The remaining 86 per cent. of S.G. Textile Holdings Ltd is owned by Siverboim Holdings Ltd., a company wholly owned by Zvika Barinboim. Zvika Barinboim is also the sole owner of Barinboim Properties Ltd, a substantial Shareholder of the Company. Man Capital Holdings Ltd. is subscribing for 7,846,720 Subscription Shares as part of the Placing.

** Donald Stewart's shares will be held through Ruscombe Management Services Limited.

*** 286,000 of Tessa Laws' shares will be held through her SIPP, the custodian of which is Hargreaves Lansdown (Nominees) Ltd.

For further information, please contact:

 
   Bagir Group Ltd. 
    Tessa Laws, Non-Executive 
    Chairman 
    Eran Itzhak, Chief Executive 
    Officer 
    Udi Cohen, Chief Financial 
    Officer                           [phone] 
   N+1 Singer 
    Alex Price 
    Sandy Ritchie                     [phone] 
 

Novella [phone]

Tim Robertson

Toby Andrews

This information is provided by RNS

The company news service from the London Stock Exchange

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October 21, 2016 11:00 ET (15:00 GMT)