We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Richoux | LSE:RIC | London | Ordinary Share | GB00B0NYFG99 | ORD 4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.125 | 0.75 | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRIC
RNS Number : 8757H
Richoux Group PLC
13 June 2017
Richoux Group plc
Subscription to raise approximately GBP4.0 million
The Company today announces that it has raised approximately GBP4.0 million by way of a subscription (the "Subscription") of 25,277,488 new Ordinary Shares (the "Subscription Shares") at a price of 16 pence per Ordinary Share (the "Subscription Price"). The Subscription is conditional upon admission of the Subscription Shares to trading on the AIM market of the London Stock Exchange ("Admission").
The proceeds of the Subscription will be used for general working capital purposes.
Details of the Subscription
Following Admission, the Company will have 124,879,072 Ordinary Shares in issue and a market capitalisation of approximately GBP20.0 million at the Subscription Price. The Subscription Shares represent 20.2 per cent. of the issued ordinary share capital of the Company immediately following Admission. The Subscription Price is at a discount of 16 per cent. to the closing mid-market price per Ordinary Share on 12 June 2017, being the last dealing day prior to the announcement of the Subscription. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that Admission will occur on 16 June 2016.
The Subscription Shares are being allotted using the Directors' authority to allot Ordinary Shares for cash on a non-pre-emptive basis, as granted at the Company's AGM on 9 June 2017. The Subscription is neither a rights issue nor an open offer and the Subscription Shares will not be offered generally to Shareholders on a pre-emptive basis. The Directors believe that the considerable extra cost and delay involved in a rights issue or open offer would not be in the best interests of the Company in the circumstances, and accordingly, the Board considers that it is in the best interests of the Company and Shareholders as a whole for the funds to be raised through the Subscription. The Subscription has not been underwritten.
Related party transactions
Simon Morgan, Jonathan Kaye, Salvatore Diliberto, The Hon. Robert Rayne, Phillip Kaye and Michinoko Limited (the "Related Parties") will each subscribe for Subscription Shares pursuant to the Subscription ("Related Party Subscriptions"). Each of the Related Parties is a "related party" of the Company (as defined by the London Stock Exchange's AIM Rules for Companies (the "AIM Rules")) by virtue of either being a Director or an existing substantial shareholder in the Company. The Related Party Subscriptions are, accordingly treated as "related party transactions" under the AIM Rules.
The number of Subscription Shares placed with Related Parties and their resultant shareholdings following the Subscription is set out below:
Name Role Existing % of Existing Subscription Shareholding % of Shareholding Issued Shares as at issued Share subscribed Admission share Capital for capital as at Admission Non-Executive Simon Morgan Chairman 0 0.0% 125,000 125,000 0.1% Chief Executive Jonathan Kaye Officer 1,979,395 2.0% 3,125,000 5,104,395 4.1% Non-Executive Salvatore Diliberto* Director 20,963,066 21.1% 5,273,375 26,236,441 21.0% The Hon. Robert Non-Executive Rayne Director 16,313,843 16.4% 4,103,838 20,417,681 16.4% Substantial Phillip Kaye shareholder 22,533,279 22.7% 3,121,025 25,654,304 20.5% Substantial Michinoko Limited shareholder 16,762,690 16.9% 4,216,750 20,979,440 16.8%
*Of Salvatore Diliberto's 5,273,375 Subscription Shares, 2,636,687 shares are being subscribed for by his wife, Irene Diliberto.
Mehdi Gashi, being the independent Director not participating in the Subscription (the "Independent Director"), considers, having consulted with Cenkos Securities plc, the Company's Nominated Adviser for the purposes of the AIM Rules, that the terms of the Related Party Subscriptions with the Related Parties are fair and reasonable insofar as the Shareholders are concerned.
Concert Party
Due to the close family link, Jonathan Kaye and members of his extended family being Phillip Kaye, Samantha Sanson, Sam Kaye and Adam Kaye are considered a concert party (collectively, the "Concert Party") for the purposes of Rule 9 of The City Code on Takeovers and Mergers.
Shareholders will be aware that on 15 November 2016 a General Meeting of the Company was held whereby a whitewash resolution concerning the waiver of obligations for the Concert Party under Rule 9 of the City Code was passed by means of a poll of Independent Shareholders (the "Waiver"). On the basis that the maximum number of new Ordinary Shares were issued to the Concert Party at that time, the Concert Party would have a maximum controlling position of approximately 41.3 per cent. in the enlarged share capital of the Company (assuming Jonathan Kaye acquires in full the 23,027,403 Ordinary Shares granted under his share incentive arrangements).
Following the Subscription, the Concert Party's Shareholding upon Admission and their Shareholding following Admission and assuming Jonathan Kaye acquires in full the 23,027,403 Ordinary Shares granted under his Share Incentive are exercised in full will be as follows:
Registered The Concert Subscription The Concert Party's The Concert Party's Holder Party's existing Shares beneficial interest beneficial interest beneficial subscribed in the Company in the Company interest in for as at Admission as at Admission the Company and assuming Jonathan Kaye acquires in full the 23,027,403 Ordinary Shares granted under his Share Incentive Ordinary Shares Ordinary Shares Ordinary Shares Number % of Number Number % of voting Number % of voting voting rights rights rights Phillip Kaye 22,533,279 22.7% 3,121,025 25,654,304 20.5% 25,654,304 17.3% Samantha Sanson 1,123,706 1.1% 0 1,123,706 0.9% 1,123,706 0.8% Jonathan Kaye 1,979,395 2.0% 3,125,000 5,104,395 4.1% 28,131,798 19.0% Sam Kaye 901,637 0.9% 1,250,000 2,151,637 1.7% 2,151,637 1.5% Adam Kaye 741,636 0.7% 1,250,000 1,991,636 1.6% 1,991,636 1.3% Total Concert Party 27,279,653 27.4% 8,746,025 36,025,678 28.8% 59,053,081 39.9%
In the event that Admission of the Subscription Shares in full does not occur, the Subscription will not proceed.
This announcement contains inside information.
13 June 2017
Enquiries
Richoux Group plc (020) 7483 7000 Susan Ludley, Financial Controller Cenkos Securities plc (020) 7397 8900 Bobbie Hilliam
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEBLLLFDQFXBBL
(END) Dow Jones Newswires
June 13, 2017 02:01 ET (06:01 GMT)
1 Year Richoux Chart |
1 Month Richoux Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions