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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Darwen | LSE:DHP | London | Ordinary Share | GB00B2PGSY66 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 5023Y Darwen Holdings PLC 07 July 2008 Darwen Holdings plc (the "Company") Further re Acquisition Update Since the publication of the Company's Admission Document and announcement on 20 June 2008, the Existing Directors and the Proposed Director (the "Directors") have noted the recent decline in the Company's share price and know of no reason within the business for the decline. Noting the Company's share price and stock market conditions more broadly, the Directors have decided to amend the terms of the Placing so that the revised placing price is 30 pence per Ordinary Share. Details of the Placing (as amended) and the terms of certain other material contracts varied since the date of the Admission Document can be found in the supplementary admission document ("Supplementary Admission Document") which will today be posted to shareholders. The details of the Placing (as amended) are set out below: Details of the Placing The Placing now comprises the placing of 53,333,333 Placing Shares by the Company at the revised Placing Price to raise gross proceeds of £16 million. In addition, 5,833,333 Consideration Shares will be issued at the revised Placing Price in respect of the Acquisition. As part of the Placing, Roy Stanley has subscribed for 2,000,000 shares, Andrew Brian has subscribed for 166,667 shares and Michael Dunn has subscribed for 33,333 shares. The increased number of Placing Shares will represent approximately 49.2 per cent. of the Enlarged Share Capital immediately following Admission. On Admission, at the revised Placing Price, the Company will have a market capitalisation of approximately £33.1 million. Save as disclosed in the Supplementary Admission Document, there have been no significant changes affecting any matter contained in the Admission Document and no significant new matter has arisen, the inclusion of information in respect of which would have been required to be included in the Admission Document if it had arisen at the time of its preparation. Commenting on today's news, Chief Executive Andrew Brian said: "The current capital market climate is extraordinary, and we are keen to ensure a strong long-term partnership with our investors, so we are revising the terms of the Placing in response to recent conditions. "The acquisition of Optare remains a transformational deal for the Group and the outlook for the business is strong, particularly given the favourable macro-climate for the public transport industry and the operational progress achieved within the Group to date. The Directors' personal investment in the Placing reinforces our confidence in the future success of the business." For further information, please contact: Darwen Holdings plc +44 (0) 1254 504150 Andrew Brian Cenkos Securities plc (Nomad and broker) +44 (0) 20 7397 8900 Stephen Keys/Camilla Hume MC2 (Financial PR) +44 (0) 161 236 1352 Sarah Lindgreen/Lauren Jones REVISED PLACING STATISTICS Number of Existing Ordinary Shares 49,293,145 Number of Placing Shares 53,333,333 Placing Price Per new Ordinary Share 30 pence Number of Consideration Shares 5,833,333 Estimated Gross Proceeds of the Placing receivable by the £16 million Company Estimated net proceeds of the Placing receivable by the £14,973,000 Company Market capitalisation of the Company at the Placing Price at £33.1 million Admission Percentage of Enlarged Share Capital represented by the 48.2% Placing Shares Percentage of Enlarged Share Capital represented by the 5.3% Consideration Shares EXPECTED TIMETABLE OF PRINCIPAL EVENTS 2008 Record date 20 June Latest time and date for receipt of Forms of Proxy for the 11 July General Meeting General Meeting 11 am on 14 July Admission and commencement of dealings in New Ordinary 15 July Shares on AIM Where applicable, expected dates for CREST accounts to be 15 July credited in respect of the New Ordinary Shares Where applicable, expected date of dispatch of definitive 22 July share certificates for New Ordinary Shares by This information is provided by RNS The company news service from the London Stock Exchange END FURUUUCCMUPRGAM
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