![](/cdn/assets/images/search/clock.png)
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 |
---|---|---|---|---|---|
Malvern International Plc | LSE:MLVN | London | Ordinary Share | GB00BNBVJZ07 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 19.00 | 23.00 | 21.00 | 21.00 | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Schools & Education Svcs,nec | 12.38M | -160k | -0.0065 | -32.31 | 5.13M |
TIDMMLVN
RNS Number : 8951F
Malvern International PLC
10 November 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
10 November 2022
Malvern International plc
( " Malvern" or the " Company " )
Placing
Total Voting Rights
Malvern International plc (AIM: MLVN), the global learning and skills development partner, announces that it has undertaken a placing of 2,500,000 new ordinary shares of 1p each ("New Ordinary Shares") at a price of 8 pence per share (the "Placing Price") to raise GBP200,000 (before expenses) which will be used principally to redeem the final tranche of Company's outstanding loan notes ("Loan Notes").
The Placing Price represents a discount of approximately 3.03 per cent to the closing mid-market price of 8.25 pence per Ordinary Share on 9 November 2022, being the latest practicable business day prior to the publication of this Announcement.
The outstanding Loan Notes amounting to GBP178,102 are held by Mr Ho Peng Cheong (the "Holder"). The Holder has agreed that the outstanding principal of the Loan Notes may be redeemed at a five per cent. discount. In addition, the Holder has agreed to sell all the ordinary shares he holds in the ordinary share capital of the Company (the "Sale"), amounting to 917,600 ordinary shares (the "Sale Shares") at the Placing Price in transactions which are expected to be executed today. Certain Directors of the Company have indicated their intention to purchase in aggregate 547,004 Sale Shares amounting to GBP43,760 as follows:
Name Amount Number of Shares Richard Mace GBP16,000 200,002 ----------- ----------------- Daniel Fisher GBP1,500 18,750 ----------- ----------------- Mark Elliott GBP13,130 164,126 ----------- ----------------- Alan Carroll GBP13,130 164,126 ----------- -----------------
Placing and Sale summary
-- The Placing has raised GBP200,000 (before expenses) through the issue of 2,500,000 New Ordinary Shares at the Placing Price.
-- The New Ordinary Shares represent approximately 10.2 per cent. of the Enlarged Issued Ordinary Share Capital.
-- The Sale will generate proceeds to the Holder of GBP73,408 through the sale of 917,600 Sale Shares at the Placing Price.
-- The Sale Shares represent approximately 4.2 per cent. of the Existing Issued Ordinary Share Capital and represent approximately 3.8 per cent of the Enlarged Issued Ordinary Share Capital
The net proceeds of the Placing will be used to satisfy the outstanding principal of the Loan Notes, outstanding interest on the Loan Notes at the date of redemption and to pay costs.
Reasons for the Loan Note redemption, Placing and Sale
The amount of principal outstanding on the Loan Notes is GBP178,102. Under existing arrangements that amount is redeemable on 31 December and if not settled by 31 January 2022 is convertible into Ordinary Shares.
The Company has agreed with the Holder that full and final settlement of the final tranche of the principal of outstanding Loan Notes can be made for GBP169,196.90 which represents a five per cent. discount. In addition, the Holder has agreed to the sale of the Sale Shares, being all of his shares in the ordinary share capital of the Company, at the Placing Price.
Previous tranches of Loan Notes have been converted and, when possible, sold by the Holder which the Directors consider has been a drag on the share price. The Directors believe a conversion of the final tranche of loan notes would exacerbate this issue. They are therefore pleased to have undertaken a successful placing to fund the redemption of the Loan Notes while also facilitating the Sale, which the Directors believe are in the best interests of shareholders.
Placing information
WH Ireland Limited ("WH Ireland") acted as sole bookrunner in connection with the Placing.
The Placing has not been underwritten by WH Ireland and is conditional inter alia on the placing agreement dated 9 November 2022 between the Company and WH Ireland (the "Placing Agreement") not having been terminated and Admission.
The New Ordinary Shares will be issued, credited as fully paid, and will rank pari passu with the Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.
Admission to trading
Application will be made to the London Stock Exchange for Admission, which is expected to become effective and dealings in the New Ordinary Shares to commence at, 8.00 a.m. on or around 14 November 2022.
Total Voting Rights
Following Admission, the Company's issued ordinary share capital will consist of 24,442,400 Ordinary Shares of which none are held in treasury. Therefore the total voting rights in the Company is 24,442,400 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
For further information please contact: Malvern International Plc www.malverninternational.com Mark Elliott - Chairman Via the website Richard Mace - Chief Executive Officer WH Ireland (NOMAD & Broker) www.whirelandcb.com Mike Coe / Sarah Mather 0207 220 1666
Notes to Editors:
Malvern International is a learning and language skills development partner, offering international students essential academic and English language skills, cultural experiences and the support they need to thrive in their academic studies, daily life and career development.
University Pathways - on and off-campus university pathway programmes helping students progress to a range of universities, as well as in-sessional and pre-sessional courses.
Malvern House Schools - British Council accredited English Language Training at English UK registered schools in London, Brighton and Manchester.
Malvern Online Academy - British Council accredited online school, offering supported tuition to students from around the world in English language, higher education, and professional education.
Juniors and summer camps - fully-immersive summer residential English language camps and bespoke group programmes for 13 to 18 year olds.
For further investor information go to www.malverninternational.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IOEBLBRTMTJMBIT
(END) Dow Jones Newswires
November 10, 2022 02:00 ET (07:00 GMT)
1 Year Malvern Chart |
1 Month Malvern 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