Pittards PLC Result of General Meeting, Open Offer and Update (4593H)

TIDMPTD

RNS Number : 4593H

Pittards PLC

27 July 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

27 July 2023

Pittards plc

("Pittards" or the "Company" )

Result of General Meeting, Open Offer and Update

Pittards (AIM : PTD), the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, announces that all the resolutions proposed at this morning's General Meeting to approve, inter alia, the resolutions required to implement the fundraising announced on 11 July 2023 ("Fundraising"), were duly passed. Unfortunately, all the other conditions of the Fundraising have not been satisfied and the Board has therefore taken the decision to terminate the Fundraising.

The Company received valid applications in the Open Offer for a total of 5,101,215 new Ordinary Shares, conditionally raising GBP204,049 for the Company pursuant to the Open Offer. Therefore, the Company conditionally raised in aggregate GBP329,049 pursuant to the Management Subscriptions and the Open Offer. These funds together with the funds available from the Trade Investor are not sufficient to meet the condition for a minimum amount of additional capital to be raised by the Company.

Following its termination, all monies subscribed by Shareholders in the Open Offer will be returned to them within 10 business days.

With the support of its bankers who have extended existing facilities to 31 August 2023, the Company will continue to consider all its strategic options for the benefit of its stakeholders which may include an orderly sale of the business and assets of the Company.

Trading in the Company's shares is currently suspended, pending publication of the final results for the year ended 31 December 2022 which in light of recent events will be further delayed.

The results of the proxy voting from the General Meeting will be available shortly on the Company's website: https://corporate.pittards.com/investors/ .

This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 11 July 2023 copies of which are available on the Company's website at https://corporate.pittards.com/investors/ . Ca pitalised terms used and not defined in this announcement have the same meaning as given in the Circular.

For further information please contact:

 
 Pittards plc              www.pittards.com 
 Stephen Yapp, Chairman 
  Reg Hankey, CEO 
  Alan Burgess, CFO        [phone] 
 WH Ireland Limited        www.whirelandplc.com/capital-markets 
 Mike Coe, Sarah Mather    [phone] 
 
 
 

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July 27, 2023 09:00 ET (13:00 GMT)