Warpaint London PLC Results of Placing (3318W)

TIDMW7L

RNS Number : 3318W

Warpaint London PLC

13 November 2017

13 November 2017

Warpaint London PLC

("Warpaint", the "Company" or the "Group")

Results of Placing

Warpaint London PLC (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 brand, is pleased to announce the successful completion of the Placing announced earlier today.

A total of 11,157,894 Placing Shares have been placed subject to shareholder approval being obtained at a general meeting of Shareholders to be convened for 29 November 2017. The Placing Shares will be allocated to Placees at a price of 190 pence per share, raising gross proceeds of GBP21.2 million. Subject to the General Meeting and Completion of the Acquisition which was also announced earlier today, settlement and admission to trading on AIM of the Placing Shares is expected to occur on 30 November 2017.

The Placing Shares will represent, in aggregate, approximately 15 per cent. of the issued ordinary share capital of the Company as enlarged by the issue of the Placing Shares and the Consideration Shares. The Placing Price represents a discount of 8 per cent. on the closing price on 10 November 2017, being the last practicable closing mid-market price prior to the announcement issued by the Company at 7.00 a.m. this morning.

The Company is today dispatching a circular containing a notice of general meeting at which resolutions will be put to the Shareholders to authorise the allotment of new ordinary shares on a non-pre-emptive basis to fulfil the Placing and the Acquisition.

Commenting, Sam Bazini and Eoin Macleod, Joint Chief Executives of Warpaint said: "We are delighted with the interest in the Placing we received. We would like to welcome our new shareholders and thank all of our existing shareholders for their on-going support."

Directors' participation

Directors of the Company have, in aggregate subscribed for 352,628 new Ordinary Shares (GBP669,993 at the Placing Price) in the Placing.

The participation of the Directors of the Company (and/or their connected persons) in the Placing is set out in the table below:

 
                                                    Beneficial holding 
                                                       following the 
                                                        Placing and 
                      Beneficial                       the issue of 
                     holding before      Placing     the Consideration 
                      the Placing         Shares          Shares 
                    (shares)      (%)   (shares)      (shares)      (%) 
---------------  -----------  -------  ---------  ------------  ------- 
 Sam Bazini*      20,413,630   31.63%    131,578    20,545,208   26.77% 
 Eoin Macleod*    20,413,630   31.63%    131,578    20,545,208   26.77% 
 Clive Garston       100,000    0.15%     26,315       126,315    0.16% 
 Paul Hagon           20,619    0.03%     10,526        31,145    0.04% 
 Neil Rodol           61,856    0.10%     42,105       103,961    0.14% 
 Keith Sadler         20,619    0.03%     10,526        31,145    0.04% 
 

* Including 3,000,000 Ordinary Shares held by the Director's wife

General Meeting

The Company intends to today send a circular to Shareholders to convene a general meeting of Shareholders to be held at 9.30 a.m. on 29 November 2017 at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London, EC4A 1BN.

The Placing is conditional, inter alia, upon the following:

   --     the passing, without amendment, of the Resolutions at the General Meeting; 

-- Admission occurring by no later than 8.00 a.m. on 30 November 2017 (or such later times and/or dates as may be agreed between the Company and Stockdale, being no later than 22 December 2017); and

-- the Placing and the Acquisition becoming unconditional in all respects and not having been terminated in accordance with their terms.

If the conditions set out above are not satisfied or waived (where capable of waiver), the Placing will lapse and the Placing Shares will not be issued and all monies received from investors in respect of the Placing Shares will be returned to them (at the investors' risk and without interest) as soon as possible thereafter.

Capitalised terms used in this announcement but not defined herein shall have the meaning set out in the Definitions section of the announcement issued by the Company at 7.00 a.m. this morning.

-Ends-

Enquiries:

 
 Warpaint London PLC 
  Sam Bazini - Joint Chief Executive 
  Officer 
  Eoin Macleod - Joint Chief Executive 
  Officer                                   020 3053 
  Neil Rodol - Chief Financial Officer       8671 
 Stockdale Securities Limited (Nominated 
  Adviser and Broker) 
  Mark Brown, Antonio Bossi, Ed Thomas 
  - Corporate Finance                       020 7601 
  Fiona Conroy - Corporate Broking           6100 
 IFC Advisory Limited (Financial 
  PR & IR) 
  Tim Metcalfe 
  Graham Herring 
  Heather Armstrong                         020 3053 
  Miles Nolan                                8671 
 

About Warpaint London PLC

Warpaint London is a colour cosmetics business, based in Iver, Buckinghamshire. It is made up of two divisions: close-out and own-brand. The second and larger own-brand division consists primarily of the Group's flagship brand, W7 - an extremely creative, design-focused cosmetic brand proposition with a focus on the 16-30 age range, delivering high-quality cosmetics at affordable prices. The W7 brand has grown organically since its inception in 2002 and now contains over 500 items which are sold into high street retailers and independent beauty shops across the UK, Europe, Australia and the US. In 2016, W7 was supplied to over 250 customers in more than 50 countries.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 13, 2017 06:57 ET (11:57 GMT)