Northacre PLC Result of GM and Open Offer (2321W)
December 23 2013 - 6:57AM
UK Regulatory
TIDMNTA
RNS Number : 2321W
Northacre PLC
23 December 2013
Northacre PLC
("Northacre" or the "Company")
Result of General Meeting and Result of Open Offer
On 5 December 2013, Northacre announced proposals to raise a
total of approximately GBP12.5 million (before expenses) by way of
an Open Offer to Qualifying Shareholders for 5,177,968 Open Offer
Shares and the acquisition of a new company whose sole asset is
cash of approximately GBP8.4 million, in consideration for the
issue to Spadille of 10,433,927 Consideration Shares, subject inter
alia to approval by Shareholders at the General Meeting.
The Open Offer closed for acceptances at 11.00 a.m. on 20
December 2013. The Company is pleased to announce that it has
received valid acceptances in respect of 4,330,235 Open Offer
Shares from Qualifying Shareholders, including applications under
the Excess Application Facility. Consequently, pursuant to the
terms of the Underwriting Agreement, Spadille have subscribed for
the 847,733 remaining Open Offer Shares not taken up by Qualifying
Shareholders.
Furthermore, at the General Meeting held today, the Resolution
proposed in order to effect the Acquisition was passed and
therefore the Acquisition Agreement remains conditional only upon
Admission becoming effective.
Application has been made for the Admission to trading on AIM of
the Open Offer Shares and Consideration Shares, which is expected
to be effective from 8.00 a.m. on 24 December 2013.
The Open Offer Shares and Consideration Shares, when issued and
fully paid, will rank pari passu in all respects with the Existing
Ordinary Shares and therefore rank equally for all dividends or
other distributions declared, made or paid after the date of issue
of the New Ordinary Shares.
Subsequent to the issue of the Open Offer Shares and
Consideration Shares and Admission the Company will have 42,335,538
Ordinary Shares in issue with no Ordinary Shares held in treasury.
The above figure of 42,335,538 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the FSA's Disclosure and Transparency
Rules.
All defined terms in this announcement shall have the meanings
ascribed to them in the announcement of 5 December 2013.
Enquiries:
Northacre PLC Tel: 020 7349 8000
Klas Nilsson (Non-Executive Chairman)
Niccolò Barattieri di San Pietro (Chief Executive Officer)
finnCap Ltd Tel: 020 7220 0500
Stuart Andrews
Henrik Persson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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