Prime People PLC Result of Tender Offer (7065Y)
January 17 2022 - 9:03AM
UK Regulatory
TIDMPRP
RNS Number : 7065Y
Prime People PLC
17 January 2022
Prime People Plc
("Prime People" or the "Group")
Result of Tender Offer
Prime People plc (AIM: PRP), the global group of specialist
recruitment businesses operating in depth, across the Real Estate
& Built Environment sectors , is pleased to announce the result
of the Tender Offer, details of which were set out in the circular
published by the Company on 17 December 2021 (the "Circular").
Capitalised terms in this announcement (unless otherwise defined)
have the same meanings as set out in the Circular.
The maximum aggregate number of Ordinary Shares that can be
purchased pursuant to the Tender Offer is 2,282,628 Ordinary Shares
(representing 18.78 per cent. of the Company's issued share
capital). The Tender Price is 87 pence per Share.
The Tender Offer was oversubscribed with a total of 2,697,754
Ordinary Shares (representing 22.19 per cent. of the Company's
issued share capital) being validly tendered by Shareholders under
the Tender Offer. Shareholders who validly tendered Shares equal to
or less than their Basic Entitlement will have their tender
accepted in full. Shareholders who validly tendered Shares in
excess of their Basic Entitlement will have their tender accepted
in respect of their Basic Entitlement plus approximately 77.88 per
cent. of the number of Ordinary Shares in excess of their Basic
Entitlement that they validly tendered.
After application of the scale-back mechanism, a total of
2,282,628 Ordinary Shares will, therefore, be purchased under the
Tender Offer and subsequently cancelled. The total value which will
be returned to Shareholders pursuant to the Tender Offer will be
approximately GBP1.985 million.
The Company announces that it has been notified that the
Blakeney Holdings Directors Pension Scheme, a pension scheme in
which Sir John Lewis, Non-executive Director of the Company holds a
beneficial interest, tendered 594,750 Ordinary Shares in the Tender
Offer. Following this transaction, Sir John Lewis and persons
closely associated, beneficially hold 500,000 Ordinary Shares
representing 5.06 per cent. of the Company's issued share capital
following the Tender Offer.
Payment of the consideration due to Shareholders whose tenders
under the Tender Offer have been accepted is expected to be
despatched (by cheque or by a CREST payment, as appropriate) along
with balance certificates in respect of non-tendered shares on 21
January 2022.
Following the implementation of the Tender Offer and the
cancellation of the tendered Ordinary Shares, the Company will have
9,874,645 Ordinary Shares in issue.
Cancellation and Re-registration
As previously announced on 12 January 2022, following the
approval of the proposed Cancellation by shareholders at the
General Meeting held on 12 January 2022, the last day of dealings
of the Ordinary Shares on AIM will be 24 January 2022 and the
Cancellation of the admission to trading on AIM of the Ordinary
Shares will become effective following the issue of a Dealing
Notice at 7.00 a.m. on 25 January 2022.
The Re-registration of the Company as a private company is
expected to take place by 11 February 2022.
For further information please contact:
Prime People 020 7318 1785
Robert Macdonald, Executive Chairman
Peter Moore, Managing Director
Cenkos Securities 020 7397 8900
Katy Birkin
Nicholas Wells
Cenkos, which is authorised and regulated by the Financial
Conduct Authority, is acting for the Company and for no one else in
connection with the Tender Offer and will not be responsible to
anyone other than the Company for providing the protections
afforded to customers of Cenkos or for affording advice in relation
to the Tender Offer, the contents of this announcement or any
transaction, arrangement or other matter referred to in the
Circular.
Certain statements in this announcement may be forward-looking.
Although the Company believes that the expectations reflected in
these forward looking statements are reasonable, it can give no
assurance that these expectations will prove to have been correct.
Because these statements involve risks and uncertainties, actual
results may differ materially from those expressed or implied by
these forward looking statements.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name The Blakeney Holdings Directors
Pension Scheme
-------------------------------------------- ---------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------------
a) Position/status Person closely associated
with Sir John Lewis, Non-Executive
Director
-------------------------------------------- ---------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------------------- ---------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a) Name Prime People Plc
-------------------------------------------- ---------------------------------------
b) LEI 213800IY9PFL1DOWHY26
-------------------------------------------- ---------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary Shares of 10p each
type of instrument
-------------------------------------------- ---------------------------------------
Identification code GB00B4ZG0R74
-------------------------------------------- ---------------------------------------
b) Nature of the transaction Sale of Ordinary Shares pursuant
to the Tender Offer
-------------------------------------------- ---------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
-------------------------------------------- ------------------- ------------------
GBP0.87 594,750
--------------------------------------------------------------------- ------------------
d) Aggregated information N/A single transaction
-------------------------------------------- ---------------------------------------
Aggregated volume N/A single transaction
-------------------------------------------- --------------------------------------------
Price N/A single transaction
-------------------------------------------- --------------------------------------------
e) Date of the transaction 14 January 2022
-------------------------------------------- ---------------------------------------
f) Place of the transaction AIMX
-------------------------------------------- ---------------------------------------
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END
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