Revolution Bars Group Result of Open Offer (1427R)
June 25 2020 - 12:46PM
UK Regulatory
TIDMRBG
RNS Number : 1427R
Revolution Bars Group
25 June 2020
25 June 2020
THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,
NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH
OF ANY APPLICABLE LAW OR REGULATION.
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO 596/2014, AS AMENDED.
Defined terms used in this announcement have the meanings given
to them in the Circular to shareholders dated 10 June 2020 (the
"Circular") unless the context provides otherwise.
For immediate release
REVOLUTION BARS GROUP PLC
Result of Open Offer
Revolution Bars Group plc, a leading UK operator of 74 premium
bars, trading under the 'Revolution' and 'Revolución de Cuba'
brands, is pleased to announce the results of its Open Offer.
On 5 June 2020, Revolution announced its intention to raise
gross proceeds of approximately GBP15.0 million by way of a Firm
Placing and a Placing and Open Offer (together the "Fundraising"),
all at an issue price of 20 pence per New Ordinary Share (the
"Issue Price").
A total of 75,017,495 New Ordinary Shares will be issued at the
Issue Price (subject to the conditions noted below), of which
30,017,495 New Ordinary Shares (the "Open Offer Shares") will be
issued pursuant to the Placing and Open Offer and 75,000,000 New
Ordinary Shares (the "Firm Placing Shares") will be issued pursuant
to the Firm Placing.
The Open Offer closed for acceptances at 11.00 a.m. today. The
Company has received valid acceptances from Qualifying Shareholders
in respect of their B asic Entitlements in respect of 24,045,349
New Ordinary Shares, representing approximately 80.10 per cent. of
the Open Offer Shares. In addition, the Company has received
applications from Qualifying Shareholders under the Excess
Application Facility in respect of 21,497,094 New Ordinary Shares,
representing approximately 71.62 per cent. of the Open Offer
Shares. Accordingly, Qualifying Shareholders who have validly
applied for Open Offer Shares will receive their full Basic
Entitlement s . As applications under the Excess Application
Facility cannot be satisfied in full, applications for New Ordinary
Shares under the Excess Application Facility will be scaled back in
accordance with the terms set out in the C ircular.
The Firm Placing Shares are not subject to clawback and were not
part of the Placing and Open Offer.
Director participation in the Open Offer
William Tuffy, a Non-Executive Director of the Company, has
taken up his Basic Entitlement in full under the Open Offer,
representing 6,000 New Ordinary Shares. In addition, William Tuffy
applied for and will receive a further 1,111 New Ordinary Shares
under the Excess Application Facility.
General Meeting
The Fundraising remains conditional on the approval by
Shareholders of Resolutions 1 - 3 at the Company's General Meeting
to be held on 26 June 2020 (or any adjournment thereof), the
satisfaction of certain conditions in the Placing Agreement and
Admission of the New Ordinary Shares to trading on AIM occurring at
or before 8.00 a.m. on 27 July 2020 (or such later date as the
Company, finnCap and Peel Hunt may agree, being not later than 8.00
a.m. on 8 August 2020).
The Company will announce the results of the General Meeting as
soon as practicable after the meeting concludes.
For further information, please contact:
Revolution Bars Group plc Tel: 0161 330 3876
Rob Pitcher, CEO
Mike Foster, CFO
finnCap, Joint Broker Tel: 020 7220 0500
Matt Goode / Simon Hicks / Teddy Whiley (Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Peel Hunt, Joint Broker Tel: 020 7418 8900
George Sellar / Andrew Clark (Corporate Finance)
Al Rae / Sohail Akbar (ECM)
Instinctif (Financial PR) Tel: 07831 379122
Matt Smallwood
Jack Devoy
The person responsible for arranging release of this
announcement on behalf of Revolution Bars Group plc is Mike Foster,
Chief Financial Officer.
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.
END
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