PROACTIS Holdings PLC Result of Placing (8832O)
10 November 2016 - 10:36PM
UK Regulatory
TIDMPHD
RNS Number : 8832O
PROACTIS Holdings PLC
10 November 2016
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION
OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW
SHARES OR OTHER SECURITIES OF PROACTIS HOLDINGS PLC IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER, ISSUE OR SOLICITATION WOULD
BE UNLAWFUL.
PROACTIS Holdings PLC
Result of Placing
PROACTIS Holdings PLC ("PROACTIS", the "Group" or the
"Company"), the specialist Spend Control software provider, is
pleased to announce that further to the announcement released by
the Company this morning at 7.00 a.m. (the "Impact Announcement"),
that a total of 9,259,260 Placing Shares have been successfully
placed with existing and new institutional investors, at the
Placing Price of 135 pence per Share by finnCap as sole broker,
raising gross proceeds of approximately GBP12.5 million. The
Placing Price of 135 pence per Share represents a premium of 9.3
per cent. to the closing mid-market price of 123.5 pence per Share
on 9 November 2016, being the last practicable date prior to the
announcement of the Placing and the Acquisition. The Placing Shares
represent approximately 18.9 per cent. of the enlarged issued share
capital of the Company.
Application has been made to the London Stock Exchange for the
9,259,260 Placing Shares to be admitted to trading on AIM.
Admission is expected to occur at 8.00 a.m. on 15 November 2016.
The Placing is conditional upon, inter alia, Admission becoming
effective, the Placing Agreement not having been terminated in
accordance with its terms and the Acquisition Agreement not having
been terminated in accordance with its terms and conditions. The
Placing is not conditional on completion of the Acquisition. As a
result, it is possible that the Placing Shares could be issued
without the Acquisition proceeding.
Following Admission, the Company's issued share capital will
comprise 49,094,419 Shares. The Company does not hold any Shares in
treasury. Therefore (unless otherwise announced), following the
issue of the Placing Shares, the total number of voting rights in
the Company will be 49,094,419.
This figure of 49,094,419 may be used by Shareholders in the
Company 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 share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Directors' holdings
Subject to Admission having taken place, the Directors'
respective beneficial holdings in the Company will be as
follows:
Director Number of Number of % Immediately
Shares held Shares held following
prior to Admission following Admission
Admission
Rod Jones 1,952,720 1,952,720 4.0
Tim Sykes 208,001 208,001 0.4
Sean McDonough 321,666 321,666 0.7
Alan Aubrey 1,070,853 1,070,853 2.2
Rodney Potts 8,892,830 8,892,830 18.1
All terms in this announcement have the meaning given to them in
the Impact Announcement unless otherwise defined herein.
Rod Jones, Chief Executive of PROACTIS, said:
"We are delighted with the support shown for this Placing and
Acquisition, which has resulted in the Placing being significantly
oversubscribed with the Placing Price at a premium, by both
existing and certain new investors, who we welcome on to the
Company's share register. This is a clear vote of confidence in the
Board's growth strategy.
"We look forward to welcoming Millstream into the Group and look
forward to working with the team to provide our widened customer
base with the Group's enhanced products and solutions."
Enquiries:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Officer Via Redleaf Communications
Tim Sykes, Chief Financial Office
Redleaf Communications
Rebecca Sanders-Hewett 0207 382 4730
Sarah Fabietti PROACTIS@redleafpr.com
Sam Modlin
finnCap Ltd
Stuart Andrews/Carl Holmes/Emily
Watts - Corporate Finance
Stephen Norcross - Corporate Broking 0207 220 0500
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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