Catena Group PLC Result of equity subscription (8541A)
01 October 2020 - 11:19PM
UK Regulatory
TIDMCTNA
RNS Number : 8541A
Catena Group PLC
01 October 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
1 October 2020
Catena Group PLC
("Catena" or the "Company")
Result of Equity Subscription
Further to the announcement made at 07:00 on 29 September 2020,
Catena is pleased to announce that it has raised gross proceeds of
GBP0.8 million before expenses by way of a subscription of 1.6
million new ordinary shares of 1 pence each in the Company
("Subscription Shares") at a price of 50 pence per share (the
"Subscription"). The net proceeds of the Subscription exceeded the
Board's expectations and will therefore, in addition to being used
to provide working capital to the Company in support of its
potential acquisition of Insight Capital Partners Limited
("Insight") will be used to part fund the exercise of the option
Catena holds over Insight, should the Board elect to do so. The
option provides Catena the right to acquire shares of Insight
increasing its shareholding to 30.2 per cent. of the enlarged share
capital of Insight.
Related Party Transactions
John Murray and David Hillel, a non-executive director and the
Finance Director of the Company respectively, have subscribed for
Subscription Shares as outlined below:
Shareholder Number of Number of Shareholding % of Enlarged
Existing Ordinary Subscription following Issued Share
Shares Shares subscribed the Subscription Capital
for
John Murray 0 40,000 40,000 0.10%
------------------- ------------------- ------------------ --------------
David Hillel 109,607 20,000 129,607 0.31%
------------------- ------------------- ------------------ --------------
John Murray and David Hillel, being directors of the Company,
are therefore classified as related parties under the AIM Rules.
The directors of Catena, excluding John Murray and David Hillel,
having consulted with the Company's nominated advisor, Zeus Capital
Limited, consider the terms of John and David's participation in
the Subscription to be fair and reasonable insofar as the Company's
shareholders are concerned.
Admission
The existing ordinary shares of Catena are currently temporarily
suspended pending the publication of an admission document in
respect of a potential acquisition of Insight, which is deemed to
be a reverse takeover under the AIM Rules, or the release of an
announcement by the Company confirming that discussion and all
activity relating to the potential acquisition of Insight have
terminated. However, application will be made to the London Stock
Exchange for the Subscription Shares to be admitted to trading on
AIM ("Admission") following either of these events having
occurred.
Total Voting Rights
The Subscription Shares will be issued and allotted by the
Company on 5 October 2020, following which the Company will have
41,161,638 ordinary shares in issue, none of which will be held in
treasury. Accordingly, the total number of voting rights in the
Company will be 41,161,638 and shareholders may use this figure 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 FCA's Disclosure Guidance
and Transparency Rules.
Matthew Farnum-Schneider, Catena Chief Executive, said:
"I am pleased with the demand we experienced for this
subscription from both new and existing investors alike and to be
able to welcome a new institutional investor to Catena's
register."
* ENDS *
This announcement has been released by Matthew Farnum-Schneider,
Chief Executive, on behalf of the Company.
For further information, please visit www.catenagroup.co.uk or
contact:
Catena Group PLC
Matthew Farnum-Schneider +44 (0)20 3744 0900
Zeus Capital Limited (Nominated Adviser
& Broker)
David Foreman / Daniel Harris / Benjamin
Robertson +44 (0) 203 829 5000
Newgate (Financial PR) +44 (0) 7540 106 366
Giles Croot / Robin Tozer catena@newgatecomms.com
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