TIDMW7L
RNS Number : 3318W
Warpaint London PLC
13 November 2017
13 November 2017
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Results of Placing
Warpaint London PLC (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 brand, is pleased to announce
the successful completion of the Placing announced earlier
today.
A total of 11,157,894 Placing Shares have been placed subject to
shareholder approval being obtained at a general meeting of
Shareholders to be convened for 29 November 2017. The Placing
Shares will be allocated to Placees at a price of 190 pence per
share, raising gross proceeds of GBP21.2 million. Subject to the
General Meeting and Completion of the Acquisition which was also
announced earlier today, settlement and admission to trading on AIM
of the Placing Shares is expected to occur on 30 November 2017.
The Placing Shares will represent, in aggregate, approximately
15 per cent. of the issued ordinary share capital of the Company as
enlarged by the issue of the Placing Shares and the Consideration
Shares. The Placing Price represents a discount of 8 per cent. on
the closing price on 10 November 2017, being the last practicable
closing mid-market price prior to the announcement issued by the
Company at 7.00 a.m. this morning.
The Company is today dispatching a circular containing a notice
of general meeting at which resolutions will be put to the
Shareholders to authorise the allotment of new ordinary shares on a
non-pre-emptive basis to fulfil the Placing and the
Acquisition.
Commenting, Sam Bazini and Eoin Macleod, Joint Chief Executives
of Warpaint said: "We are delighted with the interest in the
Placing we received. We would like to welcome our new shareholders
and thank all of our existing shareholders for their on-going
support."
Directors' participation
Directors of the Company have, in aggregate subscribed for
352,628 new Ordinary Shares (GBP669,993 at the Placing Price) in
the Placing.
The participation of the Directors of the Company (and/or their
connected persons) in the Placing is set out in the table
below:
Beneficial holding
following the
Placing and
Beneficial the issue of
holding before Placing the Consideration
the Placing Shares Shares
(shares) (%) (shares) (shares) (%)
--------------- ----------- ------- --------- ------------ -------
Sam Bazini* 20,413,630 31.63% 131,578 20,545,208 26.77%
Eoin Macleod* 20,413,630 31.63% 131,578 20,545,208 26.77%
Clive Garston 100,000 0.15% 26,315 126,315 0.16%
Paul Hagon 20,619 0.03% 10,526 31,145 0.04%
Neil Rodol 61,856 0.10% 42,105 103,961 0.14%
Keith Sadler 20,619 0.03% 10,526 31,145 0.04%
* Including 3,000,000 Ordinary Shares held by the Director's
wife
General Meeting
The Company intends to today send a circular to Shareholders to
convene a general meeting of Shareholders to be held at 9.30 a.m.
on 29 November 2017 at the offices of DAC Beachcroft LLP, 100
Fetter Lane, London, EC4A 1BN.
The Placing is conditional, inter alia, upon the following:
-- the passing, without amendment, of the Resolutions at the General Meeting;
-- Admission occurring by no later than 8.00 a.m. on 30 November
2017 (or such later times and/or dates as may be agreed between the
Company and Stockdale, being no later than 22 December 2017);
and
-- the Placing and the Acquisition becoming unconditional in all
respects and not having been terminated in accordance with their
terms.
If the conditions set out above are not satisfied or waived
(where capable of waiver), the Placing will lapse and the Placing
Shares will not be issued and all monies received from investors in
respect of the Placing Shares will be returned to them (at the
investors' risk and without interest) as soon as possible
thereafter.
Capitalised terms used in this announcement but not defined
herein shall have the meaning set out in the Definitions section of
the announcement issued by the Company at 7.00 a.m. this
morning.
-Ends-
Enquiries:
Warpaint London PLC
Sam Bazini - Joint Chief Executive
Officer
Eoin Macleod - Joint Chief Executive
Officer 020 3053
Neil Rodol - Chief Financial Officer 8671
Stockdale Securities Limited (Nominated
Adviser and Broker)
Mark Brown, Antonio Bossi, Ed Thomas
- Corporate Finance 020 7601
Fiona Conroy - Corporate Broking 6100
IFC Advisory Limited (Financial
PR & IR)
Tim Metcalfe
Graham Herring
Heather Armstrong 020 3053
Miles Nolan 8671
About Warpaint London PLC
Warpaint London is a colour cosmetics business, based in Iver,
Buckinghamshire. It is made up of two divisions: close-out and
own-brand. The second and larger own-brand division consists
primarily of the Group's flagship brand, W7 - an extremely
creative, design-focused cosmetic brand proposition with a focus on
the 16-30 age range, delivering high-quality cosmetics at
affordable prices. The W7 brand has grown organically since its
inception in 2002 and now contains over 500 items which are sold
into high street retailers and independent beauty shops across the
UK, Europe, Australia and the US. In 2016, W7 was supplied to over
250 customers in more than 50 countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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