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Accrol Group Holdings - Result of Open Offer

This content has been sourced from: https://www.investegate.co.uk/accrol-group-hldgs/r...

Accrol Group Holdings plc

("Accrol"or the "Company")

Result of Open Offer

Accrol Group Holdings plc, a leading independent tissue converter in the UK, announces that the open offer to raise up to c.£4.1 million (before expenses) described in the circular published by the Company dated 4 November 2020 ("Circular") closed for acceptances at 11.00 a.m. on 19 November 2020 in accordance with its terms and was oversubscribed. The Company reports that it has received valid applications in respect of a total of 16,775,752 new ordinary shares of £0.001 in the Company ("New Ordinary Shares"), representing a percentage take up of 180.4 per cent. of the New Ordinary Shares available under the Open Offer.

9,297,454 New Ordinary Shares were available under the Open Offer. Conditional on the Resolutions being duly passed at the Company's General Meeting which is scheduled for 10:00 a.m. today, all Qualifying Shareholders who applied for some or all of their Basic Entitlement to New Ordinary Shares under the Open Offer will have those applications satisfied in full and Qualifying shareholders who, in addition to applying in full for their Basic Entitlement to New Ordinary Shares under the Open Offer, applied for New Ordinary Shares under the Excess Application Facility will have their applications under that facility satisfied on a pro rata basis.

The aggregate amount to be raised pursuant to the Open Offer is approximately £4.1 million (before expenses) and application has been made for 9,297,454 New Ordinary Shares ("Open Offer Shares") to be issued and allotted by the Company pursuant to the Open Offer to be admitted to trading on AIM ("Admission"), conditional on the Resolutions being duly passed, It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 23 November 2020.