The Placing will be conducted by way of an accelerated bookbuild process which will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix to this Announcement. Cantor Fitzgerald Europe is acting as sole bookrunner in connection with the Placing. A Placing Agreement has been entered into earlier today between the Company and Cantor Fitzgerald Europe in connection with the Placing, which is not being underwritten.
The final number of new Ordinary Shares, the Placing Shares, will be agreed by Cantor Fitzgerald Europe and Pressure Technologies at the close of the Bookbuild. Details of the number of Placing Shares, the price per Placing Share, the Placing Price, and the approximate gross proceeds of the Placing will be announced as soon as practicable after the closing of the Bookbuild. The timing for the close of the Bookbuild and allocation of the Placing Shares shall be at the discretion of Cantor Fitzgerald Europe, in consultation with the Company.
The Placing is conditional upon the passing of the Resolutions. A circular is expected to be posted later today (the “Circular”) notifying shareholders of the General Meeting for the purpose of considering the Resolutions at the offices of Pressure Technologies plc at Newton Business Centre, Newton Chambers Road, Chapeltown, Sheffield, S35 2PH expected to be convened at 12.00 p.m. on 3 November 2017.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Placing Shares, will commence at 8.00 a.m. on or around 6 November 2017 (or such later date as Cantor Fitzgerald Europe and the Company may agree).