A total of 8,370,000 new ordinary shares in the capital of the company (the “placing shares”), have been placed by Investec Bank plc (“Investec”) at a price of 1,120p per share (the “placing price”).
The placing has raised gross proceeds of approximately £93.7m for the company. The placing price of 1,120p represents a discount of 5.3 per cent. to the mid-market closing price of 1,183p on 19 January 2021 (being the latest practicable date prior the date of this announcement). The placing shares represent 6.95 per cent. of the existing issued share capital of the company. The placing was implemented on a non-pre-emptive basis.
Applications have been made to the Financial Conduct Authority (“FCA”) and the London Stock Exchange (the “LSE”) respectively for the admission of the placing shares to the premium segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE (together, “admission”). It is expected that admission will take place at 8.00 a.m. on 22 January 2021. The placing shares, when issued, will be fully paid and will rank, pari passu, in all respects with each other and with the existing ordinary shares of the company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The placing is conditional upon, amongst other things, admission becoming effective. The placing is also conditional on the placing agreement not being terminated in accordance with its terms.
Total voting rights
Following admission, the company will have 128,750,155 ordinary shares in issue. There are no ordinary shares held in treasury. Therefore, the company hereby confirms that the total number of voting rights in the company will, following admission, be 128,750,155 . This figure may be used by shareholders 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.
Related Party Transaction
Columbia Threadneedle Investments (“CTI”), a substantial shareholder of the company and who is a related party for the purposes of Chapter 11 of the Listing Rules of the FCA (the “listing rules”) have agreed to participate in the placing for 1,000,000 placing shares, for an aggregate consideration of £11.2m. The participation from CTI constitutes a smaller related party transaction for the purposes of Listing Rule 11.1.10R and this announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c). The company is grateful for Columbia Threadneedle's support.
Defined terms used in this announcement have the meanings given to them in the Proposed Placing of Ordinary Shares announcement (RNS Number: 2203M) (“Placing Announcement”) released yesterday, unless the context provides otherwise.