REG - 80 Mile PLC - Result of Placing & PDMR Dealing

80 MileAnnouncement

19/12/2024 09:30

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RNS Number : 7652Q  80 Mile PLC  19 December 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

80 Mile plc

 

("80 Mile", the "Company" or the "Group")

 

Result of Placing

PDMR Dealing

 

The Company confirms, further to its announcement of 7a.m. BST on 19 December
2024 (the "Announcement"), that it has successfully closed the Placing.

Result of Placing

Subject to the satisfaction of the conditions referred to below, the Placing
has raised, in aggregate, gross proceeds of £1,504,597.22 through the placing
of 557,258,228 Ordinary Shares (the "Placing Shares") with various UK &
European institutional, Directors and management as well as existing and new
sophisticated investors at a price of 0.27 pence per share (the "Placing
Price").

The allotment and issue of the Placing Shares is conditional, inter alia,
upon:

·           Admission becoming effective by no later than 8.00 a.m.
on 07 January 2025 (or such other time and/or date, being no later than 8.00
a.m. on 06 February 2025, as Zeus and the Company may agree);

·           the conditions in the Placing Agreement in respect of
the Placing Shares being satisfied or (if applicable) waived; and

·           the Placing Agreement not having been terminated in
accordance with its terms prior to Admission.

Accordingly, if any of such conditions are not satisfied or, if applicable,
waived, the Placing will not proceed.

Use of Proceeds

 

As set out in the Announcement, the Company will use the proceeds to progress
the Acquisition and for working capital purposes. The Acquisition is still
subject to, amongst other items, due diligence and the finalisation of legal
documentation and in respect of the allotment and issue of the new 80 Mile
ordinary shares pursuant to Stage 2, the passing of the Resolutions at the
General Meeting. In the event that the Acquisition does not progress the
monies from the Placing will be used to fund working capital, the Company's
other projects and the pursuit of other acquisition opportunities.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of the
First Placing Shares, a total of 557,258,228 Ordinary Shares to trading on
AIM. It is expected that Admission will become effective and dealings in the
Placing Shares will commence on AIM at 8.00 a.m. on or around 07 January 2025
(or such later date as may be agreed between the Company and the Bookrunner,
but no later than 06 February 2025) (the  Admission").

The Placing Shares will be issued fully paid and will rank pari passu in all
respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 2,646,655,444 with voting rights. 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's share capital pursuant to the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

Details of the participation in the Placing by Persons Discharging Managerial
Responsibilities are set out in the table at the end of this announcement.

Capitalised terms used but not otherwise defined in this announcement shall
have the meanings ascribed to such terms in Appendix II of the Announcement,
unless the context requires otherwise.

For further information, please contact:

 80 Mile PLC                                   enquiry@80mile.com (mailto:enquiry@80mile.com)
 Eric Sondergaard
 PR & IR Adviser - BlytheRay                   Tel: +44 (0) 20 7138 3204
 Megan Ray/ Said Izagaren
 Nominated Adviser and Broker -                Tel: +44 (0) 20 3470 0470

 SP Angel Corporate Finance LLP
 Ewan Leggat / Adam Cowl
  Joint Broker - Zeus                          Tel: +44 (0) 20 3829 5000
 Harry Ansell/Katy Mitchell/Andrew de Andrade
 Joint Broker - Axis Capital Markets Limited   Tel: +44 (0) 203 026 0320

 Lewis Jones

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         1)    Eric Sondergaard

                                                                   2)    Roderick McIllree

                                                                   3)    Troy Whittaker
 2    Reason for the notification
 a)   Position/status                                              1)    Managing Director

                                                                   2)    Executive Director

                                                                   3)    Non-Executive Director
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                          80 Mile plc
 b)   LEI                                                          213800E9AEFEHFLOVJ19
 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Issue of Placing Shares

      Identification code

                                                                   GB00BFD3VF20
 b)   Nature of the transaction                                    Participation in Placing
 c)   Price(s) and volume(s)                                       Price      No. of shares
                                                                   1) 0.27p   9,259,259

                                                                   2) 0.27p   10,000,000

                                                                   3) 0.27p   3,703,703
 d)   Aggregated information

1) 0.27p   9,259,259
      - Aggregated volume

      - Price                                                      2) 0.27p   10,000,000

                                                                   3) 0.27p   3,703,703
 e)   Date of the transaction                                      19 December 2024
 f)   Place of the transaction                                     XLON

d)

Aggregated information

- Aggregated volume

- Price

 

 1) 0.27p   9,259,259

 2) 0.27p   10,000,000

 3) 0.27p   3,703,703

e)

Date of the transaction

19 December 2024

f)

Place of the transaction

XLON

 

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