REG - Altitude Group PLC - Result of Placing <Origin Href="QuoteRef">ALT.L</Origin>

AltitudeAnnouncement

17/05/2017 12:05

RNS Number : 4365F
Altitude Group PLC
17 May 2017
Altitude Group plc
("Altitude" or "the Company")
3.7m placing of 6,191,669 new and existing Ordinary Shares
Director Dealing
Acquisition
Exercise of Options
Altitude Group plc (AIM: ALT), the operator of a leading digital marketplace for personalised products, is pleased to announce that, finnCap, as the Company's broker, have conducted a placing of 2,025,002 existing ordinary shares of 0.4 pence each in the Company and 4,166,667 new ordinary shares of 0.4 pence (together the "Placing Shares") with new and existing institutional and other investors (the "Placing").
The Placing Shares were sold at a price of 60 pence per share ("Placing Price") and represent, in aggregate, approximately 13.4 per cent. of the currently issued share capital of the Company. The new ordinary shares being issued in relation to the Placing represent approximately 9.0 per cent. of the currently issued share capital of the Company. 
Following the sell down of 2,025,002 ordinary shares of 0.4 pence each ("Ordinary Shares"), Keith Willis now holds 7,171,273 Ordinary Shares, representing 14.1 per cent. of the enlarged issued share capital of the Company. These shares are subject to a 12 month lock-in.
Directors' Participation and Related Party Transaction
Certain Directors have subscribed for Placing Shares in the Placing at the Placing Price as per the table below (the "Directors' Participation"):
Directors
Placing Shares acquired
Resultant shareholding
Number of Ordinary Shares
Number of Ordinary Shares
% of Enlarged Issued Share Capital
Peter Hallett
16,667
211,337
0.4%
Sanjay Lobo
33,333
33,333
0.07%
Gellan Watt
16,667
16,667
0.03%
The participation of the Directors in the Placing constitutes a related party transaction for the purposes of AIM Rule 13.
Martin Varley and Shaun Parker, the Company's President and Chief Operating Officer respectively, are considered to be independent directors for purposes of AIM Rule 13 ("Independent Directors"). As such, the Independent Directors, having consulted with the Company's nominated adviser, consider the Directors' Participation to be fair and reasonable insofar as the Company's shareholders are concerned.
Use of Proceeds
The net proceeds will be used to ensure the Company has flexibility in funding to significantly increase the number of US Channl.com web sites created for distributors and end users, gain traction in terms of their activation and engagement and support the UK launch of Channl.com through the acquisition of certain assets of AdProducts.com Limited, a small UK based supplier of promotional products, for cash consideration of approximately 0.8 million (subject to a stock valuation adjustment). A further announcement will be made in due course when the acquisition has completed.
Exercise of Options
The Company further announces that on 17 May 2017, 300,000 Ordinary Shares were issued and allotted pursuant to the exercise of share options.
Application has been made for 4,466,667 new Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on 23 May 2017. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.
The total number of Ordinary Shares in issue following Admission will be 50,845,192. Accordingly, the figure of 50,845,192 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.
Peter Hallett, Executive Chairman of Altitude, commented:
"We are delighted with the support from both new and existing investors in the Company. The funds raised will enable us to accelerate the rollout of Channl.com in the US and UK and we look forward to updating the market over the coming year."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Altitude Group plc
Peter Hallett, Chairman
07887 987469


finnCap
Tel: 020 7220 0500
Jonny Franklin-Adams (Corporate Finance)

Scott Mathieson (Corporate Finance)

Richard Chambers (Corporate Broking)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. 
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Sanjay Lobo
2. 
Reason for the Notification
a)
Position/status
PDMR: Managing Director
b)
Initial notification/Amendment
Initial notification 
3. 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Altitude Group plc 
b)
LEI
n/a
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
Ordinary shares of 0.4p 
Identification code
GB00B0LSFV82
b)
Nature of the transaction
Purchase of ordinary shares 
c)
Price(s) and volume(s)
Price(s)
Volume(s)
60p
33,333
d)
Aggregated information:
 Aggregated volume
 Price
Purchase of 33,333 ordinary shares of 0.4 pence at 0.60 per ordinary share 
e)
Date of the transaction
17 May 2017
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
5. 
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Peter Hallett
6. 
Reason for the Notification
a)
Position/status
PDMR: Executive Chairman
b)
Initial notification/Amendment
Initial notification 
7. 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Altitude Group plc 
b)
LEI
n/a
8. 
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
Ordinary shares of 0.4p 
Identification code
GB00B0LSFV82
b)
Nature of the transaction
Purchase of ordinary shares 
c)
Price(s) and volume(s)
Price(s)
Volume(s)
60p
16,667
d)
Aggregated information:
 Aggregated volume
 Price
Purchase of 16,667 ordinary shares of 0.4 pence at 0.60p per ordinary share 
e)
Date of the transaction
17 May 2017
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
9. 
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Gellan Watt
10. 
Reason for the Notification
a)
Position/status
PDMR: Non-Executive Director
b)
Initial notification/Amendment
Initial notification 
11. 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Altitude Group plc 
b)
LEI
n/a
12. 
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
Ordinary shares of 0.4p 
Identification code
GB00B0LSFV82
b)
Nature of the transaction
Purchase of ordinary shares 
c)
Price(s) and volume(s)
Price(s)
Volume(s)
60p
16,667
d)
Aggregated information:
 Aggregated volume
 Price
Purchase of 16,667 ordinary shares of 0.4 pence at 0.60 per ordinary share 
e)
Date of the transaction
17 May 2017
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)

This information is provided by RNS
The company news service from the London Stock Exchange
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