REG - Numis Securities Ltd Ashtead Tech Hldgs - RESULT OF PLACING OF ORDINARY SHARES

Ashtead Technology HoldingsAnnouncement

19/01/2023 07:00

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RNS Number : 1919N  Numis Securities Limited  19 January 2023

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE
UNLAWFUL TO DO SO.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

19 January 2023

 

 

RESULTS OF SECONDARY PLACING OF ORDINARY SHARES IN ASHTEAD TECHNOLOGY
HOLDINGS PLC (THE "COMPANY" OR "ASHTEAD TECHNOLOGY")

 

Further to yesterday's announcement, BP Inv2B Bidco Ltd ("BP Bidco"), an
entity controlled and majority-owned by Buckthorn Partners LLP ("Buckthorn
Partners"), and certain members of executive management of Ashtead Technology
(together the "Sellers") have announced that they have sold ordinary shares of
5 pence each in the Company (the "Shares"), in an amount of 15,460,000 Shares
(the "Placing Shares"), representing approximately 19.4% of the Company's
issued share capital, at a price of 310 pence per share (the "Placing").

 

BP Bidco has sold 15,000,000 Shares representing approximately 18.8% of the
Company's issued share capital. Following completion of the Placing, BP Bidco
will directly hold an interest of 7,301,656 Shares representing 9.2% of the
Company's issued share capital.

 

Allan Pirie, and Ingrid Stewart, Chief Executive Officer and Chief Financial
Officer of the Company ("Management"), have sold 425,000 and 35,000 shares
respectively as part of the Placing for personal financial and estate planning
purposes. Following the completion of the Placing, Allan Pirie and Ingrid
Stewart will hold approximately 1,741,600 and 265,786 Shares, representing
2.2% and 0.3% of the Company's issued share capital respectively.

 

Following completion of the Placing, BP Bidco and Management will enter into a
60 day lock-up and 120 day lock-up arrangement respectively, subject to
certain customary exceptions.

 

The trade date for the Placing will be 19 January 2023 and settlement is
expected to occur on a T+2 basis on 23 January 2023, subject to the
satisfaction or waiver of certain customary conditions.

 

Ashtead Technology will not receive any proceeds from the Placing.

 

ENQUIRIES

 

 Numis (Joint Bookrunner)                         +44 (0) 207 260 1000
 Julian Cater / George Price / Tom Burrows Smith
 Jamie Loughborough / William Baunton (ECM)

 Canaccord (Joint Bookrunner)                     +44 (0) 207 523 8000
 Bobbie Hilliam / Harry Rees
 Sam Lucas / Darren Furby (ECM)

 

IMPORTANT NOTICE

 

This announcement is not for publication, distribution or release, directly or
indirectly, in or into the United States of America (including its territories
and possessions, any state of the United States and the District of Columbia)
(collectively, the "United States"), Australia, Canada, Japan or the Republic
of South Africa or any other jurisdiction where such an announcement would be
unlawful.  The distribution of this announcement may be restricted by law in
certain jurisdictions and persons into whose possession this document or other
information referred to herein comes should inform themselves about and
observe any such restriction.  Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer of securities or investments for sale nor a
solicitation of an offer to buy securities or investments in any jurisdiction
where such offer or solicitation would be unlawful.  No action has been taken
that would permit an offering of the securities or possession or distribution
of this announcement in any jurisdiction where action for that purpose is
required.  Persons into whose possession this announcement comes are required
to inform themselves about and to observe any such restrictions.

The Placing Shares may not be offered to the public in any jurisdiction in
circumstances which would require the preparation or registration of any
prospectus or offering document relating to the Placing Shares in such
jurisdiction.  No action has been taken by the Company or any of its
respective affiliates that would permit an offering of the Placing Shares or
possession or distribution of this announcement or any other offering or
publicity material relating to such securities in any jurisdiction where
action for that purpose is required.

The Placing Shares have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold, directly or indirectly, in or into the United States except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance with the
securities laws of any state or any other jurisdiction of the United States.
Accordingly, the Placing Shares are being offered and sold by the Company only
(i) outside the United States in "offshore transactions" (as such terms are
defined in Regulation S under the Securities Act ("Regulation S")) in reliance
on Regulation S under the Securities Act and otherwise in accordance with
applicable laws; and (ii) in the United States to a limited number of persons
reasonably believed to be "qualified institutional buyers" (as defined in Rule
144A under the Securities Act). There will be no public offer of any
securities in the United States.

The Placing Shares have not been approved or disapproved by the U.S.
Securities and Exchange Commission, any state or other securities commission
or other regulatory authority in the United States, and none of the foregoing
authorities has passed upon or endorsed the merits of the Placing or the
accuracy or adequacy of this announcement. Any representation to the contrary
is a criminal offence in the United States.

No prospectus, admission document or offering document has been or will be
prepared in connection with the Placing. Any investment decision to buy
securities in the Placing must be made solely on the basis of publicly
available information. Such information is not the responsibility of and has
not been independently verified by any of the Sellers, Numis, Canaccord or any
of their respective affiliates.

No reliance may be placed, for any purposes whatsoever, on the information
contained in this announcement or on its completeness and this announcement
should not be considered a recommendation by the Company, any of the Sellers,
Numis, Canaccord or any of their respective affiliates in relation to any
purchase of or subscription for securities of the Company. No representation
or warranty, express or implied, is given by or on behalf of the Company, any
of the Sellers, Numis, Canaccord or any of their respective directors,
partners, officers, employees, advisers or any other persons as to the
accuracy, fairness or sufficiency of the information or opinions contained in
this announcement and none of the information contained in this announcement
has been independently verified.  Save in the case of fraud, no liability is
accepted for any errors, omissions or inaccuracies in such information or
opinions.

Members of the public are not eligible to take part in the Placing. This
Announcement and the information set out herein are for information purposes
only and are directed at and may only be communicated to (a) in the European
Economic Area ("EEA"), persons who are "qualified investors" within the
meaning of Article 2(e) of Prospectus Regulation (Regulation (EU) 2017/1129);
and (b) in the United Kingdom, at "qualified investors" within the meaning of
Article 2(e) of the UK version of Prospectus Regulation (Regulation (EU)
2017/1129) which forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 who are also (i) persons having professional experience
in matters relating to investments who fall within the definition of
"investment professionals" in Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) high net
worth bodies corporate, unincorporated associations and partnerships and
trustees of high value trusts as described in Article 49(2) of the Order, or
(iii) persons to whom it may otherwise lawfully be communicated (all such
persons referred to in (a) and (b) together being referred to as "Relevant
Persons").

Any investment or investment activity to which this Announcement relates is
only available to, and will be engaged in only with, Relevant Persons. Persons
distributing this Announcement must satisfy themselves that is lawful to do
so.

This announcement does not purport to identify or suggest the risks (direct or
indirect) which may be associated with an investment in in the Company or its
shares.

This announcement includes statements that are, or may be deemed to be,
forward-looking statements. These forward-looking statements may be identified
by the use of forward-looking terminology, including the terms "intends",
"expects", "will", or "may", or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and include
statements regarding intentions, beliefs or current expectations. No
assurances can be given that the forward-looking statements in this
announcement will be realised. As a result, no undue reliance should be placed
on these forward-looking statements as a prediction of actual events or
otherwise.

Numis, which is authorised and regulated by the Financial Conduct Authority in
the United Kingdom, is acting only for the Sellers in connection with the
Placing and neither Numis nor any of its affiliates will be responsible to
anyone other than the Sellers for providing the protections offered to the
clients of Numis, nor for providing advice in relation to the Placing or any
matters referred to in this announcement, and apart from the responsibilities
and liabilities (if any) imposed on Numis by the Financial Services and
Markets Act 2000, any liability therefor is expressly disclaimed. Any other
person in receipt of this announcement should seek their own independent
legal, investment and tax advice as they see fit.

Canaccord, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting only for the Sellers in connection
with the Placing and neither Canaccord nor any of its affiliates will be
responsible to anyone other than the Sellers for providing the protections
offered to the clients of Canaccord, nor for providing advice in relation to
the Placing or any matters referred to in this announcement, and apart from
the responsibilities and liabilities (if any) imposed on Canaccord by the
Financial Services and Markets Act 2000, any liability therefor is expressly
disclaimed. Any other person in receipt of this announcement should seek their
own independent legal, investment and tax advice as they see fit.

References to time in this announcement are to London time, unless otherwise
stated. All times and dates in this announcement may be subject to amendment.

Neither the content of the Company's website nor any website accessible by
hyperlinks on the Company's website is incorporated in, or forms part of, this
announcement.

Information to Distributors

EU Product Governance Requirements

Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive
(EU) 2017/593 supplementing MiFID II; and (c) local implementing measures
(together, the "MiFID II Product Governance Requirements"), and disclaiming
all and any liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the Placing Shares have
been subject to a product approval process, which has determined that the
Placing Shares are: (i) compatible with an end target market of (a) retail
investors, (b) investors who meet the criteria of professional clients and (c)
eligible counterparties, each as defined in MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by MiFID II
(the "Target Market Assessment"). Notwithstanding the Target Market
Assessment, distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment; the Placing
Shares offer no guaranteed income and no capital protection; and an investment
in the Placing Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of evaluating the
merits and risks of such an investment and who have sufficient resources to be
able to bear any losses that may result therefrom. The Target Market
Assessment is without prejudice to the requirements of any contractual, legal
or regulatory selling restrictions in relation to the Placing.  Furthermore,
it is noted that, notwithstanding the Target Market Assessment, Numis and
Canaccord will only procure investors who meet the criteria of professional
clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II; or (b) a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect to the
Placing Shares.

Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

UK Product Governance Requirements

Solely for the purposes of the product governance requirements contained
within the FCA Handbook Product Intervention and Product Governance Sourcebook
(the "UK Product Governance Rules"), and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any 'manufacturer' (for
the purposes of the UK Product Governance Rules) may otherwise have with
respect thereto, the Placing Shares have been subject to a product approval
process, which has determined that such Placing Shares are: (i) compatible
with an end target market of: (a) investors who meet the criteria of
professional clients as defined in point (8) of Article 2(1) of Regulation
(EU) No 600/2014 as it forms part of domestic UK law by virtue of
the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal
Agreement) Act 2020; (b) eligible counterparties, as defined in the FCA
Handbook Conduct of Business Sourcebook ("COBS"); and (c) retail clients who
do not meet the definition of professional client under (b) or eligible
counterparty per (c); and (ii) eligible for distribution through all
distribution channels as are permitted by Directive 2014/65/EU (the
"UK target market assessment"). Notwithstanding the UK target market
assessment, distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment; the Placing
Shares offer no guaranteed income and no capital protection; and an investment
in the Placing Shares is compatible only with investors who do not need a
guaranteed income or capital protection, who (either alone or in conjunction
with an appropriate financial or other adviser) are capable of evaluating the
merits and risks of such an investment and who have sufficient resources to be
able to bear any losses that may result therefrom. The UK target market
assessment is without prejudice to the requirements of any contractual, legal
or regulatory selling restrictions in relation to the Placing. Furthermore, it
is noted that, notwithstanding the UK target market assessment, Numis and
Canaccord will only procure investors who meet the criteria of professional
clients and eligible counterparties. For the avoidance of doubt,
the UK target market assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of COBS 9A and COBS 10A,
respectively; or (b) a recommendation to any investor or group of investors to
invest in, or purchase or take any other action whatsoever with respect to the
Placing Shares.

Each distributor is responsible for undertaking its own UK target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

 

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                                              Allan Pirie
 2.   Reason for the notification
 (a)  Position/status                                   Chief Executive Officer
 (b)  Initial notification/ Amendment                   Initial notification
 3.   Details of the issuer
 (a)  Name                                              Ashtead Technology Holdings plc
 (b)  LEI                                               213800LHEWVY66RPGR58
 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           Ordinary shares of £0.05 each
 (b)  Identification code of the Financial Instrument   GB00BLH42507
 (c)  Nature of the transaction                         Sale of shares
 (d)  Price(s) and volume(s)                            Price(s)                    Volume(s)
                                                        310 pence                   425,000

 (e)  Aggregated information                            N/A

      -               Aggregated volume

      -               Price
 (f)  Date of the transaction                           19 January 2023
 (g)  Place of the transaction                          London Stock Exchange

 

 1.   Details of the person discharging managerial responsibilities/person closely
      associated
 (a)  Name                                              Ingrid Stewart
 2.   Reason for the notification
 (a)  Position/status                                   Chief Financial Officer
 (b)  Initial notification/ Amendment                   Initial notification
 3.   Details of the issuer
 (a)  Name                                              Ashtead Technology Holdings plc
 (b)  LEI                                               213800LHEWVY66RPGR58
 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           Ordinary shares of £0.05 each
 (b)  Identification code of the Financial Instrument   GB00BLH42507
 (c)  Nature of the transaction                         Sale of shares
 (d)  Price(s) and volume(s)                            Price(s)                    Volume(s)
                                                        310 pence                   35,000

 (e)  Aggregated information                            N/A

      -               Aggregated volume

      -               Price
 (f)  Date of the transaction                           19 January 2023
 (g)  Place of the transaction                          London Stock Exchange

 

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