REG - Kitwave Group PLC - Admission to AIM and First Day of Dealings

Canaccord GenuityAnnouncement

24/05/2021 08:05

RNS Number : 4957Z
  
Kitwave Group PLC
  
24 May 2021
  
 

 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
 
24 May 2021
Kitwave Group plc
 
("Kitwave", the "Group" or the "Company")
 
Admission to AIM and First Day of Dealings
 
Kitwave Group plc, the independent, delivered wholesale business, is pleased to announce that its entire issued ordinary share capital, consisting of 70,000,000 Ordinary Shares, has today been admitted to trading on the AIM market of the London Stock Exchange ("Admission"). Dealings will commence at 08:00 a.m. today under the ticker "KITW".  The Company's ISIN is GB00BNYKB709 and its SEDOL is BNYKB70.
 
As announced on 7 May 2021, Kitwave has successfully raised gross proceeds of £64.0 million for the Company, through the placing (the "Placing") of 42,666,677 new ordinary shares (the "Placing Shares"), and gross proceeds of £17.6 million for the Selling Shareholders, through the placing of 11,753,327 existing ordinary shares (the "Secondary Placing Shares") of 1 pence each ("Ordinary Shares"), both at a price of 150 pence per share (the "Placing Price"). The Placing attracted strong support from high quality institutional investors and was significantly over-subscribed. Based on the Placing Price, the Company's market capitalisation is approximately £105.0 million at Admission.
 
The Admission Document is available to view on the Company's website at www.kitwave.co.uk. The terms and definitions used in this announcement will have the same meaning as ascribed to them in the Company's Admission Document unless otherwise stated.
 
Canaccord Genuity Limited is acting as Nominated Adviser, Sole Bookrunner and Sole Broker to the Company. 
 
Key Highlights 
 
·    Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is an independent, delivered wholesale business, specialising in selling and delivering impulse products, frozen and chilled foods, alcohol, groceries and tobacco to approximately 38,000, mainly independent, customers;
 
·    The Board has significant experience and is supported by an operational management team that, together, has a combined experience in excess of over 100 years of industry knowledge and expertise;
 
·    Kitwave has a highly successful acquisition strategy, having acquired and integrated 10 wholesale distributors into the Group since 2011;
 
·    The Group intends to continue its growth both organically and through a strategy of acquiring smaller, predominantly family owned, complementary businesses in the fragmented UK Grocery and Foodservice Wholesale market;
 
·    The Board believes that trading on AIM will support its successful buy-and-build strategy, enhance the profile of the Group and its brands, improve Kitwave's position with key suppliers, strengthen the Group's balance sheet, and provide the Group with greater ability to incentivise and retain key employees going forward; 
 
·    The Company intends to use the gross proceeds of the Placing to reduce the Group's existing debt and to pay the Group's expenses in connection with the Placing.
 
Paul Young, Chief Executive Officer of Kitwave, commented:
 
"We are delighted to announce Kitwave's successful admission to AIM. It represents an important milestone for the Group and supports our strategy to capitalise on future growth opportunities within the highly fragmented UK Grocery and Foodservice Wholesale market.
 
"With the considerable experience across our Board and Senior Management team, we strongly believe that we are well placed to generate shareholder value.
"I would like to welcome our new investors and look forward to updating them as well as the wider market as we continue to execute our strategic plans for the business."
- Ends - 


For further information please contact:
 



Kitwave Group plc
Paul Young, Chief Executive Officer
David Brind, Chief Financial Officer
www.kitwave.co.uk   





Tel: +44 (0) 191 259 2277




Canaccord Genuity Limited

(Nominated Adviser, Sole Bookrunner and Sole Broker)
Bobbie Hilliam
Alex Aylen
Richard Andrews
Georgina McCooke





Tel: +44 (0) 20 7523 8150







Yellow Jersey PR

(Financial media and PR)
Sarah Hollins
Henry Wilkinson 
Matthew McHale


Tel: +44 (0) 20 3004 9512



 
 

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