REG - Develop North PLC - Result of Equity Issue

Develop NorthAnnouncement

31/03/2026 15:45

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RNS Number : 9052Y  Develop North PLC  31 March 2026

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC
OF SOUTH AFRICA, JAPAN OR ANY EEA STATE OR ANY OTHER JURISDICTION WHERE TO
DO SO WOULD CONSTITUE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF
THIS ANNOUNCEMENT.

 

31 March 2026

 

DEVELOP NORTH PLC

(the "Company" or "DVNO")

Result of Issue

The Board of Develop North PLC is pleased to announce that the Company has
raised aggregate gross proceeds of £854,872 through the issue of 1,047,637
new Ordinary Shares (the "New Ordinary Shares") at the Issue Price of 81.6
pence per share pursuant to the Initial Issue.

Application has been made for the New Ordinary Shares to be admitted to
trading on the London Stock Exchange's main market for listed securities
("Admission"). Admission is expected to become effective at 8.00 a.m. on 2
April 2026.

The New Ordinary Shares will rank pari passu in all respects with the
Company's existing Ordinary Shares.

Following Admission, the Company's issued share capital will comprise
27,971,700 Ordinary Shares. The Company holds 1,945,862 Ordinary Shares in
treasury and therefore the total number of voting rights will be 26,025,838.

Unless otherwise defined, capitalised terms in this announcement have the
meanings given in the Prospectus published on 16 January 2026.

 

As outlined in the Prospectus published on 16 January 2026, the Company
intends to undertake further capital raises through a Share Issuance Programme
to support its investment strategy, which remains available until 15 January
2027.

Enquiries:

 Develop North PLC                                                           +44 (0) 191 222 0099
 Michelle Percy

 Ian McElroy
 Tier One Capital Limited (Investment Adviser)                               +44 (0) 191 222 0099
 Brendan O'Grady
 Cavendish Capital Markets Limited (Financial Adviser and Corporate Broker)  +44 (0) 207 220 0500
 Robert Peel

Andrew Worne

Oscar Valeur-Adu
 Alma Strategic Communications (Financial Communications Adviser)            +44 (0) 203 405 0211
 Andrew Jaques

Joe Pederzolli

Louisa El-Ahwal

Disclaimer

This announcement is an advertisement and does not constitute a prospectus and
investors must subscribe for or purchase any shares referred to in this
announcement only on the basis of information contained in the Prospectus
published by the Company and not in reliance on this announcement. Copies of
the Prospectus may, subject to certain access restrictions, be obtained from
the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's
website, https://www.developnorth.co.uk. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor should any such content be relied upon in reaching a decision
as to whether or not to acquire, continue to hold, or dispose of, securities
in the Company. This announcement does not constitute, and may not be
construed as, an offer to sell or an invitation to purchase investments of any
description or a recommendation regarding the issue or the provision of
investment advice by any party. No information set out in this announcement is
intended to form the basis of any contract of sale, investment decision or any
decision to purchase shares in the Company. Approval of the Prospectus by the
FCA should not be understood as an endorsement of the securities that are the
subject of the Prospectus. Potential investors are recommended to read the
Prospectus before making an investment decision in order to fully understand
the potential risks and rewards associated with a decision to invest in the
Company's securities.

The Shares have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "U.S. Securities Act") or with any securities
regulatory authority of any state or other jurisdiction of the United States
and the Shares may not be offered or sold in the United States or to, or for
the account or benefit of, U.S. Persons (as defined in Regulation S under the
U.S. Securities Act ("Regulation S")) absent registration or an exemption from
registration under the U.S. Securities Act. Moreover, the Shares have not
been, nor will they be, registered under the applicable securities laws of
Australia, Canada, the Republic of South Africa, Japan or any member state of
the EEA. Further, the Company is not, and will not be, registered under the US
Investment Company Act of 1940, as amended. The Shares of the Company will be
offered and sold outside of the United States to non-U.S. Persons in reliance
on the exemption from the registration requirements of the U.S. Securities Act
provided by Regulation S. Subject to certain exceptions, the Shares may not be
offered or sold in the United States, Australia, Canada, the Republic of South
Africa, Japan or any member state of the EEA, where the Shares are lawfully
marketed) or to, or for the account or benefit of, any national, resident or
citizen of, the United States, Australia, Canada, the Republic of South
Africa, Japan or any member state of the EEA. The Initial Issue, the Share
Issuance Programme and the distribution of this announcement, in certain
jurisdictions may be restricted by law and accordingly persons into whose
possession this announcement is received are required to inform themselves
about and to observe such restrictions.

The distribution of this announcement may be restricted by law in certain
jurisdictions and persons into whose possession any 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.

Cavendish Capital Markets Limited, is authorised and regulated in the United
Kingdom by the FCA, is acting exclusively for the Company and for no-one else
and will not regard any other person (whether or not a recipient of this
announcement or the Prospectus) as its client in relation to the Initial
Issue, the Share Issuance Programme and the other arrangements referred to in
the Prospectus and will not be responsible to anyone other than the Company
for providing the protections afforded to its clients, nor for providing
advice in connection with the Initial Issue, the Share Issuance Programme, any
Admission, the contents of the Prospectus, or any transaction or arrangement
referred to in this announcement or the Prospectus.

The value of the Shares and the income from them is not guaranteed and can
fall as well as rise due to stock market and currency movements.  When you
sell your investment you may get back less than you originally invested.
Figures refer to past performance and past performance is not a reliable
indicator of future results. Returns may increase or decrease as a result of
currency fluctuations.

This announcement contains forward looking statements, including, without
limitation, statements including the words "believes", "estimates",
"anticipates", "expects", "intends", "may", "will" or "should" or, in each
case, their negative or other variations or comparable terminology. Such
forward looking statements involve unknown risks, uncertainties and other
factors which may cause the actual results, financial condition, performance
or achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements.

These forward-looking statements speak only as at the date of this
announcement and cannot be relied upon as a guide to future performance. The
Company, Tier One Capital Limited, and Cavendish Capital Markets Limited
expressly disclaim any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual results or any
change in the assumptions, conditions or circumstances on which any such
statements are based unless required to do so by FSMA, the Prospectus
Regulation Rules, The Public Offers and Admissions to Trading Regulations 2024
(and any rules published by the FCA thereunder), UK MAR or other applicable
laws, regulations or rules.

The information in this announcement is for background purposes only and does
not purport to be full or complete. None of Cavendish Capital Markets Limited
or any of its affiliates, accepts any responsibility or liability whatsoever
for, or makes any representation or warranty, express or implied, as to this
announcement, including the truth, accuracy or completeness of the information
in this announcement (or whether any information has been omitted from the
announcement) or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever arising from
any use of the announcement or its contents or otherwise arising in connection
therewith. Each of Cavendish Capital Markest Limited and its affiliates,
accordingly disclaim all and any liability whether arising in tort, contract
or otherwise which they might otherwise be found to have in respect of this
announcement or its contents or otherwise arising in connection therewith.

 

Information to Distributors

Solely for the purposes of the product governance requirements contained
within PROD 3 of the FCA's Product Intervention and Product Governance
Sourcebook (the "Product Governance Requirements"), and disclaiming all and
any liability, whether arising in tort, contract or otherwise, which any
"manufacturer" (for the purposes of the Product Governance Requirements) may
otherwise have with respect thereto, the Shares have been subject to a product
approval process, which has determined that such securities are: (i)
compatible with an end target market of retail investors and investors who
meet the criteria of professional clients and eligible counterparties, each as
defined in COBS 3.5 and 3.6 of the FCA's Conduct of Business Sourcebook,
respectively; and (ii) eligible for distribution through all distribution
channels as are permitted by the Product Governance Requirements (the "Target
Market Assessment").

Notwithstanding the Target Market Assessment, distributors should note that:
the price of the Shares may decline and investors could lose all or part of
their investment; the Shares offer no guaranteed income and no capital
protection; and an investment in the 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
Initial Issue or any Subsequent Issue or the Share Issuance Programme.
Furthermore, it is noted that, notwithstanding the Target Market Assessment
and Cavendish will only procure investors (pursuant to Future Placings) 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 the FCA's
Conduct of Business Sourcebook; 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 Shares.

Each distributor is responsible for undertaking its own Target Market
Assessment in respect of the Shares and determining appropriate distribution
channels.

 

 

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