REG - Distil PLC - Proposed Placing <Origin Href="QuoteRef">DISD.L</Origin>

DistilAnnouncement

28/01/2015 02:43

RNS Number : 1676D
Distil PLC
26 January 2015
Distil plc
("Distil" or the "Company")
Proposed Placing of 73,475,000 Placing Shares at 0.8 pence pershare
The Board of Distil plc (AIM:DIS), owner of premium drinks brands including Blavod Black Vodka, Blackwoods Gin and Vodka, and RedLeg Rum, are pleased to announce that the Company has conditionally raised 587,800 (gross) following the conditional Placing of 73.475 million New Ordinary Shares at a price of 0.8 pence per Ordinary Share. Funds raised from the Placing will be applied to general working capital and the development and marketing of existing drinks brands together with the relaunch of certain other owned brands. The Placing is conditional upon Admission.
Don Goulding, Executive Chairman of the Company, commented: "We are delighted to have been supported by new and existing investors as we continue to establish new markets for our brands all over the world. 
Most recently we announced receiving TTB approval for the sale of Blackwoods Small Batch Gin in the USA, and an exclusive distribution agreement with The Winebow Group and we are now expecting further approvals for Blackwoods Limited Edition gin, RedLeg spiced rum and Blackwoods Botanical vodka shortly.
The funds raised will ensure that we can establish a good presence in this and other international markets and also continue our new brand development work."
For further information please contact:
Distil plc
Don Goulding Executive Chairman
+44 20 7352 2096
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin / Mark Brady
+44 113 370 8974
SI Capital (Broker)
Nick Emerson / Andy Thacker
+44 (0) 1483 413 500
Cadogan PR
Alex Walters
+44 20 7499 5002
Background to, and reasons for, the Placing
The Company has been considering an equity raise to provide working capital as well as marketing and development expenditure for the owned brand portfolio for some time. Recent developments in the USA and the success of the owned brands in the UK and Internationally require additional capital to fully develop these opportunities. 
The Placing
The Company has conditionally raised, in aggregate, 587,800 (before expenses) by means of the Placing of 73,475,000 new Ordinary Shares at 0.8p per share. The Placing Shares will represent approximately 16.82 per cent. of the Enlarged Share Capital following Admission. The Enlarged Share Capital following Admission will be 436,707,507 Ordinary Shares. The Placing is conditional upon Admission.
Admission and dealings
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. The Placing Shares, when issued, will rank pari passu in all respects with the Ordinary Shares, including the right to receive dividends and other distributions declared following Admission. It is expected that Admission will become effective, and that dealings in the Ordinary Shares on AIM will commence, at 8.00 a.m. on 30 January 2015.
ENDS

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