REG - Hornby PLC - Result of Meeting
RNS Number : 5892FHornby PLC10 March 202010 March 2020
Hornby plc
("Hornby" or the "Company")
Result of General Meeting and
Result of Placing and Open Offer
On 21 February 2020, Hornby announced a proposed Placing and Open Offer to raise, in aggregate, approximately £15.0 million (before expenses) through the issue of 41,666,666 New Ordinary Shares at an issue price of 36.0 pence per New Ordinary Share. The Company also announced a proposed Amendment and Restatement of the Sale and Purchase Agreement relating to shares in LCD Enterprises Limited.
The Company is pleased to announce that at its General Meeting held earlier today, all of the Resolutions set out in the circular dated 21 February 2020 were duly approved.
Further to this, the Company can now confirm that it will issue, pursuant to the Placing and Open Offer, 41,666,666 New Ordinary Shares at 36.0 pence per share, raising approximately £15.0 million. The issue of New Ordinary Shares will be split as follows:
· 37,177,974 shares under the firm element of the Placing, raising gross proceeds of approximately £13.4 million;
· 1,247,944 shares taken up under the Open Offer, including excess applications, raising gross proceeds of approximately £0.4 million; and
· 3,240,748 shares under the conditional element of the Placing, raising gross proceeds of approximately £1.2 million.
Application has been made for the 41,666,666 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence in the New Ordinary Shares at 8.00 a.m. on 12 March 2020. Following Admission the Company's issued share capital will comprise 166,927,838 Ordinary Shares. From Admission, the figure of 166,927,838 may be used by Shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Company can also confirm that the Amendment and Restatement of the Sale and Purchase Agreement, as described in the circular dated 21 February 2020, has become effective immediately.
Lyndon Davies, Chief Executive, said:
"The board is incredibly grateful for the patience and support given by shareholders, both large and small, over the last 2 years. Sales are growing again, and this extra capital will help us build on the momentum and accelerate our journey back to profitability."
Defined terms used in this announcement will have the meanings (unless the context otherwise requires) set out in the circular dated 21 February 2020, which is available on the Company's website www.hornby.plc.uk.
- ends -
For further information contact:
Hornby PLC
Lyndon Davies, CEO
Kirstie Gould, CFO
01843 233500
Liberum Capital Limited
Andrew Godber
Edward Thomas
Kane Collings
020 3100 2222
Financial PR Advisor
Scott Fulton
07788 144993
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDROMFZGMFGGFGGZM
Recent news on Hornby
See all newsREG - Hornby PLC - Result of AGM
AnnouncementREG - Hornby PLC - AGM Statement
AnnouncementREG - Hornby PLC - Notice of AGM
AnnouncementREG - Hornby PLC - Directorate Change
AnnouncementREG - Hornby PLC - BLOCK LISTING SIX MONTHLY RETURN
Announcement