REG - iEnergizer Limited - Placing and Director dealing <Origin Href="QuoteRef">IBPO.L</Origin>

iEnergizerAnnouncement

16/07/2015 14:17

RNS Number : 3061S
iEnergizer Limited
07 July 2015
7 July 2015
iEnergizer Limited
("iEnergizer" or the "Company")
Placing and Director dealing
iEnergizer Limited (AIM: IBPO.L), an international and full service business process outsourcing business, is pleased to announce that it has raised 2.12 million by way of a placing of 15,120,000 new ordinary shares of 1 pence each ("New Ordinary Shares") with EICR Cyprus Limited ("EICR") a company of which Mr Anil Aggarwal, Non-executive Director of the Company, is the ultimate shareholder (the "Placing") at a price of 14 pence per Ordinary Share (the "Placing Price").
The Placing Price represents a discount of approximately 49 per cent. to the closing price of 27.5 pence per share on 6 July 2015, (being the last practical date prior to the announcement of the Placing). 
As announced on 2 May 2013, the Company executed a Term Loan B facility for a six year senior secured term loan facility ("the Facility") for an aggregate amount of US$135m. Considering the audited results of the Company for the financial year ended 31 March 2015, which were announced on 2 July 2015, the Company requires this cash injection (amounting to approximately US$ 3.3 million) in order to comply with the terms of the Facility, The entire proceeds of the Placing have to be utilized to prepay part of the Facility on or before 9th July 2015, a condition that the Company is now in a position to meet. 
The Directors believe that this cash injection will enable the Company to strengthen its balance sheet and will also enable the Company to continue the business reorganisation currently being undertaken and focus more clearly on a go-to-market sales and services delivery model. 
Application will be made for the New Ordinary Shares issued pursuant to the Placing to be admitted to trading on AIM and it is anticipated that Admission will become effective and that dealings will commence on 13 July 2015.
The Placing Shares will, when issued, rank equally in all respects with the existing ordinary shares and will represent approximately 8.99 per cent. of the entire issued share capital of the Company immediately following Admission.
Following the Placing the Company will have 168,130,000 ordinary shares in issue. This figure may be used by shareholders 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 iEnergizer, under the Disclosure and Transparency Rules.
Director shareholding
Following the completion of the Placing, EICR holds a beneficial interest in 135,196,144 Ordinary Shares, representing approximately 80.41 per cent. of the issued share capital of the Company. Mr. Anil Aggarwal is the ultimate shareholder of EICR. 
In accordance with the relationship agreement entered into by the company, EICR, Mr Aggarwal and others at the time of IPO, this transaction was entered into at arms length and on commercial terms. The transaction represents continued confidence of EICR in the Company. 
Related party opinion 
Anil Aggarwal, a Non-executive Director of the Company, is the ultimate shareholder of EICR and as such is a related party for the purposes of AIM Rule 13. The independent directors of the Company consider that, having consulted with the Company's nominated adviser in relation to the Placing that the terms of the Placing are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
  
 
iEnergizer Ltd.
+44 (0)1481 242233
Chris de Putron

Mark De la Rue 



Arden Partners, Nomad and Broker
020 7614 5900
Steve Douglas/James Felix



FTI

Jonathon Brill / Edward Westropp
020 3727 1000

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