REG - Kitwave Group PLC - Pre-Emption Group Reporting

KitwaveAnnouncement

03/10/2024 17:00

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RNS Number : 8866G  Kitwave Group PLC  03 October 2024

3 October 2024

Kitwave Group plc

 

("Kitwave", the "Group" or the "Company")

Pre-Emption Group Reporting

 

Further to the announcements on 24 September 2024 and 25 September 2024,
regarding the Capital Raising of £31.5 million, the Company publishes the
following post-transaction report in accordance with the most recently
published Pre-Emption Group Statement of Principles (2022).

 

 

 Name of issuer       Kitwave Group plc

 Transaction details  The Company raised £31.5m via a Placing and Retail Offer. The 10,327,868 new
                      ordinary shares issued pursuant to the Placing and Retail Offer represented
                      approximately 14.7 per cent. of the Company's issued ordinary share capital
                      prior to the Placing.

                      Admission of the Placing Shares and Retail Offer Shares took place at 8.00
                      a.m. on 27 September 2024.

 Use of proceeds      The net proceeds of the Placing and Retail Offer were used to part fund the
                      acquisition of Creed Catering Supplies Limited, with the remaining
                      consideration financed from an increase in the Company's banking facilities.

                      Further details can be found in the Company's announcement published on 24
                      September 2024, which should be read in conjunction with this Announcement.

 Quantum of proceeds  In aggregate, the Placing and Retail Offer raised gross proceeds of
                      approximately £31.5 million.

 Discount             The Issue Price of 305 pence per share represented a discount of
                      approximately 3.9 per cent. to the closing middle market price of
                      317.5 pence on 23 September 2024, being the latest practicable date prior to
                      the publication of the launch announcement.

 Allocations          Soft pre-emption has been adhered to in the allocations process. The Company
                      was involved in the allocations process, which was carried out in compliance
                      with applicable MiFID II allocation requirements. Allocations made outside of
                      soft pre-emption were preferentially directed towards existing shareholders
                      and wall-crossed accounts.

 Consultation         Canaccord Genuity, as the Company's Sole Bookrunner, undertook a pre-launch
                      wall-crossing process, including consultation with major shareholders, to the
                      extent reasonably practicable and permitted by law.

 Retail investors     The Placing was accompanied by a Retail Offer, for a total of 163,934 new
                      Ordinary Shares, via the PrimaryBid platform.

                      Retail investors who participated in the Retail Offer were able to do so at
                      the same Placing Price as all other investors participating in the Placing.

                      The Retail Offer was made available to existing shareholders and new investors
                      in the UK. Investors were able to participate through PrimaryBid's free-to-use
                      direct channel. As such, to the extent practicable on the transaction
                      timetable, eligible UK retail investors (including certificated retail
                      shareholders) had the opportunity to participate in the Retail Offer alongside
                      institutional investors.

 

 

Capitalised terms used in this announcement have the meanings given to them in
the Launch Announcement of 24 September 2024, unless the context provides
otherwise.

 

- Ends-

 

For further information please contact:

 

 Kitwave Group plc                                    Tel: +44 (0) 191 259 2277

 Ben Maxted, Chief Executive Officer

 David Brind, Chief Financial Officer

 www.kitwave.co.uk (http://www.kitwave.co.uk/)
 Canaccord Genuity Limited                            Tel: +44 (0) 20 7523 8150

(Nominated Adviser and Sole Broker)

 Bobbie Hilliam

 Harry Pardoe
 Yellow Jersey PR                                     Tel: +44 (0) 20 3004 9512

(Financial media and PR)

 Charles Goodwin

 Shivantha Thambirajah

 Bessie Elliot

 

Company Overview

Founded in 1987, following the acquisition of a single-site confectionery
wholesale business based in North Shields, United Kingdom, Kitwave is a
delivered wholesale business, specialising in selling and delivering impulse
products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to
approximately 42,000, mainly independent, customers.

 

With a network of 32 depots, Kitwave is able to support delivery throughout
the UK to a diverse customer base, which includes independent convenience
retailers, leisure outlets, vending machine operators, foodservice providers
and other wholesalers, as well as leading national retailers.

 

The Group's growth to date has been achieved both organically and through a
strategy of acquiring smaller, predominantly family-owned, complementary
businesses in the fragmented UK grocery and foodservice wholesale market.

 

Kitwave Group plc was admitted to trading on AIM of the London Stock Exchange
in May 2021.

 

For further information, please visit www.kitwave.co.uk
(http://www.kitwave.co.uk) .

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