REG - Likewise Group PLC - Equity Subscription of c.£1.4 million

LikewiseAnnouncement

07/08/2025 07:00

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RNS Number : 3162U  Likewise Group PLC  07 August 2025

7 August 2025

 

Likewise Group plc

 

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

 

Equity Subscription of c.£1.4 million for Future Capital Investment

 

 

Likewise Group plc (AIM:LIKE), the fast growing and progressive UK floor
coverings distributor is pleased to announce that it has raised c.£1.4
million pursuant to an equity subscription for 5,500,000 new ordinary shares
of 1 pence each in the Company ("Ordinary Shares") by Onward Opportunities
Limited (AIM:ONWD), an existing institutional shareholder (the "Subscription")
in order to accelerate organic growth opportunities.

 

The subscription price is 25 pence per Ordinary Share ("Subscription Price")
representing a nil discount to the closing price on 6 August 2025 (being the
last practicable day prior to the date of this Announcement).

 

The Subscription was originated by a reverse enquiry from an existing
institutional shareholder looking to increase its holding in Likewise, having
been unable to source stock in the secondary market. The net proceeds of the
Subscription will be used for future growth investments as the company
continues to take share in difficult markets.

 

The Ordinary Shares issued pursuant to the Subscription will rank in full for
all dividends or other distributions hereafter declared, made or paid on the
ordinary share capital of the Company and will rank pari passu in all other
respects with all other ordinary shares in issue.

 

The Subscription is being conducted pursuant to the existing authorities
granted to the Directors of the Company at its annual general meeting on 27
June 2025. The Subscription Ordinary Shares represent approximately 2 per
cent. of the Company's issued share capital as enlarged by the Subscription
Ordinary Shares.

 

 

Admission and Total Voting Rights

 

Application has been made for 5,500,000 Ordinary Shares to be admitted to
trading on AIM ("Admission"), with dealings expected to commence at 8.00 a.m.
on 11 August 2025.

 

Following Admission, the total issued share capital of the Company will be
252,983,480 and the Company now holds 2,317,895 shares in treasury. The total
voting rights in the Company is now 250,665,585 which 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, Likewise under the FCA's Disclosure Guidance and
Transparency Rules.

 

Tony Brewer, Chief Executive of Likewise Group plc, said:

 

"The Board has taken the opportunity to create additional capital for the
future development of the Group. As previously communicated, it is intended to
fund the impending Newport extension from internal cash flow, however the
Board is actively considering further initiatives to meaningfully increase the
operational capability and enabling sales revenue to exceed £250 million.

 

Therefore, this new capital will be retained in an investment account and not
absorbed into the Group's working capital cycles. We thank Laurence Hulse and
the Team at Onward Opportunities for their ongoing support."

 

Laurence Hulse, Lead Fund Manager of Onward Opportunities Limited, said:

 

"Onward Opportunities first invested in Likewise a year ago at 14p into its
nursery of holdings, having spotted some emerging competitive advantages, and
that these were driving increased profitability and market share gains. This
year, those advantages appear to be intensifying with associated revenue and
profit gains in spite of a tough market backdrop, leading Onward Opportunities
to increase its investment further into the company. As Onward Opportunities
Limited is one of the few UK funds with fund inflows this year, it can provide
growth capital directly into the company to accelerate some of Likewise'
competitive advantages. This is the sort of capital allocation function that
public markets can so ably provide. Onwards."

 

 For further information, please contact:
 Likewise Group plc                                                   Tel: +44 (0) 121 817 2900

 Tony Brewer, Chief Executive
 Zeus (Nominated Adviser and Joint Broker)                            Tel: +44 (0) 20 3829 5000

 Jordan Warburton / David Foreman / James Edis (Investment Banking)

 Dominic King / Fraser Marshall (Corporate Broking)
 Ravenscroft (Joint Broker)                                           Tel: +44 (0) 1481 732 746

 Semelia Hamon (Corporate Finance)

 

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