REG - Norman Broadbent PLC - Subscription

Norman BroadbentAnnouncement

06/12/2021 10:20

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RNS Number : 6619U  Norman Broadbent PLC  06 December 2021

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 6th December 2021

Norman Broadbent plc

("Norman Broadbent", "NBB" or the "Group")

Subscription

The board of Norman Broadbent (AIM: NBB) (the "Board"), a leading London
quoted Professional Services firm offering a diversified portfolio of
integrated Leadership Acquisition & Advisory Services, announces that it
has raised £75,347 before expenses by way of a subscription of 1,116,252
ordinary shares  ("Ordinary Shares") at 6.75 pence per Ordinary Share (the
"Issue Price") ("the Subscription Shares") (the "Subscription").

The Issue Price represents a premium of approximately 12.5 per cent to the
closing mid-market price of NBB's existing Ordinary Shares on 3(rd) December
2021 (being the last business day prior to this Announcement).

The Subscription is not being underwritten and is conditional on admission of
the Subscription Shares to trading on AIM. The Subscription is being conducted
pursuant to the existing authorities granted to the Directors of the Company
at its annual general meeting on 25 June 2021. The Subscription Shares
represent approximately 1.8 per cent. of the Company's issued share capital
as enlarged by the Subscription Shares.

Application has been made to the London Stock Exchange for the Subscription
Shares to be admitted to trading on AIM ("Admission") and it is expected that
such Admission will occur at 8.00 a.m. 7(th) December 2021. The Subscription
Shares will be issued credited as fully paid and will rank in full for all
dividends and other distributions declared, made or paid after the admission
of the Subscription Shares, and will otherwise be identical to and rank on
Admission pari passu in all respects with the existing Ordinary Shares. The
Subscription Shares are not being made available to the public and are not
being offered or sold into any jurisdiction where it would be unlawful to do
so.

Related party transactions: substantial shareholder participation

The Subscription is with one Substantial Shareholder, (as defined by the AIM
Rules) who has subscribed for Subscription Shares at the Issue Price. Details
of the Subscription Shares for which Substantial Shareholder will be
subscribing are displayed below, together with the expected shareholdings at
Admission:

 Director     Number of Ordinary Shares held before the Subscription  Percentage of current issued Ordinary Share capital  Number of Subscription Shares to be subscribed for  Number of Ordinary Shares held on Admission  Percentage of enlarged Ordinary Share Capital
 Downing LLP  9,800,620                                               16.44%                                               1,116,252                                           10,916,872                                   17.97%

 

 

The Substantial Shareholder participating in the Subscription will be
classified as related parties under the AIM Rules. The Directors consider,
having consulted with WH Ireland Limited as the Company's nominated adviser,
that the terms of this transaction are fair and reasonable insofar as the
Company's shareholders are concerned.

Total Voting Rights

Following Admission, the Company will have 60,740,757 Ordinary Shares in
issue, none of which will be held in treasury. Accordingly, shareholders may
use this figure 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 Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

For further information, please contact:

 Norman Broadbent plc  020 7484 0000

 Peter Searle

 Kevin Davidson

 Steve Smith

 WH Ireland Limited

 Adrian Hadden         020 7220 1666

 Jessica Cave

 Darshan Patel

 

 

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