Oberon Investments - Placing to raise £2.5 million
13/02/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250213:nRSM9276Wa&default-theme=true
RNS Number : 9276W Oberon Investments Group PLC 13 February 2025
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014. Which is part of the United Kingdom domestic law
pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)
("UK MAR").
("Oberon", or the "Company", or the "Group")
Placing to raise £2.5 million
Oberon Investments Group plc (AQSE: OBE), the boutique investment management,
wealth planning and corporate broking group, announces that it has raised
£2.50 million before expenses, through a placing (the "Placing") via Oberon
Capital, of 55,555,554 new ordinary shares of 0.5 pence each (the "Placing
Shares") in the Company at a price of 4.5 pence per share (the "Issue Price").
The Placing was considerably oversubscribed and was supported by new and
existing shareholders, including directors and staff of Oberon. The proceeds
will support the expansion of the Company's key business divisions to
accelerate growth across the Group as well as for working capital purposes.
Background to the Placing
Oberon is a financial boutique comprising three divisions: Investment
Management, Wealth Planning and Corporate Advisory & Broking. Since
listing, the Group has integrated several well-established teams with proven
track records, experience and longevity.
Oberon has created a strong foundation and is now experiencing significant
growth. The Company's results for the 6 months to 30 September 2024, reported
a 74% increase in revenue to £4.8m. Based on current trading, management
believes it will meet revenue expectations for FY25.
The Directors of Oberon believe there are many opportunities available to
Oberon across each of its divisions, primarily within Oberon Capital, its
corporate broking division, which is expected to achieve a year on year
increase in revenue of more than 50%.
Oberon is seeking to take advantage of opportunistic acquisitions, whether of
teams of professionals, or through corporate acquisitions. Current
opportunities, both of which remain subject to agreement and other conditions,
include the acquisition of a wealth management team and the addition of a new
team of investment managers.
Simon McGivern, CEO of Oberon Investments Group, said: "We are delighted with
the support we have received from both new and existing shareholders for this
fundraising. Notably, staff and directors have participated in this round,
subscribing for 15% of the raise, which is a strong reflection of the positive
outlook from within the company.
Following a wave of mergers among mainstream brokers and wealth managers, we
see a 'once in a cycle' opportunity for our corporate broking and wealth
management divisions. The foundations we have created, which include a
strong balance sheet, ongoing shareholder support and the efforts of our
teams, give us a tremendous platform for the future. We feel Oberon
presents a compelling opportunity for talented teams, offering a dynamic and
ambitious full-service boutique where individuals can truly focus on their
clients and thrive."
Admission
The Placing Shares will be issued and allotted under the Company's existing
authorities obtained at the Company's last annual general meeting held on 3
September 2024. Application has been made for the Placing Shares to be
admitted to trading on AQSE ("Admission") and it is expected that Admission,
and commencement of dealings, will take place at 8.00 a.m. on 18 February
2025.
The Placing Shares, when issued, will be credited as fully paid and will
rank pari passu in all respects with the Company's existing Ordinary Shares,
including the right to receive dividends and other distributions declared on
or after the date of issue.
Total Voting Rights
Following Admission, the Company's issued and fully paid share capital will
consist of 742,070,442 Ordinary Shares, all of which carry one voting right
per share. The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of ordinary shares and voting rights in the
Company will be 742,070,442. 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, the
Company under the FCA's Disclosure Guidance and Transparency Rules.
Director Participation
Mike Cuthbert, Non-Executive Director Chairman of the Company, has subscribed
for 222,222 shares in the Placing, for consideration of £10,000. The
independent directors of the Company, having exercised reasonable care, skill
and diligence, consider that this subscription is fair and reasonable as far
as the shareholders of the Company are concerned. Following this
subscription, Mike Cuthbert will own 707,049 shares in the Company,
representing 0.10% of the Company's issued share capital, as enlarged by the
Placing.
Alex Hambro, a Non-Executive Director of the Company, has subscribed for
555,555 shares in the Placing, for consideration of £25,000. The
independent directors of the Company, having exercised reasonable care, skill
and diligence, consider that this subscription is fair and reasonable as far
as the shareholders of the Company are concerned. Following this
subscription, Alex Hambro will own 2,198,412 shares in the Company,
representing 0.30% of the Company's issued share capital, as enlarged by the
Placing.
The Directors of the Company take responsibility for this announcement.
For further information please contact:
Oberon Investments Group plc https://oberoninvestments.com (https://oberoninvestments.com)
Simon McGivern / Marcia Manarin via Novella Communications
Novum Securities Limited (AQSE Corporate Adviser to the Company) +44 (0)20 7399 9400
Richard Potts / Ana Eley
Oberon Capital (Broker to the Company) +44 (0)20 3179 5300
Mike Seabrook / Nick Lovering
Novella Communications Tel: 020 3151 7008
Tim Robertson / Safia Colebrook oberon@novella-comms.com (mailto:oberon@novella-comms.com)
Important Notices
Oberon Investments Limited (trading as Oberon Capital) is authorised and
regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom
and is acting exclusively for the Company and no one else in connection with
the Placing and will not regard anyone (including any Placees) (whether or not
a recipient of this Announcement) as a client, and will not be responsible to
anyone other than the Company for providing the protections afforded to its
clients or for providing advice in relation to the Placing or any other
matters referred to in this Announcement.
Neither this Announcement, nor any copy of it, nor the information contained
in it, is for publication, release, transmission, distribution or forwarding,
in whole or in part, directly or indirectly, in or into the United States,
Australia, Canada, Japan or the Republic of South Africa or any other
jurisdiction in which publication, release or distribution would be unlawful
(or to any persons in any of those jurisdictions). This Announcement is for
information purposes only and does not constitute an offer to sell or issue,
or the solicitation of an offer to buy, acquire or subscribe for shares in the
capital of the Company in the United States, Australia, Canada, Japan or the
Republic of South Africa or any other state or jurisdiction (or to any persons
in any of those jurisdictions). This Announcement has not been approved by the
London Stock Exchange. Any failure to comply with these restrictions may
constitute a violation of the securities laws of such jurisdictions.
The Placing Shares have not been, and will not be, registered under the US
Securities Act or with any securities regulatory authority or under any
securities laws of any state or other jurisdiction of the United States and
may not be offered, sold, resold, pledged, transferred or delivered, directly
or indirectly, in or into the United States except pursuant to an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the US Securities Act and in compliance with the securities
laws of any state or other jurisdiction of the United States. No public
offering of securities is being made in the United States. The Placing Shares
have not been approved, disapproved or recommended by the U.S. Securities and
Exchange Commission, any state securities commission in the United States or
any other U.S. regulatory authority, nor have any of the foregoing authorities
passed upon or endorsed the merits of the offering of the Placing Shares.
Subject to certain exceptions, the securities referred to herein may not be
offered or sold in the United States, Australia, Canada, Japan or the Republic
of South Africa or to, or for the account or benefit of, any national,
resident or citizen of the United States, Australia, Canada, Japan or the
Republic of South Africa.
No public offering of the Placing Shares is being made in the United States,
United Kingdom or elsewhere. All offers of the Placing Shares and Subscription
Shares will be made pursuant to an exemption from the requirement to produce a
prospectus under the EU Prospectus Regulation or the UK Prospectus Regulation.
This Announcement is not being distributed by, nor has it been approved for
the purposes of section 21 of FSMA by, a person authorised under FSMA. This
Announcement is being distributed and communicated to persons in the United
Kingdom only in circumstances in which section 21(1) of FSMA does not apply.
The distribution of this Announcement, the Placing and/or the offering of the
Placing Shares in certain jurisdictions may be restricted by law. No action
has been taken by the Company or its affiliates that would permit an offering
of the Placing Shares or possession or distribution of this Announcement or
any other offering or publicity material relating to the Placing Shares in any
jurisdiction where action for that purpose is required. Persons into whose
possession this Announcement comes are required by the Company to inform
themselves about, and to observe, such restrictions.
This Announcement may contain and the Company may make verbal statements
containing "forward-looking statements" with respect to certain of the
Company's plans and its current goals and expectations relating to its future
financial condition, performance, strategic initiatives, objectives and
results. Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan", "goal",
"believe", "seek", "may", "could", "outlook" or other words of similar
meaning. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are
beyond the control of the Company. As a result, the actual future financial
condition, performance and results of the Company may differ materially from
the plans, goals and expectations set forth in any forward-looking statements.
Any forward-looking statements made in this Announcement by or on behalf of
the Company speak only as of the date they are made. These forward-looking
statements reflect the Company's judgment at the date of this Announcement and
are not intended to give any assurance as to future results and the Company
cautions that its actual results of operations and financial condition, and
the development of the industry in which it operates, may differ materially
from those made in or suggested by the forward-looking statements contained in
this Announcement and/or information incorporated by reference into this
Announcement. The information contained in this Announcement is subject to
change without notice and except as required by applicable law or regulation,
the Company expressly disclaims any obligation or undertaking to publish any
updates, supplements or revisions to any forward-looking statements contained
in this Announcement to reflect any changes in the Company's expectations with
regard thereto or any changes in events, conditions or circumstances on which
any such statements are based, except where required to do so under applicable
law.
No statement in this Announcement is intended to be a profit forecast or
estimate, and no statement in this Announcement should be interpreted to mean
that earnings per share of the Company for the current or future financial
years would necessarily match or exceed the historical published earnings per
share of the Company.
Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this Announcement.
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NEXGPUPUPUPAPGP