REG - Pittards PLC - Proposed Trade Investor Subscription

PittardsAnnouncement

20/07/2023 07:00

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RNS Number : 5726G  Pittards PLC  20 July 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU
REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

 

20 July 2023

Pittards plc

 

Proposed Trade Investor Subscription to raise up to £1 million

 

Pittards (AIM:PTD), the specialist producer of technically advanced leather
and luxury leather goods for retailers, manufacturers and distributors
announces, that further to the announcement on 11 June 2023, the Company has
successfully concluded discussions with a Trade Investor, who has agreed,
subject to finalisation of a subscription agreement, to invest up to £1
million via the issue of up to 25,000,000 new Ordinary Shares at the issue
price of 4 pence per share ("Issue Price") under the current Open Offer to
Shareholders, subject to its shareholding being less than 30 per cent. of the
Enlarged Voting Share Capital on Admission ("Trade Investor's Subscription").
The number of new Ordinary Shares for which the Trade Investor is prepared to
subscribe will therefore be dependent on the take-up of the Open Offer. If the
Trade Investor is unable to subscribe for £1 million of new Ordinary Shares
it will invest up to a further £124,000 by way of zero coupon unsecured
convertible loan notes, convertible into Ordinary Shares at the Issue Price.
Based on the minimum fundraise of £1.16 million the Trade Investor would be
able to invest an aggregate approximately £638,670.

The Trade Investor's Subscription is expected to be conditional, inter alia,
on the satisfaction of the following conditions by 8.00 a.m. on 28 July 2023
(or such later time and/or date (being no later than the Long Stop Date) as WH
Ireland and the Company may agree):

·      the Company successfully raising a minimum of £1.16 million of
additional capital;

·      the New Banking Facilities being entered into;

·      the passing of the Fundraising Resolutions (without material
amendment) at the General Meeting or any adjournment thereof; and

·      Admission taking place.

SHOULD THE COMPANY BE UNABLE TO RAISE A MINIMUM OF £1.16 MILLION OF
ADDITIONAL CAPITAL, THE COMPANY WOULD BE UNABLE TO CONTINUE TO TRADE AND WOULD
MOST LIKELY BE PLACED INTO ADMINISTRATION IN WHICH CASE THE PROSPECTS FOR
RECOVERY OF VALUE, IF ANY, BY SHAREHOLDERS WOULD BE UNCERTAIN.

THE TRADE INVESTOR'S SUBSCRIPTION REMAINS SUBJECT TO CONTRACT AND THERE CAN BE
NO GUARANTEE THAT THE CONDITIONS OF THE TRADE INVESTOR'S SUBSCRIPTION WILL BE
FULFILLED OR THAT IT WILL BE COMPLETED ON THE TERMS SET OUT ABOVE OR AT ALL.

A further announcement will be made in due course.

This announcement should be read in conjunction with the full text of the
Circular posted to Shareholders on 11 July 2023 copies of which are available
on the Company's website at https://corporate.pittards.com/investors/
(http://www.solidstateplc.com) . Capitalised terms in this announcement have
the same meaning as given in the Circular.

 

For further information please contact:

 

 Pittards plc            www.pittards.com
                         (https://url.avanan.click/v2/___https:/urldefense.proofpoint.com/v2/url?u=http-3A__www.pittards.com&d=DwMFAw&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=7Um2a7LLyUH5SxHgl6zdagatUzGQxXwYgU_CeVAgL9Q&m=dcxSX44rdBUfn6sOWMPfQnBnCJtou4u4IKqv6fz9X7A&s=rFM_1ZGKBHfxhkHpVSXLSt0x8mI_pHwBTYmsp
                         -PFAYY&e=___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzo0Y2UwZTIwNGM5YWVlMmJlOTIzMmFjMmE5ZjllMWU2OTo1OjRmZjI6YmY3ZjYxYThjZWYwZGIzMjMyZTFiNDQxNDgxODU3YmU2N2M1YTA2NzRkMDlhN2YxY2U3YWI0M2FmOWJlMWVmNDpoOk4)
 Stephen Yapp, Chairman  +44 (0) 1935 474 321

 Reg Hankey, CEO

 Alan Burgess, CFO
 WH Ireland Limited      www.whirelandplc.com/capital-markets
 Mike Coe, Sarah Mather  +44 (0)20 7220 1666

 

 

 

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