REG - Pittards PLC - Result of General Meeting, Open Offer and Update

PittardsAnnouncement

27/07/2023 14:00

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RNS Number : 4593H  Pittards PLC  27 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.

 

 

27 July 2023

 

Pittards plc

 ("Pittards" or the "Company")

 

 

Result of General Meeting, Open Offer and Update

 

Pittards (AIM : PTD), the specialist producer of technically advanced leather
and luxury leather goods for retailers, manufacturers and distributors,
announces that all the resolutions proposed at this morning's General Meeting
to approve, inter alia, the resolutions required to implement the fundraising
announced on 11 July 2023 ("Fundraising"), were duly passed. Unfortunately,
all the other conditions of the Fundraising have not been satisfied and the
Board has therefore taken the decision to terminate the Fundraising.

 

The Company received valid applications in the Open Offer for a total of
5,101,215 new Ordinary Shares, conditionally raising £204,049 for the Company
pursuant to the Open Offer. Therefore, the Company conditionally raised in
aggregate £329,049 pursuant to the Management Subscriptions and the Open
Offer. These funds together with the funds available from the Trade Investor
are not sufficient to meet the condition for a minimum amount of additional
capital to be raised by the Company.

 

Following its termination, all monies subscribed by Shareholders in the Open
Offer will be returned to them within 10 business days.

 

With the support of its bankers who have extended existing facilities to 31
August 2023, the Company will continue to consider all its strategic options
for the benefit of its stakeholders which may include an orderly sale of the
business and assets of the Company.

 

Trading in the Company's shares is currently suspended, pending publication of
the final results for the year ended 31 December 2022 which in light of recent
events will be further delayed.

 

The results of the proxy voting from the General Meeting will be available
shortly on the Company's website: https://corporate.pittards.com/investors/
(https://corporate.pittards.com/investors/) .

 

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/
(https://corporate.pittards.com/investors/) (http://www.solidstateplc.com) .
Capitalised terms used and not defined 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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