REG - Vector Capital PLC - Admission to trading on AIM

Vector CapitalAnnouncement

29/12/2020 08:06

RNS Number : 9034J
  
Vector Capital PLC
  
29 December 2020
  
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
 
Vector Capital plc
("Vector Capital", the "Company" or the "Group") 
 
Admission to trading on AIM
& First Day of Dealings
 
AIM IPO to increase lending power to SMEs and scale the business
 
Vector Capital plc, a commercial lending group that offers secured loans primarily to businesses located in the United Kingdom, announces that admission of the Company's ordinary shares of 0.5p each ("Ordinary Shares") to trading on AIM (the "Admission") will take place and dealings will commence at 8.00 a.m. today under the ticker VCAP (ISIN: GB00BMH15P96).
 
In conjunction with the Admission, a total of 8,052,895 new Ordinary Shares were placed with institutional and other investors at a price of 38 pence per share (the "Placing Price") raising gross proceeds of £3.1 million for the Company.
 
Upon Admission, the Company will have a market capitalisation (at the Placing Price) of approximately £16 million.
 
The net proceeds of the Placing will provide the Company with the financial flexibility to further increase its lending capacity and satisfy the demand for loans as provided by the Company.
 
Allenby Capital is acting as Nominated Adviser and Broker to the Company.
 
Company Highlights
 
·      Vector Capital provides secured, business-to-business loans to SMEs based in England and Wales. Customers typically borrow for general working capital purposes, bridging ahead of refinancing, land development and property acquisition
 
·      Strong management team with 20 years' experience in the secured commercial lending market
 
·      Strong industry network of wholesale banks, commercial finance brokers, surveyors and advisers
 
·      Speed of loan approvals - ability to make decisions in principle on a "same day" basis 
 
·      Flexibility and ability to provide bespoke solutions on a case-by-case basis
 
·      Bespoke integrated IT infrastructure 
 
·      Strong risk management
 
·      A track record of profit and cash generation
 
·      Healthy loan pipelines underpinned by strong market demand
 
·      Progressive dividend policy
 
Agam Jain, CEO of Vector Capital said:
 
"Vector Capital's debut on AIM represents a significant milestone and an exciting opportunity for the business.  We are delighted with the positive reception received from institutional investors and we are pleased to welcome them on board.  Over the last two decades, we have built up a profitable, cash generative business and become a trusted lender by brokers and our Placing and admission to AIM enables us to increase our lending power and scale the business. With a strong pipeline of loans underpinned by market demand, we look forward to executing our growth plans and delivering returns to our shareholders."
 
Further enquiries:
 




Vector Capital plc
Agam Jain
 
 


 
c/o TB Cardew
 




Allenby Capital Limited
James Reeve (Corporate Finance)
Tony Quirke (Sales)


 
+44 (0)20 3328 5656
www.allenbycapital.com
 
 




TB Cardew
Shan Shan Willenbrock/
Charlotte Anderson


 
+ 44 (0)7775 848537
+ 44 (0)20 7930 0777
vector@tbcardew.com
 




 
 
The Company's Admission Document is available at www.vectorcapital.co.uk.
 
Capitalised terms used in this announcement shall, unless the context provides otherwise, have the same meanings in the Admission Document.
 
Notes to Editors
 
Vector Capital provides secured, business-to-business loans to SMEs based in England and Wales. Loans are typically secured by a first legal charge against real estate. The Company's customers typically borrow for general working capital purposes, bridging ahead of refinancing, land development and property acquisition. The loans provided by the Company are generally for a 12-month term with fixed interest rates of between 11 and 14 per cent.
 
Important Information
 
This announcement does not constitute, or form part of, any offer or invitation to sell, allot or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment therefor.
 
Recipients of this announcement who are considering subscribing for or acquiring Ordinary Shares following publication of the Admission Document are reminded that any such acquisition or subscription must be made only on the basis of the information contained in the final Admission Document, which may be different from the information contained in this announcement.  No reliance may be placed, for any purpose whatsoever, on the information or opinions contained in this announcement or on its completeness.  To the fullest extent permitted by applicable law or regulation, no undertaking, representation or warranty, express or implied, is given by or on behalf of the Company or Allenby Capital, or their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates, representatives or advisers or any other person as to the accuracy, sufficiency, completeness or fairness of the information, opinions or beliefs contained in this announcement and, save in the case of fraud, no responsibility or liability is accepted by any of them for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, howsoever arising, from any use, as a result of the reliance on, or otherwise in connection with this announcement.
 
Allenby Capital is acting exclusively for the Company and no one else in connection with the Placing and Admission referred to herein. Allenby Capital will not regard any other person as its client in relation to the Placing and Admission referred to herein, and will not be responsible to anyone other than the Company for providing the protections afforded to their clients or for giving advice in relation to the Placing and Admission or any transaction or arrangement referred to herein.
 
This announcement is only addressed to, and directed at, persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation (EU 2017/1129) ("Qualified Investors"). In addition, in the United Kingdom, this announcement is addressed to and directed only at Qualified Investors who are: (i) persons having professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net-worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO; and (iii) persons to whom it is otherwise lawful to communicate it to.  It is not intended that this announcement be distributed or passed on, directly or indirectly, to any other class of person and in any event, and under no circumstances should persons of any other description rely on or act upon the contents of this announcement.
 
Neither this announcement nor any copy of it may be: (i) taken or transmitted into or distributed, directly or indirectly, in the United States (within the meaning of regulations made under the US Securities Act of 1933, as amended); (ii) taken or transmitted into, distributed, published, reproduced or otherwise made available or disclosed in Canada, Australia, New Zealand or the Republic of South Africa or to any resident thereof, except in compliance with applicable securities laws; or (iii) taken or transmitted into or distributed in Japan or to any resident thereof for the purpose of solicitation or subscription or offer for sale of any securities or in the context where the distribution thereof may be construed as such a solicitation or offer.  Any failure to comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.
 
The Ordinary Shares have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.  No public offering of securities is being made in the United States.  No securities commission or similar authority in Canada has in any way passed on the merits of the securities offered hereunder and any representation to the contrary is an offence.  No document in relation to the proposed placing of the Ordinary Shares has been, or will be, lodged with, or registered by, the Australian Securities and Investments Commission, and no registration statement has been, or will be, filed with the Japanese Ministry of Finance.  Accordingly, subject to certain exceptions, the Ordinary Shares may not be, directly or indirectly, offered, sold, taken up, delivered or transferred in or into or from a restricted jurisdiction or offered or sold to a person within a restricted jurisdiction.
 
This announcement contains certain statements that are, or may be, forward looking statements with respect to the financial condition, results of operations, business achievements and/or investment strategy of the Company. Such forward looking statements are based on the Company's board of directors (the "Board") expectations of external conditions and events, current business strategy, plans and the other objectives of management for future operations, and estimates and projections of the Group's financial performance.  Though the Board believes these expectations to be reasonable at the date of this announcement they may prove to be erroneous.  Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, achievements or performance of the Group, or the industry in which the Group operates, to be materially different from any future results, achievements or performance expressed or implied by such forward looking statements.
 
Certain figures in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly to the total figure given.
 
 

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