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AFH Fin Group Plc (AFHP)

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Monday 20 March, 2017

AFH Fin Group Plc

Completion of Placing

RNS Number : 9951Z
AFH Financial Group Plc
20 March 2017
 

THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

20 March 2017

AFH FINANCIAL GROUP PLC

("AFH" or the "Company") 

Completion of Placing

AFH Financial Group plc is pleased to confirm that, further to the announcement made earlier today, the Company has now raised a total of £10 million (the "Placing") through the issue of an aggregate of 5,714,285 new Ordinary Shares at a price of 175 pence per new Ordinary Share (the "Placing Price").  In conjunction with the Placing, Alan Hudson, Chief Executive Officer of the Company, has agreed to sell 1,000,000 existing Ordinary Shares at the Placing Price to satisfy excess demand in the Placing. Following the Placing and Sale Alan Hudson will hold 6,555,700 Ordinary Shares.

Alan Hudson has agreed to a 12 month lock-in in respect of any sale of Ordinary Shares in the Company. 

The Placing is conditional on the approval of Shareholders at a General Meeting. Accordingly, a Circular and Notice of General Meeting will shortly be posted to Shareholders, following which the documents will also be available to download from the Company's website at (www.afhfinancialgroup.com). The General Meeting will take place at 10.00 a.m. on 10 April 2017 at AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, B60 4JE, at which the Directors will seek Shareholder approval for the Placing.

Application will be made to the London Stock Exchange for the admission of the new Ordinary Shares to trading on AIM and dealings are expected to commence on 11 April 2017. Following Admission, the Company will have a total of 30,082,794 Ordinary Shares of 10 pence each in issue. 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.

Unless otherwise defined, all capitalised terms in this Announcement are defined at the end of the announcement made earlier today entitled "Proposed Placing".

Alan Hudson, Chief Executive Officer of the Company, commented:

"The oversubscription of the Placing is in our view a validation of both the Company's progress to date and strategy. We are grateful for the support of both existing and new investors in the Placing which will enable the Company to execute on its attractive pipeline of acquisitions."

Enquiries:

AFH Financial Group PLC                                                                                              01527 577 775

Alan Hudson, Chief Executive Officer

Paul Wright, Chief Financial Officer

www.afhfinancialgroup.com

Liberum Capital Limited                                                                                                 020 3100 2000

(Nominated Adviser and Broker)

John Fishley

Richard Bootle

Robert Johnson

Camarco                                                                                                                             0203 757 4985

Geoffrey Pelham-Lane

Jennifer Renwick                                                                                             

Important Information

 

This Announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties.  The Company cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", or other words of similar meaning.  By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, economic and business conditions, the effects of continued volatility in credit markets, market-related risks such as changes in the price of commodities or changes in interest rates and foreign exchange rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards ("IFRS") applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigation or regulatory investigations, the success of future explorations, acquisitions and other strategic transactions and the impact of competition. A number of these factors are beyond the Company's control. As a result, the Company's actual future results may differ materially from the plans, goals, and expectations set forth in the Company's 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. Except as required by the FCA, the London Stock Exchange or applicable law, the Company expressly disclaims any obligation or undertaking to release publicly any updates 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 statement is based.

 

This Announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

The Placing Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, delivered or transferred, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Company does not intend to register any portion of the Placing in the United States or to conduct a public offering of securities in the United States.  

 

This Announcement does not contain an offer or constitute any part of an offer to the public within the meaning of Sections 85 and 102B of the FSMA or otherwise. This Announcement is not an "approved prospectus" within the meaning of Section 85(7) of FSMA and a copy of it has not been, and will not be, delivered to the FCA in accordance with the Prospectus Rules or delivered to any other authority which could be a competent authority for the purpose of the Prospectus Directive. Its contents have not been examined or approved by the London Stock Exchange plc, nor has it been approved by an "authorised person" for the purposes of Section 21 of FSMA. This Announcement is being distributed to persons in the United Kingdom only in circumstances in which section 21(1) of the FSMA does not apply.

 

This Announcement is directed only at: (a) persons in member states of the European Economic Area who are qualified investors within the meaning of article 2(1)(e) of  the Prospectus Directive ("Qualified Investors") and (b) if in the United Kingdom, persons who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or are high net worth companies, unincorporated associations or partnerships or trustees of high value trusts as described in article 49(2) of the Order and (ii) are "qualified investors" as defined in section 86 of FSMA and (c) otherwise, to persons to whom it may otherwise be lawful to communicate it (all such persons together being referenced to as "Relevant Persons"). Any investment in connection with the Placing will only be available to, and will only be engaged with, relevant persons. Any person who is not a Relevant Person should not act or rely on this Announcement or any of its contents.

 

This Announcement has been issued by and is the sole responsibility of the Company.  No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Liberum or by any of its affiliates or agents as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed. 

 

Liberum, which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser, broker and sole bookrunner for the Company and for no-one else in connection with the Placing, and Liberum will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing advice to any other person in relation to the Placing or any other matter referred to herein.

 

The distribution of this Announcement and the offering of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company or Liberum that would permit an offering of such shares or possession or distribution of this Announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required to inform themselves about, and to observe such restrictions.

 

This Announcement is not for distribution or dissemination, directly or indirectly, in or into the United States or any jurisdiction into which the same would be unlawful. 

 

This Announcement is not intended to constitute an offer or solicitation to purchase or invest in the Placing Shares.

 

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action. 

 

The Placing Shares to which this Announcement relates may be illiquid and / or subject to restrictions on their resale. Prospective purchasers of the Placing Shares should conduct their own due diligence on the Placing Shares. If you do not understand the contents of this Announcement you should consult an authorised financial adviser.

 

The information in this Announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, dissemination, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the United States Securities Act of 1933 (as amended) or the applicable laws of other jurisdictions.

 

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1

Details of the person discharging managerial responsibilities/person closely associated

 

a)

Name

 

Alan Hudson

2

Reason for the notification

 

a)

Position/status

 

Chief Executive Officer

b)

Initial notification/ Amendment

 

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

AFH Financial Group plc

b)

LEI

 

213800MVLNB5CWDY8X63

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary shares of 10 pence

 

 

 

GB00B4W5WQ08

 

b)

Nature of the transaction

 

Sale of ordinary shares

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

175p

 

1,000,000

 

 

d)

Aggregated information

 

-      Aggregated volume

 

-      Price

 

 

 

1,000,000

 

175p

 

e)

Date of the transaction

 

20 March 2017

f)

Place of the transaction

 

London Stock Exchange

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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