Placing of New Shares

RNS Number : 6157L

600 Group PLC

06 September 2012

 

NOT FOR RELEASE PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

The 600 Group Plc

Placing of New Shares to Raise £1.47 million

The 600 Group Plc ("the Group" or "the Company"), the machine tools and laser marking company, is pleased to announce that it has raised approximately £1.47 million (before expenses) through an institutional placing by its broker finnCap of 19,663,171 new ordinary shares of 1p each (together the "Placing Shares") at a price of 7.5p per Placing Share (the "Placing").

The Company has also entered into revised facility agreements with its principal banker covering existing term loan and revolving credit facilities amounting to £3.64 million and a new working capital facility of £0.30 million.

The proceeds from the Placing, together with the revised working capital facility, will be used to fund working capital within the Group, to include the shortening of delivery lead times of products to customers.

The Placing has been completed using a cash box structure. Application has been made for the Placing Shares to be admitted to trading on AIM ("Admission").  Admission is expected to occur on 11 September 2012.

Nigel Rogers, CEO, is subscribing for 270,000 shares in the Placing. Following the Placing, Mr. Rogers is interested in a total of 370,000 ordinary shares in the Company, representing 0.44% of the enlarged total voting rights. Haddeo Partners LLP, of which Paul Dupee, Chairman of the Group, is a member, are subscribing for 6,666,667 shares in the Placing. Following the Placing, Haddeo Partners LLP are interested in a total of 22,792,535 ordinary shares in the Company, representing 27.27% of the enlarged total voting rights. In accordance with the AIM Rules for Companies, the Independent Directors with respect to this transaction, having consulted with the Company's Nominated Adviser, finnCap Limited, consider that the terms of the participation of Haddeo Partners LLP and Nigel Rogers in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.

Following Admission the Placing Shares will rank pari passu in all respects with the existing ordinary shares in issue including the right to receive all dividends and other distributions declared. The Company's total issued and voting share capital will comprise 83,589,424 ordinary shares. 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, securities of the Company under the FSA's Disclosure and Transparency Rules.

More information on the Group can be viewed at: www.600group.com

Enquiries:
The 600 Group PLC	Tel: [phone]
Nigel Rogers, Chief Executive
Neil Carrick, Finance Director
Cadogan PR Limited	Tel: [phone]
Alex Walters	Tel: [phone]
finnCap (Nomad and Broker)	Tel: [phone]
Ed Frisby / Ben Thompson (corporate finance)
Tony Quirke / Victoria Bates (sales & broking)
Spark Advisory Partners (Financial Advisors)	Tel: [phone]
Miriam Greenwood / Mark Brady

 

END

 

 

IOELFFVVATIEIIF