Employee subscription, director holding & TVR

RNS Number : 1093D

Ince Group PLC (The)

17 October 2022

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information, as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.

17 October 2022

The Ince Group plc

("Ince", the "Company" or the "Group")

Employee share subscription and

change to director shareholdings and total voting rights

The Ince Group plc (AIM: INCE), which provides legal, accounting, financial services, consulting and pensions advice services, announces that the Company has recently implemented an employee share subscription arrangement whereby all employees were granted the opportunity to subscribe for new ordinary shares of 1 penny each in the Company ("Ordinary Shares") at an issue price of 5 pence per share (the "Subscription Price") or to convert amounts owed to them by the Group (primarily deferred remuneration or partner share) into new Ordinary Shares at the Subscription Price (together the "Subscription").

The Company is pleased to report that employees have subscribed for an aggregate amount of 24,393,647 new Ordinary Shares ("Subscription Shares") at the Subscription Price. Accordingly, the Subscription has resulted in approximately £0.2 million of new funds being raised for the Company and approximately £1.0 million of amounts owed converted into Subscription Shares.

The Subscription Price is equal to the price at which the recent placing and open offer (announced on 28 July and 9 August 2022) were undertaken.

This Subscription has been undertaken by the Company in order to incentivise personnel for the future, as well as recognising their significant contribution to date, and will reduce the Group's liabilities and provide additional working capital.

Application will be made for the 24,393,647 Subscription Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on or around 21 October 2022. Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.

Director shareholding

Following Admission and as a result of the issue of the Subscription Shares, the shareholding of Donald Brown, CEO of the Group, will represent approximately 7.2% of the enlarged issued share capital of the Company but his shareholding will remain the same at 20,687,504 Ordinary Shares.

Total Voting Rights

Following Admission, the Company will have 288,034,217 Ordinary Shares in issue, each with one voting right. No Ordinary Shares are held in treasury. The total number of voting rights in the Company is therefore 288,034,217.

From Admission, the above figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Contacts:

The Ince Group plc
Donald Brown, Group Chief Executive	[e-mail]
Simon Oakes, Chief Financial Officer
Allenby Capital Limited - Nominated Adviser	[phone]
Jeremy Porter / Piers Shimwell, Corporate Finance
Arden Partners plc - Broker	[phone]
John Llewellyn Lloyd / Louisa Waddell, Corporate Finance
Simon Johnson, Equity Sales

About The Ince Group plc

The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.

 

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