Placing to raise GBP8.125 million

RNS Number : 9178Q

Judges Scientific PLC

21 October 2013

 

Judges Scientific plc

("Judges Scientific", "Judges", the "Company" or the "Group")

£8.125 MILLION PLACING

The Directors of Judges Scientific plc are pleased to announce that the Company has raised £8.125 million (before expenses) through a placing (the "Placing") of 500,000 new ordinary shares of 5p (the "Placing Shares") at a price of 1625p (the "Placing Price") per Placing Share. The Placing, which was substantially oversubscribed, involved existing and several new institutional investors together with some private investors. The equity fundraising was arranged by Shore Capital.

The net proceeds from the Placing will serve to restore the Company's ability to complete further acquisitions. Scientifica Limited, acquired in June 2013, was financed entirely by debt and existing cash resources; although the Group's gearing is comfortable, the Board took the view that further M&A activity would be constrained in the absence of an equity issue.

Commenting on the Placing, Alex Hambro, Chairman of Judges Scientific, said:

"We are delighted with the result of the Placing which was supported by existing shareholders supplemented by new blue chip investors who have joined our register."

Admission

The Placing Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on the Alternative Investment Market ("AIM") and admission is expected to take place on 24 October 2013. Following admission of the Placing Shares, the enlarged issued share capital will amount to 5,857,949 ordinary shares of 5p each.

The Company does not hold any shares in treasury and the above figure may therefore be used by shareholders as the denominator for the calculation to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Holdings on Completion of the Placing

The Directors' interests in the Group's issued share capital following completion of the Placing are set out below.

		Following the Placing
Director	Position	Number of Ordinary Shares	Percentage of Issued Share Capital
Alexander Hambro	Non-executive Chairman	110,000	1.88%
David Cicurel	CEO	916,374	15.64%
David Barnbrook	Chief Operating Officer	22,381	0.38%
Ralph Cohen	Finance Director	50,893	0.87%
Ralph Elman	Non-executive Director	82,429	1.41%
Glynn Reece	Non-executive Director	0	0%

In addition, the Directors hold options over 69,650 Ordinary Shares under the Company's Share Option Plans.

For further information please contact:

Judges Scientific plc David Cicurel, CEO	www.judges.uk.com [phone]
Shore Capital (Nomad and Broker) Pascal Keane Edward Mansfield	[phone]
Cardew Group Melvyn Marckus	[phone] [phone]

 

END

 

 

IOEFFEFWAFDSEFS