Issue of Equity

RNS Number : 3155X

Midwich Group PLC

29 April 2019

 

29 April 2019

Midwich Group plc

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

Acquisition of the remaining interest in Holdan Limited ("Holdan")

and Issue of Equity

Midwich, a specialist audio-visual distributor to the trade market, announces that it has acquired the remaining 10.5 per cent. of the issued share capital of Holdan, a value-added distributor of technology solutions focused on the broadcast, professional video and traditional audio-visual markets. The consideration for this has been satisfied by the issue of 300,212 new ordinary shares of 1p each in the Company.

Application has been made to the London Stock Exchange for the 300,212 new ordinary shares to be admitted to trading on AIM. Admission is expected to take place on 1 May 2019. The new ordinary shares will rank pari passu with the existing issued ordinary shares.

Following the issue of the new ordinary shares, the Company's issued share capital will consist of 79,748,412 ordinary shares of 1p each. This 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 Company.

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For further information:

Midwich Group plc                                                                                                  Tel: [phone]

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

Investec Bank plc (NOMAD and Joint Broker to Midwich)                                Tel: [phone]

James Rudd

Carlton Nelson

Berenberg (Joint Broker to Midwich)                                                                     Tel: [phone]

Ben Wright

Mark Whitmore

Laure Fine

FTI Consulting                                                                                                             Tel: [phone]

Alex Beagley

Tom Hufton

Fern Duncan

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 17,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

Initially a UK only distributor, the Group now has 900 employees across the UK and Ireland, Continental Europe and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

For further information, please visit: www.midwichplc.com 

 

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