Result of Open Offer

RNS Number : 9220F

TEG Group (The) PLC

22 June 2012

 



22 June 2012

The TEG GROUP PLC (AIM: TEG)

("TEG" or "the Company")

THIS ANNOUNCEMENT (AND THE INFORMATION CONTAINED HEREIN) IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL

Result of Open Offer

On 6 June 2012, the Company announced details of a proposed share issue to raise gross proceeds of up to approximately £2.0 million through an Open Offer of up to 66,940,435 New Ordinary Shares at a price of 3 pence per New Ordinary Share. 

The Open Offer closed for acceptances at 11.00 a.m. on 21 June 2012.  The Company is pleased to announce that valid acceptances have been received for 95,190,784 New Ordinary Shares from Qualifying Shareholders and accordingly the Open Offer was oversubscribed by approximately 42.2%.  All entitlements will be met and excess applications will be scaled back with 66,940,435 Open Offer Shares being issued pursuant to the Open Offer.  Consequently, the Company has conditionally raised a total of approximately £2.0 million before expenses through the Open Offer.

The Open Offer remains conditional upon, amongst other things, the approval of Shareholders at the General Meeting, to be held at 1.00 p.m. today at Westmarch House, 42 Eaton Avenue, Buckshaw Village, Chorley, PR7 7NA and upon Admission occurring by 8.00 a.m. on 25 June 2011 (or such later time or date as the Company may determine). 

Application has been made to AIM for the admission of the 66,940,435 New Ordinary Shares.  It is expected that Admission will become effective on 25 June 2012 and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 25 June 2012.  Following Admission, the Company will have 184,379,795 Ordinary Shares in issue.

The New Ordinary Shares, when issued will rank equally in all respects with the Existing Ordinary Shares.

This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 6 June 2012, copies of which are available on the Company's website at www.theteggroup.plc.uk. Capitalised terms in this announcement have the same meaning as given in the Circular.

 Contact:

The TEG Group Plc	Tel: [phone]
Michael Fishwick, Chief Executive	www.theteggroup.plc.uk
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]
N+1 Brewin (NOMAD and Broker)	Tel : [phone]
Andrew Craig / Ben Wright

 

END

 

 

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