Result of Bookbuilding
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For immediate release 16 September 2009
The Conygar Investment Company PLC
('Conygar' or 'the Company')
Result of Bookbuilding
Conygar, the property trading and development group, is pleased to announce that it has completed the Bookbuilding announced yesterday to raise £70.3 million before expenses (approximately £68.9 million net) through a conditional placing of 66,969,063 Placing Shares with certain new and existing investors including certain directors of the Company at a price of 105 pence per share. Oriel Securities is acting as bookrunner in relation to the Placing.
The Placing Shares represent in aggregate approximately 137.2 per cent. of the issued share capital of Conygar prior to the Placing. The Placing Shares will, when issued, rank pari passu with the Existing Ordinary Shares and will rank in full for any dividends and other distributions declared, made or paid on or after Admission in respect of the ordinary share capital of the Company.
The Company will apply for admission of the Placing Shares to trading on AIM. It is expected that Admission will take place and that dealings will commence on AIM at 8.00 a.m. on 21 September 2009.
The Placing is conditional, inter alia, on Admission and the Placing Agreement becoming unconditional and not being terminated in accordance with its terms.
Capitalised terms used, but not defined, in this announcement have the same meanings as set out in the Company's announcement of 15 September 2009 with RNS Number 0457Z regarding the Placing.
Directors' participation in the Placing
Certain Directors of Conygar will participate in the Placing, subscribing for an aggregate of 931,190 Placing Shares. Further details and resultant shareholdings are set out below:
|
Director |
Placing Shares subscribed for |
Resultant shareholding |
Percentage of issued share capital on Admission |
|
Robert Ware |
275,000 |
4,000,000 |
3.45% |
|
Peter Batchelor |
35,000 |
185,001 |
0.16% |
|
Nigel Hamway |
125,000 |
497,000 |
0.43% |
|
Michael Wigley |
40,000 |
300,000 |
0.26% |
|
Preston Rabl |
456,190 |
581,190 |
0.50% |
Robert Ware, Chief Executive of Conygar, said: 'I am delighted with the result of the placing and with the very strong support shown by both existing and new investors. We hope to build on the success of this placing, which raised over double the minimum amount we originally set out to achieve. The net proceeds of the placing will be used to position Conygar to be able to finance and take advantage of new investment opportunities as they arise.'
Enquiries
|
The Conygar Investment Company PLC |
Tel: +44 (0)20 7408 2322 |
|
Robert Ware (Chief Executive) Peter Batchelor (Finance Director) |
|
|
|
|
|
Oriel Securities Limited (Nominated Adviser and Broker) |
Tel: +44 (0)20 7710 7600 |
|
Simon Bragg / Michael Shaw / Gareth Price |
|
|
|
|
|
Temple Bar Advisory Limited (PR) |
Tel: +44 (0)7795 425 580 |
|
Alex Child-Villiers |
|
Placing Statistics
|
Placing Price |
105 pence |
|
Number of Placing Shares to be issued |
66,969,063 |
|
Percentage of the existing issued share capital represented by the Placing Shares |
137.2% |
|
Percentage of the enlarged issued share capital represented by the Placing Shares |
57.8% |
|
Estimated gross proceeds of the Placing |
£70.3 million |
|
Estimated net proceeds of the Placing |
£68.9 million |
|
Admission and commencement of dealings in the Placing Shares expected |
21 September 2009 |
Oriel Securities, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as Nominated Adviser and broker to the Company for the purposes of the AIM Rules for Companies and the AIM Rules for Nominated Advisers in connection with the Placing and Admission and is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to customers of Oriel Securities or for advising any other person on any transaction or arrangement referred to in this announcement.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, such securities by any person in any circumstances, and in any jurisdiction, in which such offer or solicitation is unlawful. Accordingly, copies of this announcement are not being and must not be mailed or otherwise distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction or to, or for the account or benefit of, any person from or residing in a Restricted Jurisdiction and any person receiving this announcement (including, without limitation, custodians, nominees and trustees) must not distribute or send it in or into or from any Restricted Jurisdiction.
This information is provided by RNS
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