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Toople PLC (TOOP)

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Monday 20 December, 2021

Toople PLC

Result of GM and Conditional Placing

RNS Number : 2148W
Toople PLC
20 December 2021
 

For immediate release: 20 December 2021

 

Toople PLC

("Toople" or the "Company" or the "Group")

 

Result of General Meeting and Conditional Placing of New Ordinary Shares

 

Toople PLC (LSE: TOOP), a provider of bespoke telecom services to UK SMEs, is pleased to announce that all of the resolutions set out in the Notice of Meeting circulated to shareholders were approved at the General Meeting of the Company held earlier today.

 

Accordingly, the proposed capital reorganisation, where each existing ordinary share of 0.0667 pence will be subdivided into one new ordinary share of 0.01 pence ("New Ordinary Share") and one deferred share of 0.0567 pence per share has now been approved.  In addition, the conditions for the placing of 838,812,272 new ordinary shares in the Company (the "Placing Shares") with institutional and other investors at 0.045p per share (the "Placing Price") to raise £0.38m have now been met save for admission to trading which is now expected to take place on 22 December 2021.

 

The Placing has been supported by many of the Company's existing shareholders including its two largest shareholders as well as key members of the Board.  The Placing was oversubscribed and utilised all of the existing share issue capability of the Company.  The net proceeds of the Placing will be used to provide further working capital to support the Company's growth and enhance the Company's service offerings.

 

The Placing Shares will rank pari passu with the New Ordinary Shares of the Company. Following Placing and Reorganisation, the Company's issued share capital will comprise of 5,070,373,633 New Ordinary Shares. This figure of 5,070,373,633 New Ordinary Shares 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

-Ends-

For further information :

 

Toople PLC

Andy Hollingworth, Chief Executive Officer

Paul White, Chief Financial Officer

Tel: 0800 0499 499

Novum Securities Limited

David Coffman

Colin Rowbury

Tel: 020 7399 9400

Belvedere Communications

John West / Llew Angus

 

Tel: 020 3687 2754

About Toople PLC

Toople PLC is incorporated in the UK and listed on the main market of the London Stock Exchange.  The business currently trades under four main brands: toople.com ; dmsluk.co.uk ; broadbandandphones.co.uk ; checkthatcompany.co.uk .

Toople.com  provides bespoke telecoms services for its fast growing target market of UK SMEs with between one and 500 employees.  Services offered by the Group include business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and Traditional Services (calls and lines) all of which are delivered and managed via the Group's proprietary software platform.  The Group's wholly owned subsidiary   DMS Holding (DMSL) provides unified communication services in the UK ranging from a single phone line to a multi-site unified comms VoIP platform, delivered via a network of telecoms and IT carriers and content providers across the UK including BT Business, BT Global Services, Gamma, EE, Vonage, TalkTalk Business and O2.  DMSL acts as a BT Premier re-seller for broadband connectivity, mobile and fixed voice and cloud services and is responsible for over 250,000 BT customers and over 400,000 Revenue Generating Units.

The Company also owns a telecoms price comparison website and a service offering company credit reference checking and reports.  These complement the Group's IT and telecoms services.

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