Result of Placing

RNS Number : 4365F

Altitude Group PLC

17 May 2017

 

Altitude Group plc

("Altitude" or "the Company")

£3.7m placing of 6,191,669 new and existing Ordinary Shares

Director Dealing

Acquisition

Exercise of Options

Altitude Group plc (AIM: ALT), the operator of a leading digital marketplace for personalised products, is pleased to announce that, finnCap, as the Company's broker, have conducted a placing of 2,025,002 existing ordinary shares of 0.4 pence each in the Company and 4,166,667 new ordinary shares of 0.4 pence (together the "Placing Shares") with new and existing institutional and other investors (the "Placing").

The Placing Shares were sold at a price of 60 pence per share ("Placing Price") and represent, in aggregate, approximately 13.4 per cent. of the currently issued share capital of the Company. The new ordinary shares being issued in relation to the Placing represent approximately 9.0 per cent. of the currently issued share capital of the Company.

Following the sell down of 2,025,002 ordinary shares of 0.4 pence each ("Ordinary Shares"), Keith Willis now holds 7,171,273 Ordinary Shares, representing 14.1 per cent. of the enlarged issued share capital of the Company.  These shares are subject to a 12 month lock-in.

Directors' Participation and Related Party Transaction

Certain Directors have subscribed for Placing Shares in the Placing at the Placing Price as per the table below (the "Directors' Participation"): 

Directors	Placing Shares acquired	Resultant shareholding
	Number of Ordinary Shares	Number of Ordinary Shares	% of Enlarged Issued Share Capital
Peter Hallett	16,667	211,337	0.4%
Sanjay Lobo	33,333	33,333	0.07%
Gellan Watt	16,667	16,667	0.03%

The participation of the Directors in the Placing constitutes a related party transaction for the purposes of AIM Rule 13.

Martin Varley and Shaun Parker, the Company's President and Chief Operating Officer respectively, are considered to be independent directors for purposes of AIM Rule 13 ("Independent Directors").  As such, the Independent Directors, having consulted with the Company's nominated adviser, consider the Directors' Participation to be fair and reasonable insofar as the Company's shareholders are concerned.

Use of Proceeds

The net proceeds will be used to ensure the Company has flexibility in funding to significantly increase the number of US Channl.com web sites created for distributors and end users, gain traction in terms of their activation and engagement and support the UK launch of Channl.com through the acquisition of certain assets of AdProducts.com Limited, a small UK based supplier of promotional products, for cash consideration of approximately £0.8 million (subject to a stock valuation adjustment). A further announcement will be made in due course when the acquisition has completed.

Exercise of Options

The Company further announces that on 17 May 2017, 300,000 Ordinary Shares were issued and allotted pursuant to the exercise of share options.

Application has been made for 4,466,667 new Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on 23 May 2017. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares.

The total number of Ordinary Shares in issue following Admission will be 50,845,192. Accordingly, the figure of 50,845,192 may be used by shareholders 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 under the FCA's Disclosure Guidance and Transparency Rules.

Peter Hallett, Executive Chairman of Altitude, commented: 

 "We are delighted with the support from both new and existing investors in the Company. The funds raised will enable us to accelerate the rollout of Channl.com in the US and UK and we look forward to updating the market over the coming year."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:       

Altitude Group plc Peter Hallett, Chairman	07887 987469
finnCap	Tel: [phone]
Jonny Franklin-Adams (Corporate Finance)
Scott Mathieson (Corporate Finance)
Richard Chambers (Corporate Broking)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Sanjay Lobo
2.	Reason for the Notification
a)	Position/status	PDMR: Managing Director
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Altitude Group plc
b)	LEI	n/a
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.4p
	Identification code	GB00B0LSFV82
b)	Nature of the transaction	Purchase of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 60p 33,333
d)	Aggregated information: ·      Aggregated volume ·      Price	Purchase of 33,333 ordinary shares of 0.4 pence at £0.60 per ordinary share
e)	Date of the transaction	17 May 2017
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

5.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Peter Hallett
6.	Reason for the Notification
a)	Position/status	PDMR: Executive Chairman
b)	Initial notification/Amendment	Initial notification
7.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Altitude Group plc
b)	LEI	n/a
8.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.4p
	Identification code	GB00B0LSFV82
b)	Nature of the transaction	Purchase of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 60p 16,667
d)	Aggregated information: ·      Aggregated volume ·      Price	Purchase of 16,667 ordinary shares of 0.4 pence at £0.60p per ordinary share
e)	Date of the transaction	17 May 2017
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

9.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gellan Watt
10.	Reason for the Notification
a)	Position/status	PDMR: Non-Executive Director
b)	Initial notification/Amendment	Initial notification
11.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Altitude Group plc
b)	LEI	n/a
12.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.4p
	Identification code	GB00B0LSFV82
b)	Nature of the transaction	Purchase of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 60p 16,667
d)	Aggregated information: ·      Aggregated volume ·      Price	Purchase of 16,667 ordinary shares of 0.4 pence at £0.60 per ordinary share
e)	Date of the transaction	17 May 2017
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

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