Results of Placing

RNS Number : 0291J

Assura PLC

07 April 2020

 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN,  THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).

7 April 2020

Assura PLC

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

Results of Placing

Assura is pleased to announce the results of the placing announced on 6 April 2020 (the " Placing " ).

A total of 240,207,920 new ordinary shares of 10 pence each in the capital of the Company (the " Placing Shares " ) were placed by Stifel and J.P. Morgan Cazenove, at a price of 77 pence per Placing Share (the " Placing Price " ), raising gross proceeds of approximately £185 million. The Placing Shares being issued represent, in aggregate, circa 10 per cent. of Assura's issued ordinary share capital immediately prior to the Placing.

The Placing Price represents a discount of 7.8 per cent. to the closing price on 6 April 2020 of 83.5 pence.

The Placing Shares will, when issued, be subject to the Company's articles of association. They will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in issue in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid on or in respect of such ordinary shares by reference to a record date falling after the date of issue of the Placing Shares. For the avoidance of doubt, the Placing Shares shall not qualify for the quarterly interim dividend of 0.697 pence per share payable on 15 April 2020 to holders of ordinary shares on the register on 13 March 2020.

Application has been made for the Placing Shares to be admitted to listing on the premium listing segment of the Official List of the Financial Conduct Authority (the " FCA " ) and to be admitted to trading on the main market for listed securities of the London Stock Exchange plc (the " London Stock Exchange " ) (together, " Admission " ). Subject to Admission becoming effective, it is expected that settlement of subscriptions in respect of the Placing Shares and that trading in the Placing Shares will commence at 8.00 a.m. on Thursday 9 April 2020.

The Placing is conditional upon, inter alia, Admission becoming effective not later than 8.00 a.m. (London time) on Thursday 9 April 2020 (or such later time and/or date, being not later than 8.00 a.m. (London time) on 16 April 2020, as Stifel and J.P. Morgan Cazenove may jointly agree with the Company) and the Placing Agreement not being terminated in accordance with its terms before that time.

BlackRock, Inc. as agent for and on behalf of its discretionary managed clients ( " Blackrock " ) is a related party of the Company for the purposes of Chapter 11 of the Listing Rules as a result of being entitled to exercise, or to control the exercise of, over 10 per cent. of the votes able to be cast at general meetings of the Company. Blackrock has agreed to subscribe for 26,159,814 Placing Shares at an aggregate value of £ 20,143,057 under, and on the terms and conditions of, the Placing. This constitutes a smaller related party transaction under Listing Rule 11.1.10R.  Stifel, in accordance with Listing Rule 11.1.10R (2)(b), has confirmed that the terms of the proposed Placing with Blackrock are fair and reasonable as far as the shareholders of the Company are concerned.

Following Admission becoming effective, the total number of voting rights in the Company will be 2,653,449,747. No ordinary shares of the Company are held in treasury. 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 in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms used but not defined in this announcement have the same meanings as set out in the placing announcement of the Company released at 4:42 p.m. (BST) on 6 April 2020.

Stifel and J.P. Morgan Cazenove acted as joint bookrunners in respect of the Placing.

Assura plc	[phone]
Jonathan Murphy
Jayne Cottam David Purcell
Stifel Nicolaus Europe Limited	[phone]
Mark Young Stewart Wallace Tom Marsh Alex Miller
J.P. Morgan Cazenove	[phone]
Bronson Albery
Barry Meyers Tara Morrison Beau Freker
Finsbury	[phone]
Gordon Simpson James Thompson

IMPORTANT NOTICE

Neither this Announcement, nor any copy of it, may be taken or transmitted, published or distributed, directly or indirectly, in or into the United States, Australia, Canada, Japan, or the Republic of South Africa or to any persons in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant securities laws of such jurisdiction. This Announcement is for information purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe for any shares in the capital of the Company in the United States, Australia, Canada, Japan or the Republic of South Africa or any other state or jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.  Any failure to comply with these restrictions may constitute a violation of securities laws of such jurisdictions. 

The Placing Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the " US Securities Act " ), or under any securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into the United States except pursuant to an applicable exemption from the registration requirements of the US Securities Act and in compliance with the securities laws of any state or other jurisdiction of the United States. There is no intention to register any portion of the Placing in the United States or to conduct any public offering of securities in the United States or elsewhere.

Notice to all investors

Stifel Nicolaus Europe Limited ("Stifel") is authorised and regulated in the United Kingdom by the FCA. J.P. Morgan Securities plc (which conducts its UK investment banking services as "J.P. Morgan Cazenove") is authorised by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the FCA and the PRA. Stifel and J.P. Morgan Cazenove are each acting exclusively for the Company in connection with the Placing. Neither Stifel nor J.P. Morgan Cazenove will regard any other person (whether or not a recipient of this Announcement) as a client in relation to the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Placing or any transaction, matter or arrangement described in this announcement. Apart from the responsibilities and liabilities, if any, which may be imposed upon Stifel and J.P. Morgan Cazenove by the Financial Services and Markets Act 2000, as amended ( " FSMA " ) or the regulatory regime established thereunder, none of Stifel, J. P. Morgan Cazenove nor any of their respective affiliates, directors, officers, employees, agents or advisers accepts any responsibility whatsoever, and no representation or warranty, express or implied, is made or purported to be made by any of them, or on their behalf, for or in respect of the contents of this Announcement, including its accuracy, completeness, verification or sufficiency, or concerning any other document or statement made or purported to be made by it, or on its behalf, in connection with the Company, the Placing Shares, the Placing, and nothing in this announcement is, or shall be relied upon as, a warranty or representation in this respect, whether as to the past or future. Each of Stifel, J.P. Morgan Cazenove and each of their respective affiliates directors, officers, employees, agents and advisers disclaim, to the fullest extent permitted by law, all and any liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or any such statement.

No person has been authorised to give any information or to make any representations other than those contained in this Announcement and, if given or made, such information or representations must not be relied on as having been authorised by the Company or Stifel or J.P. Morgan Cazenove. Subject to the Listing Rules, the Prospectus Regulation Rules and the Disclosure Guidance and Transparency Rules of the FCA, the issue of this Announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of the Company since the date of this Announcement or that the information in it is correct as at any subsequent date.

Information to Distributors

Solely for the purposes of Article 9(8) of Commission Delegated Directive 2017/593 (the " Delegated Directive " ) regarding the responsibilities of manufacturers under the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ( " MiFID I I " ); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the " MiFID II Product Governance Requirements " ), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that such Placing Shares are: (i) compatible with the target market for the Placing of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all eligible distribution channels for dissemination of the Placing Shares, each as set out in this Announcement, as are permitted by MiFID II (the " Target Market Assessment " ). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Joint Bookrunners will only procure investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

 

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