Result of Tender Offer

Bonhill Group PLC
19 July 2023
 

19 July 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.

 

Bonhill Group plc

("Bonhill" or the "Company")

 

Result of Tender Offer,

Total Voting Rights,

Directors' interests

and

Cancellation

 

 

Bonhill (AIM: BONH), announces the result of its Tender Offer, details of which were set out in the circular published by the Company on 7 June 2023 (the "Circular") with a revised timetable announced on 23 June 2023, further details of which are set out below.

 

The maximum aggregate number of Ordinary Shares that could be purchased pursuant to the Tender Offer was 48,013,696 Ordinary Shares at the Tender Price of 10 pence per Ordinary Share, for an aggregate maximum consideration of approximately £4.8 million. Each Shareholder was entitled to tender up to approximately 40.25 per cent. of the Ordinary Shares held by them at the Record Date.

 

The Tender Offer closed at 1.00 p.m. on 18 July 2023. Valid tenders were received in respect of 38,834,341 Ordinary Shares, equal to approximately 81 per cent. of the total number of Ordinary Shares subject to the Tender Offer. All Ordinary Shares validly tendered by any Shareholder up to their Entitlement have been accepted in full.

 

All of the 38,834,341 Ordinary Shares validly tendered and purchased by the Company will be cancelled, with effect from on or around 25 July 2023.

 

Total Voting Rights

Following the closing of the Tender Offer and the cancellation of 38,834,341 Ordinary Shares referred to above, the Company will have 80,454,346 Ordinary Shares in issue with no Ordinary Shares held in treasury. Therefore, the total number of voting rights in the Company will be 80,454,346 which may be used by Shareholders as the denominator in the calculations by which they may determine if they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

Directors' interests

As set out in the Circular, Laurie Benson and Jonathan Glasspool tendered, in aggregate 257,573 Ordinary Shares, representing their maximum entitlement under the Tender Offer. Therefore, following cancellation of the Directors' successfully tendered Ordinary Shares, the interests of each Director (and their immediate families), all of which are beneficial, in the Company's total voting rights are follows:

 

 

 

 

Name

Number of Ordinary Shares held pre-Tender Offer

Percentage of total voting rights held pre-

Tender Offer

Number of Ordinary Shares-held immediately following the Tender Offer

Percentage of total voting rights held immediately following the Tender Offer

Jonathan Glasspool

586,142

0.49%

350,220

0.44%

Sarah Thompson

-

-

-

-

Laurie Benson

53,792

0.05%

32,141

0.04%

 

 

 

 

 

Cancellation of admission of the Ordinary Shares to trading on AIM

Following the application by Bonhill to the London Stock Exchange, the cancellation of admission of the Ordinary Shares to trading on AIM is expected to become effective at 7.00 a.m. on 31 July 2023, therefore the last day of dealings in the Ordinary Shares on AIM is 28 July 2023.

 

The full timetable of principal events of the Tender Offer and Cancellation, as announced on 23 June 2023, is set out below: -  


2023

Unconditional Date for the Tender Offer and completion of purchase of Ordinary Shares under the Tender Offer

19 July

CREST accounts credited with Tender Offer proceeds for uncertificated Ordinary Shares

by 28 July

Despatch of cheques for Tender Offer consideration in respect of certificated Ordinary Shares sold under the Tender Offer and any balance certificates in respect of any unsold certificated Ordinary Shares

by 28 July

Last day of dealings in Ordinary Shares on AIM                                                                              28 July

Cancellation becomes effective                                                                                    7.00 a.m. on 31 July

Notes:

All references to times throughout this announcement are to London time. If any of the above times and/or dates change, the revised times and/or dates will be notified by the Company by an announcement through a Regulatory Information Service.

 

Capitalised terms used in this announcement (unless otherwise defined) have the meanings set out in the Circular.

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

 

The person responsible for arranging the release of this announcement on behalf of the Company is Sarah Thompson, Chief Financial Officer.

 

 

Enquiries:-

 

Bonhill Group plc


Jonathan Glasspool, Non-executive Chairman 

Sarah Thompson, Chief Financial Officer

 

+44 (0)20 7250 7963 

 

Shore Capital (Financial Adviser, Nominated Adviser and Broker)


Tom Griffiths/David Coaten/Tom Knibbs  

 

 

+44 (0)20 7408 4050

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings