Result of Equity Issue
Creston PLC
15 May 2006
Creston Plc ("Creston" or the "Company")
Result of Placing and Open Offer
On 20 April 2006, Creston, the diversified marketing services group, announced
the proposed acquisitions of ICM Research Limited ("ICM"), Tullo Marshall Warren
Limited and Colombus Communications Limited ("TMW Group") together with a
Placing and Open Offer of 9,132,306 New Ordinary Shares at a price of 165 pence
per New Ordinary Share to raise approximately £14.15 million (net of expenses).
The Board is pleased to announce that, following the closing of the Open Offer
at 3.00 p.m on 12 May 2006 valid applications have been received from Qualifying
Shareholders for 914,528 New Ordinary Shares available for take up under the
Open Offer by Qualifying Shareholders. This amount includes applications from
certain existing shareholders for 39,729 Open Offer Shares in excess of their
pro rata entitlement. All such applications will be settled in full.
The remaining 2,217,778 Open Offer Shares not subscribed under the Open Offer
will be subscribed, together with the Placing Shares, by institutional investors
pursuant to the Placing.
The Acquisitions and the Placing and Open Offer remain conditional, inter alia,
upon the approval of the Company's Shareholders. The extraordinary general
meeting, at which resolutions will be proposed inter alia to approve the
Acquisitions and the Placing and Open Offer, is to be held today, 15 May 2006,
at 11:00 a.m.
The New Ordinary Shares will rank pari passu in all respects with the existing
Ordinary Shares and will rank in full for dividends and other distributions
declared, made or paid after Admission. Application has been made to the UK
Listing Authority for the New Ordinary Shares to be admitted to the Official
List of the UK Listing Authority and to the London Stock Exchange plc for the
New Ordinary Shares to be admitted to trading on the London Stock Exchange's
market for listed securities. Subject to Shareholder approval at the EGM later
today, it is expected that Admission will take place and dealings will commence
in the New Ordinary Shares on Wednesday, 17 May 2006. Completion of the
acquisitions of ICM and the TMW Group remains conditional upon Admission of the
New Ordinary Shares becoming effective and is expected to take place on 17 May
2006.
The definitions used in this announcement shall have the same meaning given to
them in the Prospectus dated 20 April 2006.
Enquiries
Creston Plc 020 7930 9757
Don Elgie, Chief Executive
Barrie Brien, COO & CFO
Charles Stanley & Co. Limited 020 7953 2000
Mark Taylor
Redleaf Communications 020 7955 1410
Emma Kane
Notes to Editors
About Creston plc
• Creston's strategy is to build a diversified international marketing
services group through a combination of organic growth and selective
acquisitions. The Board's aim is to identify synergistic benefits between
currently independent marketing services companies offering premium services
such as market research, direct marketing, customer relationship marketing,
advertising and other areas of marketing communications.
About ICM Research Limited ("ICM")
• The ICM Group is one of the UK's leading independent market research
agencies. It has a diverse range of national and international clients
including Vodafone, Wanadoo, Norwich Union, NOP, Dixon Store Group, Saga, BT
Mobile, O2, Orange and Yorkshire Bank. The ICM Group is divided into dedicated
sector and product teams including Technology, Retail and Financial as well as
product teams such as Polling, Omnibus and Government and Social;
• For the year ended 30 June 2005 ICM's turnover was £14.0 million and
pre tax profits were £2.48 million;
About Tullo Marshall Warren Limited and Colombus Communications Limited ("TMW
Group")
• The TMW Group is one of the largest independent direct marketing
agencies in the UK. It has a diverse range of national and international
clients across a number of sectors that includes British Airways, Diageo, COI,
Lloyds TSB, Nissan, T-Mobile and Unilever. The TMW Group provides a range of
direct market marketing services for its clients including strategic planning,
creative and brand development and implementation of IT system design and build,
with specialist expertise in growth areas such as digital marketing, data
management and IT solutions;
• For the year ended 31 December 2005, the TMW Group had aggregate
turnover of £23.1 million and aggregate pre tax profit of £3.37 million.
This information is provided by RNS
The company news service from the London Stock Exchange