Results of GM/Open Offer, TVR and annual accounts

RNS Number : 0671Z

Driver Group plc

09 March 2017

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN DRIVER GROUP PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF DRIVER GROUP PLC.

 9 March 2017

Driver Group plc

('Driver Group' or 'the Company')

Results of Open Offer and General Meeting, Total Voting Rights and Posting of Accounts

On 17 February 2017 Driver Group (AIM: DRV), the global professional services consultancy to construction and engineering industries, announced the Fundraising, subject to Shareholder approval, by way of a placing and open offer to raise up to approximately £8.5 million.

Result of Open Offer

In addition to the Placing, the Fundraising included the Open Offer of up to 1,235,662 New Ordinary Shares at an issue price of 40 pence per New Ordinary Share, which closed for acceptances at 11.00 a.m. on 8 March 2017. The Company is pleased to announce that the Open Offer was fully subscribed and Qualifying Shareholders will be notified of their allocations in due course.

Result of General Meeting

The Board is pleased to announce that at the General Meeting held earlier today, the Resolutions proposed were duly passed.

The Fundraising remains conditional upon Admission becoming effective on or before 8.00 a.m. on 10 March 2017 (or such later time and/or date, being no later than 8.00 a.m. on 31 March 2017, as the Company and N+1 Singer may agree). Application has been made for the 21,235,662 New Ordinary Shares to be admitted to trading on AIM with Admission expected to become effective at 8.00 a.m. on 10 March 2017.

Total Voting Rights

On Admission, the Company will have 53,362,868 Ordinary Shares in issue and no shares are held in treasury. Therefore the Company's total number of Ordinary Shares with voting rights will be 53,362,868.

The above figure of 53,362,868 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 Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

All defined terms in this announcement shall have the meanings ascribed to them in the circular published by the Company on 20 February 2017.

Posting of Annual Report and Accounts

The Company announces that its Annual Report and Accounts for the year ended 30 September 2016 and the notice of the Annual General Meeting of shareholders ('AGM') will shortly be posted to shareholders.

The AGM will take place at 10.30 on 7 April at the company's offices, 110 Cannon Street, London EC4N 6EU.

Enquiries:
Driver Group plc Gordon Wilkinson (CEO) Hugh Cawley, (CFO)	[phone] [phone]
N+1 Singer (Nominated Adviser & Broker) Sandy Fraser James White Alex Laughton-Scott	[phone]

Nplus1 Singer Advisory LLP ("N+1 Singer") is acting as Nominated Adviser and broker to the Company in relation to the Fundraising. N+1 Singer, which is a member of the London Stock Exchange and is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no one else in relation to the Fundraising. N+1 Singer will not be responsible to any other person for providing the protections afforded to its clients nor for advising any other person in connection with the matters contained in this announcement.

This announcement has been issued by, and is the sole responsibility of, the Company. N+1 Singer has not authorised the contents of any part of this announcement and no representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by N+1 Singer, or by any of its respective affiliates or agents, as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to any interested party, and any liability therefore is expressly disclaimed.

 

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