Share Placing

RNS Number : 4127K

Driver Group plc

30 July 2013

 

30 July 2013

Driver Group plc

("Driver" or the "Company")

Share Placing

Driver, the global construction consultancy to the construction and engineering industries, today announces that Charles Stanley Securities has undertaken a placing of shares on behalf of Stephen Driver, the former Chairman, as well as certain other investors.

It was announced on 14 June 2013 that Mr Driver had resigned from his position as Non-Executive Director as part of a succession plan agreed at the time of the Board restructuring in 2011. Subsequently Stephen Driver indicated he wished to place his entire shareholding in the Company.

Following a recent round of investor presentations by the Company, Charles Stanley Securities has identified significant investor demand for the Company's shares. As a result, a combination of both new and existing institutional investors have acquired a total of 4,503,766 ordinary shares in the Company, representing approximately 17.1 per cent. of the total issued share capital of the Company, in an oversubscribed placing.

Alan McClue, Non-Executive Chairman, commented:

"We welcome the recent investment, interest and support for Driver demonstrated by the number of highly regarded institutional investors that have participated in this oversubscribed placing. We believe that our shareholders, both new and existing, have recognised that our strategy to grow the business will generate significant returns for all our shareholders and I specifically would like to welcome the new investors onto the Driver share register."

Enquiries:

Driver Group plc
David Webster, Chief Executive	Tel: [phone]
Damien McDonald, Group Finance Director
Alan McClue, Non-executive Chairman	Tel: [phone]
Charles Stanley Securities Nominated Adviser & Broker
Marc Milmo / Carl Holmes	Tel: [phone]

 

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