Admission to AIM

RNS Number : 7599V

Hornby PLC

12 August 2015

 



12 August 2015                                    

Hornby plc

("Hornby" or "the Company" or "the Group")

Admission to AIM

Further to the announcement on 18 June 2015 and the General Meeting of the Company held on 13 July 2015, Hornby is pleased to confirm that the admission of Hornby's Ordinary Shares of 1 pence each ("Ordinary Shares") to trading on AIM occurred at 8.00 a.m. today, 12 August 2015 ("Admission"). The Ordinary Shares have been removed from trading on the Main Market of London Stock Exchange plc and their listing on the Official List has been cancelled.

The Placing, which was announced on 18 June 2015, of 15,789,474 new Ordinary Shares at a price of 95 pence each, raising £15.0 million, is now complete.  The net proceeds of the Placing of £14 million will be used by the Company to repay part of the Existing Bank Debt, which comprises the Company's core debt excluding seasonal working capital needs. The balance of the net proceeds of the Placing is intended to be applied towards the continued investment in the Group's business.

Following Admission and the completion of the Placing the Group's issued share capital consists of 54,953,574 Ordinary Shares.

Richard Ames, Chief Executive Officer, commented:

"We are making good progress with our turnaround strategy for the business.

"In the last financial year Hornby returned to an underlying profit.  Looking ahead, the support of our shareholders, combined with the proceeds from the placing, the move to AIM and our revised banking facilities, all provide us with a stable platform to address the next stage of the turnaround plan. This year will be another one of transition and investment, as we make further major changes, whilst continuing to drive the growth potential of the business. 

"The outlook for the Group remains positive and I look forward to updating shareholders on the progress that we make."

Except as otherwise defined herein, capitalised terms have the same meanings as set out in the Circular dated 18 June 2015.

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Enquiries

Hornby Plc 01843 233500

Richard Ames, Chief Executive

Steve Cooke, Group Finance Director

Investor Relations - Broker Profile 020 3763 3400

Simon Courtenay, Harry Rippon

Financial Adviser, Nomad and Broker

Numis Securities Limited 020 7260 1000

Adrian Trimmings, Oliver Cardigan

Tom Ballard, Rupert Krefting

For more information on Hornby visit www.hornby.plc.uk/aim-rule-26/

 

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