Result of Open Offer and Staff Offer

RNS Number : 6610B

Ince Group PLC (The)

03 February 2020

 

3 February 2020

The Ince Group plc

("Ince" or the "Company")

Result of Open Offer and Staff Offer

Additional £2.0 million raised

The Ince Group plc (AIM: INCE), the international legal and professional services company, is pleased to announce that it has received valid acceptances and excess applications from Qualifying Shareholders and Qualifying Staff pursuant to the Open Offer and Staff Offer (the "Offers") in respect of an aggregate of 4,547,515 Offer Shares. Accordingly, the Company has conditionally raised total gross proceeds of £2.0 million via the Offers and a total of £14.0 million via the Placing and Offers.

Application has been made to the London Stock Exchange for 31,214,182 New Ordinary Shares of 1 pence each to be admitted to trading on AIM pursuant to the Placing and Offers. The New Ordinary Shares will rank pari passu with the Company's existing issued share capital.

Completion of the Placing and Offers remains subject to the passing of the Fundraising Resolutions at the General Meeting to be held later this morning, following which it is expected that Admission will become effective and that dealings in the New Ordinary Shares on AIM will commence at 8.00 a.m. on 4 February 2020.

Total Voting Rights

Following Admission, the Company will have 68,540,912 ordinary shares in issue. No ordinary shares are held in treasury. The total number of voting rights in the Company is therefore 68,540,912. The above figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Director participation

By way of an update to the announcement made on 15 January 2020, Adrian Biles has subscribed for 3,333,333 New Ordinary Shares in the Placing jointly with his father, John Biles, with an effective dealing date of 4 February 2020. On completion of the Fundraising, Adrian Biles will hold 11.1 per cent of the enlarged issued share capital in his own name and 4.9 per cent. jointly with John Biles.

The following Directors of the Company participated in the Fundraising:

Name of Director	Number of shares subscribed for in the Fundraising	Ordinary Shares following the Fundraising	Total interest in the enlarged issued share capital (%)
Adrian Biles, CEO	3,333,333 (jointly with John Biles)	10,943,997	16.0
Anthony Edwards, Non-Executive Chairman	44,444	77,821	0.1
Christopher Yates, CFO	444,444	687,208	1.5

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Circular sent to shareholders of the Company on 16 January 2020.

Commenting on the Offers, Adrian Biles, CEO of Ince said:

"I am delighted that our colleagues across the Group have applied for over £1m of shares in the Staff Offer, showing their support and commitment.  We are also delighted that a large number of our existing shareholders have also applied to increase their holdings."

For further information please contact:

The Ince Group plc                                                                          [e-mail]

Adrian Biles, Group Chief Executive

Christopher Yates, Chief Financial Officer

Arden Partners plc

Nominated Advisor and Broker to the Company                        [phone]

John Llewellyn-Lloyd, Corporate Finance

Ciaran Walsh, Corporate Finance

Dan Gee-Summons, Corporate Finance

Fraser Marshall, Equity Sales

Portland Communications                                                           [phone]

Steffan Williams                                                                              [e-mail]

Simon Hamer

Charlie Harbord

About The Ince Group plc
 

The Ince Group is a dynamic international legal and professional services business with offices in seven countries across Europe, Asia and the Middle East. With over 900 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.

 

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