Issue of Equity

RNS Number : 0025C

Midwich Group PLC

12 June 2019

 

12 June 2019

Midwich Group plc

("Midwich", the "Company" or the "Group")

Issue of Equity

Midwich Group plc has applied to the London Stock Exchange for the listing of an additional 225,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") to be admitted to trading on AIM. The Ordinary Shares will be issued to the trustee of the Company's Employee Benefit Trust and used to satisfy awards and options vesting in 2019 under the Midwich Group plc 2016 Long Term Incentive Plan.

It is expected that admission of these Ordinary Shares will become effective on 19 June 2019. These Ordinary Shares, which will rank pari passu with the existing Ordinary Shares in issue, will be allotted under the plan listed above.

Following the anticipated admission of these shares, the total number of ordinary shares of 1p each in the capital of the Company in issue will be 79,973,412. This 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 Company.

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For further information:

Midwich Group plc                                                                                                      Tel: [phone]

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

Investec Bank plc (NOMAD and Joint Broker to Midwich)                                    Tel: [phone]

James Rudd

Carlton Nelson

Berenberg (Joint Broker to Midwich)                                                                        Tel: [phone]

Ben Wright

Mark Whitmore

Laure Fine

FTI Consulting                                                                                                               Tel: [phone]

Alex Beagley

Tom Hufton

Fern Duncan

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 17,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

Initially a UK only distributor, the Group now has 900 employees across the UK and Ireland, Continental Europe and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

For further information, please visit: www.midwichplc.com 

 

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