Issue of Equity

RNS Number : 9565M

Midwich Group PLC

14 May 2020

 

14 May 2020

Midwich Group plc

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

Issue of Equity

Midwich, a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe, Asia-Pacific and North America, has applied to the London Stock Exchange for the listing of an additional 686,500 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 2020 under the Midwich Group plc 2016 Long Term Incentive Plan.

It is expected that admission of these Ordinary Shares will become effective on 19 May 2020. 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 88,604,712. 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.

For further information:

Midwich Group plc Stephen Fenby, Managing Director Stephen Lamb, Finance Director	Tel: [phone]
Investec Bank plc  (NOMAD and Joint Broker to Midwich) James Rudd Carlton Nelson	Tel: [phone]
Berenberg  (Joint Broker to Midwich) Ben Wright Mark Whitmore Alix Mecklenberg-Solodkoff	Tel: [phone]
FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas	Tel: [phone]

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 and North America. The Group's long-standing relationships with over 500 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 20,000 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 around 1,000 employees across the UK and Ireland, Continental Europe, Asia-Pacific and North America. 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.midwichgroupplc.com

 

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