Admission and First Day of Dealings on AIM

RNS Number : 4435N

Van Elle Holdings PLC

26 October 2016

 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

26 October 2016

Van Elle Holdings plc

("Van Elle" or the "Company")

Admission to Trading on AIM and First Day of Dealings

Van Elle, the geotechnical contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets, is pleased to announce the admission to trading on the AIM market of the London Stock Exchange plc of its entire issued ordinary share capital of 80,000,000 ordinary shares of 2 pence each (the "Shares"). Dealings in the Shares will commence at 08.00 a.m. today under the ticker VANL, with ISIN GB00BYX4TP46.

The Company has successfully raised £40 million (before expenses) by placing 30 million existing ordinary shares and 10 million new ordinary shares with investors at a placing price of 100 pence per share. Van Elle's market capitalisation on admission, based on the placing price, is £80 million. The Directors believe that admission to AIM will position Van Elle for its next stage of development, including further raising the profile of the Company, incentivising employees and providing it with a well-funded platform for future growth.

The total number of voting rights in the Company with effect from today is 80,000,000 Shares. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Peel Hunt LLP is acting as Nominated Advisor and sole broker to the Company.

Michael Ellis, Chairman, commented:

"We are absolutely delighted to have successfully brought Van Elle to the AIM market.  We have worked tirelessly over the last thirty two years to build the company in to the established market leader that it is today.  There is significant opportunity ahead and admission to trading on AIM will help us to accelerate the growth of the business."

Jon Fenton, Chief Executive, commented:

"We have a clear three-pronged strategy for growth centred on growing market share, developing new products, services and geographies and targeting bolt-on acquisitions.  As a quoted company we will be able to fast-track the implementation of that strategy and I look forward to reporting on our progress as we embark on the next stage of our exciting journey."

The Company's AIM Admission Document can be viewed at:  http://www.van-elle.co.uk

Ends

For further information please contact:

Van Elle Holdings plc	017 7358 0580
Jon Fenton, Chief Executive
Paul Pearson, Finance Director
Instinctif Partners (Financial Public Relations)	020 7457 2020
Mark Garraway
Rosie Driscoll
Peel Hunt LLP (Nominated Adviser and sole broker)	020 7418 8900
Charles Batten
Mike Bell
Alastair Rae
Justin Jones
Matthew Brooke-Hitching
Rickitt Mitchell & Partners Limited (Financial Adviser) Neil Mitchell Kaine Smith finnCap Ltd (Lead Manager) Chris Raggett Giles Rolls	016 1834 0600 020 7220 0500

 

END

 

 

MSCAKPDPABDDBKB