Result of Placing and Director Shareholding

RNS Number : 2021F

Vertu Motors PLC

21 May 2013

 



21 May 2013

Vertu Motors plc ("Vertu" or the "Group")

Result of Placing and Director Shareholding

Following the earlier announcement that Vertu has entered into a conditional agreement to acquire Albert Farnell Limited and is conditionally raising £50.0 million through a placing of new ordinary shares in the Company, Vertu is pleased to announce the completion of the Placing.

A total of 131,578,948 Placing Shares have been placed at a Placing Price of 38 pence per Placing Share, representing a discount of approximately 7.3 per cent. to the closing price on 20 May 2013, being the last practicable date before this announcement. Based on the Placing Price, the gross proceeds of the Placing are £50.0 million. The Placing Shares will represent approximately 39.7 per cent. of the expected enlarged issued ordinary share capital of the Company.

Vertu also announces that certain of the Directors have subscribed for Placing Shares at the Placing price as set out below:

Director	Beneficial holding of Ordinary Shares before Placing	Number of Placing Shares of 10p each to be purchased	Beneficial holding of Ordinary Shares after Placing	% of expected Enlarged Share Capital
Robert Forrester	6,364,762	157,000	6,521,762	1.97
Michael Sherwin	201,371	105,000	306,371	0.09
Nigel Stead	30,000	26,200	56,200	0.02
David Forbes	300,000	52,600	352,600	0.11
William Teasdale	563,850	52,600	616,450	0.19

All terms in this announcement have the meaning given to them in the announcement made by the Company at 7:01 a.m. on 21 May 2013 unless otherwise defined herein.

For further information please contact:

Vertu Motors plc
Robert Forrester, CEO	Tel: [phone]
Michael Sherwin, FD	Tel: [phone]
Panmure Gordon
Hugh Morgan	Tel: [phone]
Callum Stewart
Adam Pollock
Victoria Boxall
Espirito Santo Investment Bank
Richard Crawley John Millar Alastair Maclachlan Jamie Richards	Tel: [phone]
FTI Consulting
Billy Clegg	Tel: [phone]

 

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