Completion of Placing & Secondary Share Sale

RNS Number : 4852V

Volex PLC

13 December 2013

 



13 December 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE REPUBLIC OF IRELAND.

This announcement is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities.

Volex plc

Completion of Placing and Secondary Share Sale

Pursuant to the announcement earlier today, Volex plc ("Volex" or the "Company") is pleased to announce that it has successfully placed a total of 2,698,009new Ordinary Shares of 25 pence each (the "Placing Shares") at a price of 116 pence per share on a non pre-emptive basis raising total gross proceeds of approximately £3.1 million (the "Placing"). Application has been made for admission of the Placing Shares to listing on the Official List and to trading on the main market of the London Stock Exchange ("Admission"). It is expected that Admission will take place and that trading will commence on 18 December 2013 at which time it is also expected that the Placing Shares will be enabled for settlement in CREST.

Further details of the Placing are set out in the announcement released earlier today.

In addition to the Placing, and by way of a separate agreement and transaction, Investec has also procured investors for the purchase of 3,378,582 existing ordinary shares held by the LTS Trustees Sarl as trustee of The Volex Group PLC Employees' Share Trust (the "Trust") at a price of 116 pence per share. Following the sale, the Trust has a remaining interest of 630,000 shares representing 1.0 per cent. of the current issued share capital of the Company.

Following Admission, it is expected that the Company will have 66,184,721 Ordinary Shares in issue. This figure may be used by shareholders 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 under the FCA Disclosure and Transparency Rules.

Commenting on the completion of the Placing, Volex plc Chief Executive Officer, Christoph Eisenhardt said:

"We are delighted by the support from new and existing institutional investors in this placing and their backing of our transformation story more broadly. We remain focused on the Volex Transformation Plan to stabilise the business and deliver future growth."

Enquiries:

Volex plc Christoph Eisenhardt/ Nick Parker	Tel: [phone]
Investec Bank plc Patrick Robb/Andrew Pinder/Dominic Emery Tulchan Communications Christian Cowley / James Macey White	Tel: [phone] Tel: [phone]

 

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