Placing of New Ordinary Shares

RNS Number : 8117P

W.H. Ireland Group PLC

23 February 2016

 

WH Ireland Group Plc

("WH Ireland" or the "Company")

Placing of New Ordinary Shares

The Company is pleased to announce that it has successfully completed, subject only to admission, a placing to raise £1,073,700 from the issue of 1,193,000 new ordinary shares of 5p each ("New Ordinary Shares") at a price of 90p per share (the "Placing"). Application will be made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 29 February 2016.

The funds raised from the Placing will be used for corporate purposes.

As part of the Placing, Oceanwood Capital Management Limited have subscribed for 450,000 New Ordinary Shares, increasing their total holding to approximately 3,413,280 Ordinary Shares representing 13.26% of the Company's Enlarged Share Capital and Polygon Global Partners Limited have subscribed for 600,000 New Ordinary Shares, increasing their total holding to approximately 4,531,083 Ordinary Shares representing 17.6% of the Company's Enlarged Share Capital.

As the subscribers to this Placing each hold more than 10% in the issued share capital of the Company, this is a transaction to which Rule 13 of the AIM Rules for Companies applies. Accordingly, the directors of the Company, having consulted with the Company's nominated adviser, SPARK Advisory Partners Limited, consider that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned. 

Commenting on the Placing, Richard Killingbeck, Chief Executive Officer, said "The Board has always taken a prudent approach to the maintenance of a strong balance sheet. This placing will help ensure that our balance sheet retains the strength and flexibility for the Company's future known requirements."

Following the issue of the New Ordinary Shares, the total number of shares in issue is 25,744,685 Ordinary Shares. There are no shares held in treasury. Therefore, the total number of voting rights in the Company is 25,744,685. 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 under the Disclosure and Transparency Rules.

For further information please contact:

WH Ireland Group plc                                                                          www.wh-ireland.co.uk

Richard Killingbeck, Chief Executive Officer                                              [phone]

SPARK Advisory Partners Limited

Mark Brady/Miriam Greenwood                                                               [phone]

Novella Communications

Tim Robertson                                                                                       [phone]

 

END

 

 

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