Placing

RNS Number : 8947M

Wynnstay Group PLC

02 June 2010

 



2 June 2010

AIM:WYN

WYNNSTAY GROUP PLC

("Wynnstay" or "the Group")

Placing to raise £3.995 million

The Board of Wynnstay, the agricultural and retail group, is pleased to announce that it has today completed a placing, under existing authorities, of 1,700,000 ordinary shares of 25p each ("Ordinary Shares") at a placing price of 235p per share.  The placing, which was oversubscribed, has raised a total of £3.995m million, before expenses.

The net proceeds of the placing will be used to support the Group's acquisition strategy, in particular, the acquisition announced on 27 May 2010 of Woodheads Seeds Ltd, the Yorkshire based seed processing and supply business.

The placing shares represent 10.3 per cent. of the enlarged share capital and following the issue of the placing shares, Wynnstay will have 16,470,812 ordinary shares in issue.  Application has been made for the new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 7 June 2010.  The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares. 

Ken Greetham, Chief Executive of Wynnstay, commented,

"We are delighted with the support we have seen from both new and existing institutions and in particular, the fact that the placing was oversubscribed.  The placing has enabled us to broaden our institutional shareholder base whilst underpinning the acquisition of Woodheads Seeds Ltd."

Enquiries:

Wynnstay Group plc	Ken Greetham, Chief Executive	T: 01691 828512
	Paul Roberts, Finance Director
Biddicks	Katie Tzouliadis	T: 020 7448 1000
WH Ireland Limited (Nominated Adviser & Joint Broker)	John Wakefield Stuart Forshaw	T: 0117 945 3470 T: 0161 819 8777
Shore Capital (Joint Broker)	Andrew Raca	T: 020 7408 4090

 

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