Result of Placing and PrimaryBid Offer

RNS Number : 3061J

Mercantile Ports & Logistics Ltd

20 August 2021

 

THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR") AS THEY FORM PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

20 August 2021

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Result of Placing

Further to the announcement of 19 August 2021 regarding the proposed placing via accelerated bookbuild (the "Placing Announcement"), the Company is pleased to announce that it has successfully raised £ 9.6 million (before expenses) under the Placing and Subscription.

Cenkos and Zeus acted as Joint Bookrunners in connection with the Placing.

The PrimaryBid Offer closed for participation at 8:00 p.m. on 19 August 2021 and raised gross proceeds of £ 0.5 million at 0.45 pence per ordinary share via the PrimaryBid Offer. The Company will therefore issue and allot a total of 111,614,477 New Ordinary Shares to satisfy the PrimaryBid Offer.

The following directors and their related parties have agreed to subscribe for Placing Shares at the Issue Price:

Director/Related Party	Number of Placing Shares subscribed	Value of Placing Shares subscribed
Hunch Ventures*	767,622,222	£3,454,300
Jeremy Warner Allen	11,111,111	£50,000
Howard Flight	8,888,889	£40,000
Jay Mehta	11,111,111	£50,000
John Fitzgerald	5,555,555	£25,000
TOTAL	804,288,888	£3,619,300

*Hunch Ventures is controlled by Karanpal Singh, Non-Executive Director, and now holds a 29.0 percent interest in the Company.

The Company will issue 2,244,947,810 new Ordinary Shares pursuant to the Placing, Subscription and PrimaryBid Offer at the issue price of 0.45p per share. Admission and dealings in the Placing Shares, Subscription Shares and the PrimaryBid Shares are expected to commence on AIM on 10 September 2021, subject to the passing of the Resolution by Shareholders at the Extraordinary General Meeting.

A circular, containing further details of the Fundraising and notice of the Extraordinary General Meeting to be held at 11.00 a.m. on 9 September 2021 to, inter alia, approve the resolution required to implement the Fundraising, is expected to be published and despatched to Shareholders on 20 August 2021 (the "Circular").  Following its publication, the Shareholder Circular will be available on the Group's website at https://www.mercpl.com/article/investor-relations/shareholder-circulars/9 .

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Placing Announcement.

For further information, please visit www.mercpl.com   or contact:

Enquiries:
MPL	Jay Mehta
	C/O Newgate Communications
	[phone]
Cenkos Securities plc (Nominated Adviser and Joint Broker)	Stephen Keys
	[phone]
Zeus Capital Limited (Joint Broker)	Daniel Harris/Andrew Jones/James Hornigold
	[phone]
Newgate Communications (Financial PR)	Isabelle Smurfit
	[phone]

 

END

 

 

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