Result of General Meeting

RNS Number : 6528X

Mercia Asset Management PLC

20 December 2019

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF IRELAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

20 December 2019

Mercia Asset Management PLC

("Mercia" or the "Company")

Result of General Meeting

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager, is pleased to announce that, further to the announcements made on 3 December 2019, at the General Meeting held earlier today at 10.00 a.m. (UK time), all resolutions were duly passed. Accordingly, it is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 23 December 2019, with admission of the Initial Consideration Shares expected to become effective by no later than 8.00 a.m. on 30 December 2019.

Issue of Equity, Admissions and Total Voting Rights 

A total of 136,800,000 New Ordinary Shares are being issued and allotted pursuant to the Placing and Acquisition, comprising of 120,000,000 Placing Shares and 16,800,000 Initial Consideration Shares. The Placing Shares and the Initial Consideration Shares are being credited as fully paid and will be identical to and rank pari passu in all respects with the existing Ordinary Shares.

Following Admission of the Placing Shares, the issued share capital of the Company will consist of 423,309,707 Ordinary Shares, with one voting right each. Following the admission of the Initial Consideration Shares, the issued share capital of the Company will increase to 440,109,707 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.

The above figures may be used by shareholders in the Company, following completion of the Placing and/or the Acquisition (as appropriate), 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The definitions referenced in this announcement remain the same as those from the announcement published at 7:01 a.m. (UK) on 3 December 2019, unless otherwise stated.

Commenting on the result of the General Meeting, Ian Metcalfe, Non-executive Chair of Mercia Asset Management PLC, said: 

"On behalf of the Board, I am pleased that shareholders have voted overwhelmingly in favour of all resolutions proposed at Mercia's General Meeting held earlier today, with over 96% of all votes cast in favour of each of the four resolutions. As a company, we greatly value the support of and engagement with all of our shareholders, and we remain thoroughly committed to growing shareholder value. The proceeds of the Placing will enable Mercia to cement its position as a proactive specialist asset manager, focused on high-growth regional SMEs, via the acquisition of the NVM VCT business, which will now proceed as planned. The Placing also enables the Group to evergreen its balance sheet, with future direct investments funded from periodic portfolio cash realisations. 

The NVM VCT business is highly complementary to Mercia's existing venture capital activities and the Board is delighted to be acquiring the significant fund management contracts and welcoming a high-quality investment team into the enlarged Group.

I am confident that Mercia is well positioned to deliver significant shareholder value in the near to medium-term and look forward to that journey, alongside all of our shareholders, in the years ahead."

For further information, please contact:

Mercia Asset Management PLC	[phone]
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk
Canaccord Genuity Limited (NOMAD, Joint Bookrunner and Joint Broker)	[phone]
Simon Bridges, David Tyrrell, Richard Andrews
N+1 Singer (Joint Bookrunner and Joint Broker)
Harry Gooden, Peter Steel, James Moat	[phone]
Buchanan Communications	[phone]
Chris Lane, Vicky Hayns, Stephanie Watson
www.buchanan.uk.com

About Mercia Asset Management PLC:

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital; the Group's 'Complete Capital Solution'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has c.£500million of assets under management and, since its IPO in December 2014, has invested over £90million across its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

 

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