Business
Result of Placing
Result of Placing.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \nRNS Number : 4365F Altitude Group PLC 17 May 2017 \n\n \nAltitude Group plc\n(\"Altitude\" or \"the Company\")\n \n£3.7m placing of 6,191,669 new and existing Ordinary Shares\nDirector Dealing\nAcquisition\nExercise of Options\n \nAltitude Group plc (AIM: ALT), the operator of a leading digital marketplace for personalised products, is pleased to announce that, finnCap, as the Company's broker, have conducted a placing of 2,025,002 existing ordinary shares of 0.4 pence each in the Company and 4,166,667 new ordinary shares of 0.4 pence (together the \"Placing Shares\") with new and existing institutional and other investors (the \"Placing\").\n \nThe Placing Shares were sold at a price of 60 pence per share (\"Placing Price\") and represent, in aggregate, approximately 13.4 per cent. of the currently issued share capital of the Company. The new ordinary shares being issued in relation to the Placing represent approximately 9.0 per cent. of the currently issued share capital of the Company. \n \nFollowing the sell down of 2,025,002 ordinary shares of 0.4 pence each (\"Ordinary Shares\"), Keith Willis now holds 7,171,273 Ordinary Shares, representing 14.1 per cent. of the enlarged issued share capital of the Company. These shares are subject to a 12 month lock-in.\n \nDirectors' Participation and Related Party Transaction\n \nCertain Directors have subscribed for Placing Shares in the Placing at the Placing Price as per the table below (the \"Directors' Participation\"): \n\n\n\n\nDirectors\n\n\nPlacing Shares acquired\n\n\nResultant shareholding\n\n\n\n\n \n\n\nNumber of Ordinary Shares\n\n\nNumber of Ordinary Shares\n\n\n% of Enlarged Issued Share Capital\n\n\n\n\nPeter Hallett\n\n\n16,667\n\n\n211,337\n\n\n0.4%\n\n\n\n\nSanjay Lobo\n\n\n33,333\n\n\n33,333\n\n\n0.07%\n\n\n\n\nGellan Watt\n\n\n16,667\n\n\n16,667\n\n\n0.03%\n\n\n\n\n \nThe participation of the Directors in the Placing constitutes a related party transaction for the purposes of AIM Rule 13.\n \nMartin Varley and Shaun Parker, the Company's President and Chief Operating Officer respectively, are considered to be independent directors for purposes of AIM Rule 13 (\"Independent Directors\"). As such, the Independent Directors, having consulted with the Company's nominated adviser, consider th...