Business
Placing, Notice of GM and Directorate Change
Placing, Notice of GM and Directorate Change.
About this update from Angling Direct Plc
[{"type":"text","content":"\n \nRNS Number : 9603E Angling Direct PLC 24 October 2018 \n\nThe information contained within this announcement (the \"Announcement\") is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement via Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n \n24 October 2018\n \n \nAngling Direct plc\n \n(\"Angling Direct\" or the \"Company\")\n \nPlacing of new Ordinary Shares to raise £20.0 million \nNotice of General Meeting\nand\nDirectorate Change\n \n \nAngling Direct plc (AIM: ANG), the UK's largest specialist fishing tackle and equipment retailer, is pleased to announce a placing with institutional investors to raise approximately £20.0 million before expenses (the \"Placing\") through the issue of 21,622,000 new ordinary shares of 1 pence each in the capital of the Company (\"New Ordinary Shares\") at 92.5 pence per New Ordinary Share (\"Placing Price\"). The Placing was over-subscribed, with strong support from both new and existing institutional shareholders.\n \nSince the Company's IPO in July 2017, the Company has opened a total of 8 new stores bringing the total number to 23. The Company intends to use the proceeds to accelerate the rollout of Angling Direct stores in the UK and to significantly increase online sales in the UK and Europe.\n \nThe Directors intend that the net proceeds of the Placing will be used primarily for the following purposes:\n \n· to open approximately 20 new stores in the UK over the calendar years 2019 and 2020;\n· for website development including the roll-out of native language sites in Europe;\n· for a European media and marketing plan;\n· to facilitate the exploration of potential strategic M&A opportunities;\n· to increase the headcount across the business; and\n· for general working capital and expansion of the Advanta® product lines.\n \nThe Placing is conditional, inter alia, upon the Company obtaining approval from its Shareholders to disapply statutory pre-emption...