Business
Results of General Meeting and Open Offer
Results of General Meeting and Open Offer.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 7811T B.P. Marsh & Partners PLC 06 July 2018 \n\n \n \n \nDate: 6 July 2018\nOn behalf of: B.P. Marsh & Partners PLC (\"B.P. Marsh\" or \"the Company\")\nEmbargoed until: 0700hrs \n \n \n \nB.P. Marsh & Partners Plc\n(\"B.P. Marsh\" or \"the Company\")\nResults of General Meeting and result of Open Offer, \nIssue of equity\nand\nNew substantial shareholder\n \nB.P. Marsh & Partners Plc (AIM: BPM), the specialist venture capital investor in early stage financial services businesses, is pleased to announce the results of the General Meeting in respect of the Placing of new Ordinary Shares to a new investor in the Company (the \"Investor\"), an entity in the PSC Insurance Group, to raise £15.5 million for the Company, and additional Open Offer of up to £1.5 million, at an Issue Price of 252 pence per new Ordinary Share, which was announced to the market on 12 June 2018 (the \"Placing Announcement\"), and the results of the Open Offer.\n \nGeneral Meeting\nThe Company is pleased to announce that at the General Meeting held yesterday all resolutions set out in the circular dated 13 June 2018 (the \"Circular\") were duly passed.\n \nOpen Offer\nAs announced in the Placing Announcement, Brian Marsh irrevocably undertook not to subscribe for any entitlements under the Open Offer (and to procure that B.P. Marsh Management Limited, a company wholly owned by Brian Marsh, did the same) to allow remaining Qualifying Shareholders the opportunity to subscribe for more Ordinary Shares in the Company. As such, neither Brian Marsh nor B.P. Marsh Management Limited have subscribed for any Open Offer Shares. The Basic Entitlements which could otherwise have been available to Brian Marsh and B.P. Marsh Management Limited under the Open Offer were instead made available to other Qualifying Shareholders.\nThe Open Offer closed for acceptances at 11.00 a.m. on 4 July 2018 in accordance with its terms and was significantly oversubscribed. The Company is therefore pleased to announce that it has received valid acceptances in respect of 595,238 Open Offer Shares from Qualifying Shareholders, including applications under the Excess Application Facility, with a value of £1.5 million. This represents 100 per cent. of the Open Offer Shares offered pursuant to the Open Offer. ...