Business
Result of Placing
Result of Placing.
About this update from Cvs Group Plc
[{"type":"text","content":"\n \nRNS Number : 1952F CVS Group plc 16 February 2018 \n\n16 February 2018\n \nCapitalised terms used but not defined in this announcement shall have the meanings given to such terms in the announcement of the Proposed Accelerated Bookbuild released earlier today. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nCVS Group plc\n(\"CVS\" or the \"Company\")\n \nConfirmation of Successful £60 million Placing\nand Total Voting Rights\n \nCVS Group plc (AIM: CVSG), one of the UK's leading providers of integrated veterinary services, is pleased to confirm that, following its announcements earlier today, the Company has successfully raised a total of approximately £60 million (before expenses) by means of an accelerated bookbuild. The Placing was heavily oversubscribed and has received strong support from both existing and new investors.\n \nIn connection with the Placing, the Company will issue 5,581,395 new Ordinary Shares (the \"Placing Shares\") at a price of 1075 pence each (the \"Placing Price\"). The issue of the Placing Shares is being made under existing authorities and remains subject to Admission.\n \nKey Highlights\n \n· Placing to raise approximately £60 million through the issue of 5,581,395 Placing Shares to existing and new investors, at a Placing Price of 1075 pence per Placing Share\n· The Placing Price represents a discount of 13.1 per cent. to the Closing Price on 15 February 2018, being the last trading day prior to announcement of the proposed Placing, a discount of 7.2 per cent. to the average Closing Price during the period in which market soundings were taken in connection with the Placing, and a discount of approximately 4.1 per cent. to the intra-day mid-market price at the time the Bookbuild was announced as closed\n· The expected net proceeds of the Placing, being approximately £58.9 million, will be used primarily to pay down debt and create additional headroom to help fund expected future acquisitions in the UK and the Netherlands, in line with the Group's existing growth strategy\n· Following Admission, the Placing Shares will represent approximately 7.95 per cent. of the total voting rights of...