Business
Proposed Placing and Open Offer - further details
Proposed Placing and Open Offer - further details.
About this update from Diales Group Plc
[{"type":"text","content":"\n \nRNS Number : 2363X Driver Group plc 17 February 2017 \n\nTHIS 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, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN DRIVER GROUP PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF DRIVER GROUP PLC.\n \nThis announcement contains inside information\n \nDriver Group Plc\n(\"Driver\", the \"Group\" or the \"Company\")\n \nProposed Placing and Open Offer - further details\n \nFurther to the announcement this morning of a proposed fundraising of up to £8 million by way of the conditional placing (\"Placing\"), Driver Group plc (AIM: DRV) announces that 20,000,000 Placing Shares have been conditionally placed with investors at a price of 40 pence per share (the \"Issue Price\").\n \nKey highlights\n· Proposed placing to raise £8.0 million through the issue of 20,000,000 Placing Shares to existing and new investors, at 40 pence per Placing Share\n· The Placing Price represents a discount of 14.9 per cent. to the Closing Price on 16 February 2017, being the last trading date prior to announcement of the proposed Placing\n· The net proceeds of the Placing will be used to reduce outstanding borrowings, to accelerate the delivery of the next phase of the strategic plan and to enable Driver to capitalise on growth opportunities within its core business\nOpen offer\nThe Company also confirms that Qualifying Shareholders will be given the opportunity to subscribe for New Ordinary Shares through an open offer to raise up to approximately £0.5 million, on the basis of 1 open offer share for every 26 shares held,...