Business
Proposed Placing of 62,625,981 Placing Shares
Proposed Placing of 62,625,981 Placing Shares.
About this update from Distil Plc
[{"type":"text","content":"\n \nRNS Number : 8712R Distil PLC 11 March 2016 \n\nDistil Plc\n \n(\"Distil\") or the (\"Company\")\n \nProposed Placing of 62,625,981 Placing Shares at 1 pence per share\n \nDistil (AIM: DIS), owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, Jago's Cream Liqueur and Diva Vodka, is pleased to announce that it has conditionally raised £626,259 (before expenses), through a placing of 62,625,981 new ordinary shares of 0.1p each in the Company (the \"Placing Shares\") at a price of 1p per Placing Share (the \"Placing Price\"), (the \"Placing\"). \n \nDetails of the Placing\nThe Placing Shares have been placed with a new institutional shareholder, Miton UK Microcap Trust, and certain existing shareholders of the Company (the \"Placees\").\n \nThe Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares of 0.1p each in the Company (\"Ordinary Shares\"). The Placing Shares will represent approximately 12.54 per cent. of the Company's enlarged issued share capital and completion of the Placing is conditional on, inter alia, Admission. The closing mid-market price of the Company's Ordinary Shares on 10 March 2016 (being the latest practicable business day prior to the date of this announcement) was 0.85 p per Ordinary Share (the \"Pre-Placing Price\").\n \nFollowing the issue and allotment of the Placing Shares, the Company's enlarged issued ordinary share capital will comprise 499,333,488 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. This figure of 499,333,488 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.\n \nUse of Proceeds\nThe net proceeds of the Placing will be deployed on brand marketing, both domestically and internationally, and to strengthen the balance sheet as brand volumes increase. Further brand innovations are anticipated. \n \nDon Goulding, Executive Chairm...