Business
Placing and Notice of General Meeting
Placing and Notice of General Meeting.
About this update from Everyman Media Group Plc
[{"type":"text","content":"\n \nRNS Number : 0657R Everyman Media Group PLC 18 September 2017 \n\n18 September 2017\nEveryman Media Group PLC\n(\"Everyman\", the \"Company\" or the \"Group\")\n \nConditional Placing of 10,000,000 new Ordinary Shares at 170 pence per share to raise £17.0 million\nNotice of General Meeting\nEveryman Media Group PLC is pleased to announce that it has raised £17.0 million (gross) via a placing of 10,000,000 new Ordinary Shares at the Placing Price of 170 pence per share. The Placing Shares have been conditionally placed by Cenkos Securities PLC (\"Cenkos\"), as agent for the Company, with institutional and other investors. The Placing was over-subscribed. \nHighlights:\n- The Placing has been undertaken as the Directors believe there are significant opportunities for more Everyman venues in the UK\n- The proceeds of the Placing will be used to finance additional new cinema openings above the Company's existing plans, while maintaining debt leverage at a prudent level\n- Directors and related parties are subscribing for 3,354,874 Ordinary Shares as part of the proposed Placing, for a total value of £5.7 million\n- A new long term incentive plan (\"LTIP\") has been introduced to strengthen the Company's ability to attract and retain key senior executives\nCrispin Lilly, Chief Executive Officer, commented:\n\"We are delighted by the strong level of support we have received from investors as part of this fundraising. The funds raised from this placing will allow us to accelerate the Company's growth plans by financing additional new cinema openings in 2019 and beyond, creating significant further value for shareholders.\"\n \n\n\n\n\nFor further information, please contact:\n\n\n\n\nEveryman Media Group PLC\nCrispin Lilly\n\n\nTel: 020 3145 0500\n\n\n\n\nCenkos Securities PLC (NOMAD and Broker)\nBobbie Hilliam\n\n\nTel: 020 7397 8900\n\n\n\n\n \n \n \n \nBackground and Reasons for the Placing\nThe Directors believe that the opportunities for more Everyman venues within the UK are significant and this has been reinforced by the success of 11 new venues opened since 2015. The scale of the opportunity is evidenced by the success in towns such as Reigate and Gerrards Cross, as much as the larger city centre venues like Birmingham and Leeds.\...