Business
Proposed Placing
Proposed Placing.
About this update from Gear4music (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 5963F Gear4music (Holdings) PLC 18 May 2017 \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) 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 OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN GEAR4MUSIC (HOLDINGS) PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.\n \n18 May 2017\nGear4music (Holdings) plc\n \nProposed Placing of up to 610,000 New Ordinary Shares at 690 pence per share to raise up to £4.2 million\nGear4music (Holdings) plc (\"Gear4music\", \"Company\" or \"Group\"), the largest UK based online retailer of musical instruments and music equipment, announces its intention to conduct a placing (\"Placing\") of up to 610,000 new ordinary shares (\"New Shares\") to raise gross proceeds of up to £4.2 million for the Company. It is intended that the price at which the New Shares are to be issued (\"Placing Price\") will be 690 pence per New Share. The New Shares will be issued on a non-pre-emptive basis, within the Company's existing share allotment authorities.\nThe Placing also comprises the proposed placing at the Placing Price of, in aggregate, up to 839,000 existing ordinary shares (\"Sale Shares\", together with the New Shares, \"Placing Shares\"), to be sold by certain of the Company's Directors in response to high levels of demand from institutional investors. Andrew Wass, Gear4music's Chief Executive Officer, who intends to sell a proportion of his holding of Ordinary Shares as part of the Placing, has agreed to a 12 month lock-in period in respect of his remaining holding.\nHighlights\n· Up to approximately £4.2 million, before expenses, to be raised for the Company in a Placing with new and existing investors at a Placing Price of 690 pence per share, representing a discount of 1.9 per cent. to the closing mid-market price on 18 May 2017 of 703.5 pence per Ordinary Share.\n \n· &...