Business
Results of Placing
Results of Placing.
About this update from Gear4music (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 6104F Gear4music (Holdings) PLC 19 May 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 OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n\n\n\n\nFor immediate release\n\n\n19 May 2017\n\n\n\n\n \n \n \nGear4music (Holdings) plc\n \nResults of Placing\n \nGear4music (Holdings) plc, the largest UK based online retailer of musical instruments and music equipment, is pleased to announce the successful completion of the Placing announced on 18 May 2017.\n \nA total of 1,449,000 Placing Shares, comprising 610,000 New Shares and 839,000 Sale Shares, have been placed by Panmure Gordon at a price of 690 pence per share. The Placing has, pursuant to the issue of the New Shares, raised approximately £4.2 million (before expenses) for the Company. \n \nPanmure Gordon is acting as Bookrunner in connection with the Bookbuild.\n \nAndrew Wass, Gear4music's Chief Executive Officer, said:\n \n\"We are delighted with the level of support for our oversubscribed fundraising. We would like to take the opportunity to welcome new shareholders onto our register as well as thank our existing investors for their continued support. We look forward to putting the funds raised to work in the Group in executing our organic growth strategy for the business.\"\n \nDealings by persons discharging managerial responsibilities (\"PDMRs\"), exercise of warrant and application for admission to trading on AIM\n \nAs part of the arrangements for the Placing, certain of the Company's Directors (each of whom is classified as a PDMR of the Company) have sold, in aggregate, 839,000 Sale Shares at the Placing Price. \n \nIn addition, pursuant to the full exercise of a warrant instrument (\"Instrument\"), the Company will issue a further 100,782 new Ordinary Shares (\"Warrant Shares\") to the warrantholder. The Company will receive approximately £0.14 million as a result of the exercise of the Instrument.\n \nApplication has been made to the London Stock Exchange for admission to trading of 710,782 new Ordinary Shares...