Business
Results of Placing
Results of Placing.
About this update from Genuit Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3168M\n Polypipe Group PLC\n 07 May 2020\n \n \n \n \n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n \n \n FURTHER THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE CAUTIONARY STATEMENT AT THE END OF THIS ANNOUNCEMENT.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n \n For immediate release\n \n \n \n \n \n 7 May 2020 \n \n \n Polypipe Group plc\n \n \n (\"Polypipe\" or the \"Company\")\n \n \n \n \n \n Results of Placing\n \n \n Polypipe announces the successful completion of the non-pre-emptive placing of ordinary shares in the capital of the Company announced this morning (the \"Placing\").\n \n \n A total of 26,966,300 new ordinary shares in the capital of the Company (the \"Placing Shares\") have been placed by Deutsche Bank AG, London Branch (\"Deutsche Bank\") and Numis Securities Limited (\"Numis\") acting as Joint Bookrunners, raising gross proceeds of approximately £120.0 million. The Placing Shares have been issued at a price of 445 pence per Placing Share (the \"Placing Price\"). The Placing Shares being issued represent, in aggregate, approximately 13.4 per cent. of Polypipe's issued ordinary share capital prior to the Placing.\n \n \n The Placing Price of 445 pence represents a 7.7 per cent. discount to the closing mid-market share price of 482 pence on 6 May 2020, and a 3.1 per cent. discount to the middle market price at which time the Company and Joint Bookrunners agreed the Placing Price.\n \n \n Polypipe consulted with a number of its major shareholders prior to the Placing in order to adhere to the principles of pre-emption through the allocation process. The Company is pleased by the strong support it has received from existing shareholders and new investors.\n \n \n Applications have been made to the Financial Conduct Authority (the \"FCA\") and the London Stock Exchange plc (the \"London Stock E...