Business
Result of Placing
Result of Placing.
About this update from Hercules Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED). UPON PUBLICATION OF THIS ANNOUNCMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n \n \n \n 27 February 2023\n \n \n \n \n \n Hercules Site Services plc \n \n \n \n \n \n \n \n (\"Hercules\" or the \"Company\")\n \n \n \n \n \n \n \n Placing to raise £1.7 million\n \n \n \n \n \n Hercules Site Services plc (AIM: HERC), a leading technology enabled labour supply company for the UK infrastructure sector,\n announces that it has raised £1.7 million (before expenses) by way of a placing (the \"Placing\") of 3,777,778 new ordinary shares of £0.001 in the capital of the Company (\"Placing Shares\") at a price of 45p per share (the \"Placing Price\")\n (30-day VWAP* at 59.2p).\n \n \n \n \n \n Highlights\n \n \n \n \n \n ·\n The net proceeds of the Placing will be used to provide working capital to support organic growth in the Company's labour supply division, as Hercules continues to deliver key infrastructure, civil engineering, utilities, groundworks, highway and railway projects across the UK.\n \n \n · \n The Placing received support from new and existing investors, including two of the Company's largest shareholders.\n \n \n \n \n \n Brusk Korkmaz, Chief Executive Officer of Hercules, commented:\n \n \n \n \n \n \"After achieving record revenues and positive year-on-year growth in 2022, Hercules continues to build momentum and deliver on its strategy. Turnover growth has been in the region of 50% per annum for two years now, and we believe a third year of similar growth lies ahead. This is because we are well positioned to benefit from the buoyant conditions in the infrastructure sector and trading at the start of 2023 has commenced positively.\n \n \n \n \n \n \"We recently introduced two new income streams in the Labour Supply business, being the supply of security personnel, and white-collar placements, and both have received their first contracts and are progressing well. With a strong 2023 pipeline in place, these funds will support further or...