Business
Placing to raise GBP8.125 million
Placing to raise GBP8.125 million.
About this update from Judges Scientific Plc
[{"type":"text","content":"\n \nRNS Number : 9178Q Judges Scientific PLC 21 October 2013 \n\nJudges Scientific plc\n(\"Judges Scientific\", \"Judges\", the \"Company\" or the \"Group\")\n£8.125 MILLION PLACING\n \nThe Directors of Judges Scientific plc are pleased to announce that the Company has raised £8.125 million (before expenses) through a placing (the \"Placing\") of 500,000 new ordinary shares of 5p (the \"Placing Shares\") at a price of 1625p (the \"Placing Price\") per Placing Share. The Placing, which was substantially oversubscribed, involved existing and several new institutional investors together with some private investors. The equity fundraising was arranged by Shore Capital.\nThe net proceeds from the Placing will serve to restore the Company's ability to complete further acquisitions. Scientifica Limited, acquired in June 2013, was financed entirely by debt and existing cash resources; although the Group's gearing is comfortable, the Board took the view that further M&A activity would be constrained in the absence of an equity issue.\nCommenting on the Placing, Alex Hambro, Chairman of Judges Scientific, said:\n\"We are delighted with the result of the Placing which was supported by existing shareholders supplemented by new blue chip investors who have joined our register.\"\nAdmission\nThe Placing Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on the Alternative Investment Market (\"AIM\") and admission is expected to take place on 24 October 2013. Following admission of the Placing Shares, the enlarged issued share capital will amount to 5,857,949 ordinary shares of 5p each.\nThe Company does not hold any shares in treasury and the above figure may therefore be used by shareholders as the denominator for the calculation to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.\nHoldings on Completion of the Placing\nThe Directors' interests in the Group's issued share capital following completion of the Placing are set out below.\n\n\n\n\n \n\n\n \n\n\nFollowing the Placing\n\n\n\n\n\n\n \nDirector\n\n\n \nPosition\n\n\nNumber of\nOrdina...