Business
Admission to AIM
Admission to AIM.
About this update from Kazera Global Plc
[{"type":"text","content":"\n Worthington Nicholls Group plc\n12 June 2006\n\nRNS release\n\n\n\n12 June 2006\n\n\n\n Worthington Nicholls Group plc - Admission to AIM\n Raises £7.5 million for acquisitions and further organic expansion and £12.5\n million for replacement capital\n\n\n\nWorthington Nicholls Group plc ('Worthington Nicholls' or 'the Group'), the UK's\nlargest independent installer of air conditioning, heating, ventilation and\nchilled water systems, has successfully raised £20 million (before expenses), in\naggregate, from institutional investors and VCTs ahead of its admission to AIM.\nTrading in the shares is expected to commence on AIM on 12 June 2006, under the\nticker symbol WNG. The Group is advised by Corporate Synergy Plc, its Nominated\nAdviser and Broker.\n\n\n\nOn admission, Worthington Nicholls Group plc will have in issue 65,000,000\nOrdinary Shares, issued at a placing price of 50 pence per share. On market\ndebut, the Group will be capitalised at £32.5 million.\n\n\n\nOf the funds raised, £7.5 million is in expansion capital, and £12.5 million is\nreplacement capital to allow for a partial exit of the Group's founder, Peter\nWorthington.\n\n\n\nThe expansion funds will be used to provide working capital for continued\norganic expansion of the business and to fund acquisitions in both the UK and\nEuropean markets, in order to meet the demands of its growing customer base for\nsole supplier contracts across European operations.\n\n\n\n\n\nMark Worthington, Chief Executive of Worthington Nicholls, said:\n\n\n\n'We are delighted to have successfully raised the money we need to fund our\nrapid expansion. During a difficult and volatile period in the equity markets\nour fundraising remained oversubscribed. We will now aim to repay investors\nbelief in the Company and it's employees by delivering on our current strategy.\nWith much more stringent environmental legislation and a preference by major\nhotels and retail clients to deal with a single supplier, we are very optimistic\nabout expanding our operations and providing an unrivalled level of service.'\n\n\n\nPlacing statistics\n\n\nPlacing price per Ordinary Share 50 pence\nNumber of New Ordinary Shares being issued pursuant to the Placing 15,000,000\nNumber of Ordinary Shares in issue immediately following the Placing 65,000,000\nMarket Capitalisation following the Placi...