Business
Results of Placing
Results of Placing.
About this update from Midwich Group Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION CONTAINED IN IT, 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 STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (REGULATION (EU) NO 596/2014), AS IT FORMS PART OF RETAINED EU LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n \nFor immediate release\n8 June 2023\n \nMidwich Group plc\n(\"Midwich\", the \"Company\" or the \"Group\")\nResults of Placing\nMidwich (AIM: MIDW), a specialist audio visual distributor to the trade market, is pleased to announce the successful completion of the Placing announced yesterday, as well as the successful completion of the concurrent Retail Offer.\nA total of 11,764,705 Placing Shares have been placed by Investec and Berenberg, at the Placing Price, raising gross proceeds of approximately £50m. The Placing Price of 425 pence per share represents a discount of approximately 5.6 per cent. to the closing middle market share price of 450 pence per share on 7 June 2023.\nThe Company also announces the successful completion of the Retail Offer via the PrimaryBid platform. Retail investors have subscribed via the PrimaryBid platform for a total of 294,233 Retail Offer Shares at the Placing Price, raising gross proceeds of approximately £1.25m. In aggregate, the Placing Shares and the Retail Offer Shares (together, the \"New Ordinary Shares\") represent approximately 13.2 per cent. of the existing issued share capital of the Company.\nApplication has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will take place at 8.00 a.m. on 12 June 2023 (or such date as may be agreed between the Company and the Joint Bookrunners). The New Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing issued Ordinary Shares.\nThe Placing is conditional upon, amongst o...