Business
Proposed Capital Raise of up to £54 million
Proposed Capital Raise of up to £54 million.
About this update from Proservice Building Services Marketplace Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1732D\n HSS Hire Group PLC\n 26 October 2020\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014.\n THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SWITZERLAND, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.\n THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION. ANY DECISION TO PURCHASE, SUBSCRIBE FOR, OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT MUST BE MADE SOLELY ON THE BASIS OF THE INFORMATION THAT IS CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE COMBINED PROSPECTUS AND CIRCULAR TO BE PUBLISHED BY THE COMPANY IN DUE COURSE.\n \n HSS Hire Group plc\n \n (\"HSS Hire\" or the \"Company\",\n \n \n together with its consolidated subsidiaries, the \"Group\")\n \n \n \n \n \n Proposed Capital Raise of up to £54 million\n \n \n \n \n \n HSS Hire today announces that it proposes to raise gross proceeds of up to c.£54.0 million by way of a Firm Placing and Open Offer (the \"Capital Raise\") in the coming weeks and has secured commitments from three of its major shareholders to subscribe c.£43.5 million for Company shares as part of the Capital Raise.\n \n \n As set out in the Company's 2020 interim results on 8 October 2020, the Board has been encouraged by the resilience that HSS Hire has shown during this period of unprecedented disruption brought about by the COVID-19 pandemic. Revenues have now returned to above 90% of 2019 levels and the Group has also seen a notable acceleration of its digital strategy with a significant increase in online penetration. \n \n \n However, the COVID-19 pandemic and the significant disruption that it has caused has inevitably had a significant impact on the Group's revenue in 2020. In ...
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