Business
Result of General Meeting, Placing and Open Offer
Result of General Meeting, Placing and Open Offer.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 4290H 1PM PLC 07 June 2017 \n\n \n7 June 2017\n1pm plc\n(the \"Group\" or the \"Company\")\n \nResults of Placing and Open Offer\nand Result of General Meeting\n \n \nOn 18 May 2017, 1pm plc, the AIM listed independent specialist provider of finance facilities to the SME sector, announced a Placing to raise £9.9 million and an Open Offer to raise up to an additional £3.1 million. \n \nThe Company is pleased to announce that at its General Meeting held today in Bath, all of the resolutions put to shareholders as set out in the Circular dated 18 May 2017 were duly passed.\n \nThe Company is also pleased to announce the results of the Open Offer, which closed for acceptances at 11:00 a.m. on 6 June 2017. The Open Offer was over-subscribed. Valid acceptances have been received in respect of 7,530,495 new ordinary shares of 10 pence each (the \"Ordinary Shares\"), representing a percentage take up of 110 per cent of those Ordinary Shares available under the Open Offer. Accordingly the maximum gross amount of approximately £3.1 million will be raised under the Open Offer. Qualifying Shareholders who have applied for Offer Shares will receive their full Open Offer entitlement. Shareholders that made an application under the excess application facility will receive approximately 83.1 per cent of the new Ordinary Shares they applied for.\n \nApplication has been made for the 6,861,117 new Ordinary Shares, to be issued via the Open Offer, to be admitted to trading on AIM. The Company has also made application for 22,000,000 new Ordinary Shares, to be issued via the Placing, to be admitted to trading on AIM. It is expected that Admission and dealings in the 28,861,117 new Ordinary Shares will commence at 8.00 a.m. on 8 June 2017. Following Admission, the Enlarged Share Capital of the Company will comprise 83,750,052 Ordinary Shares. Therefore, the total number of voting rights in the Company is 83,750,052 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.\n \nCapitalised terms used in this announcement have the meanings given to them in the Circular dated 18 May 2017.\n \n\n\n\n\nFor further informat...