Business
Acquisition and Placing
Acquisition and Placing.
About this update from Wynnstay Group Plc
[{"type":"text","content":"\n \nRNS Number : 7821N Wynnstay Group PLC 12 September 2013 \n \n\n \n12 September 2013\nAIM:WYN\n \nWynnstay Group plc\n(\"Wynnstay\" or the \"Group\" or the \"Company\")\n \nUpdate on Potential Acquisition \nand \nConditional Placing to Raise £9.0m\n \n \nFurther to its announcement of 22 August 2013, Wynnstay, the agricultural supplies and specialist retail group, is pleased to provide an update on its proposed acquisition of all of the business and assets of Carmarthen and Pumsaint Farmers Limited (the \"Society\") except for its freehold properties (the \"Acquisition\"). At the Society's second special general meeting, held yesterday, its ordinary members passed a resolution to confirm the conversion of the Society from its current status as an industrial and provident society into a private limited company (the \"Conversion\"). Following the passing of this resolution, the Society has obtained all the necessary approvals of its members required to be obtained in accordance with the agreement entered into between the Company and the Society to effect the Acquisition (the \"Acquisition Agreement\"). Accordingly, Wynnstay expects, subject to the satisfaction or waiver of the remaining conditions to completion of the Acquisition which do not relate to the approval by members of the Society, that the Acquisition will complete on or around 30 September 2013. \n \nAdditionally, further to its announcement of 30 July 2013, Wynnstay has assessed the cash resources available to fund the consideration for the Acquisition and has concluded that it is in the best interests of the Company to undertake an equity fundraising. Accordingly, the Company is pleased to announce that it has conditionally raised £9.0 million, before expenses by way of a significantly oversubscribed conditional placing of new ordinary Shares of 25 pence each in the capital of the Company (\"Ordinary Shares\") with both new and existing investors (the \"Placing\"). The net proceeds of the Placing will be used partly to fund the consideration payable for the Acquisition, with the balance used to support Wynnstay's long term strategy to act as a consolidator in the agricultural sector as well as for working capital. The equity fundraising was arranged by Shore Capital, as defined below. \n \nThe Pl...