Company Announcements

Result of Meeting

Source: RNS
RNS Number : 5892F
Hornby PLC
10 March 2020
 

10 March 2020

Hornby plc

("Hornby" or the "Company")

Result of General Meeting and

Result of Placing and Open Offer

 

On 21 February 2020, Hornby announced a proposed Placing and Open Offer to raise, in aggregate, approximately £15.0 million (before expenses) through the issue of 41,666,666 New Ordinary Shares at an issue price of 36.0 pence per New Ordinary Share. The Company also announced a proposed Amendment and Restatement of the Sale and Purchase Agreement relating to shares in LCD Enterprises Limited.

The Company is pleased to announce that at its General Meeting held earlier today, all of the Resolutions set out in the circular dated 21 February 2020 were duly approved. 

Further to this, the Company can now confirm that it will issue, pursuant to the Placing and Open Offer, 41,666,666 New Ordinary Shares at 36.0 pence per share, raising approximately £15.0 million. The issue of New Ordinary Shares will be split as follows:

·      37,177,974 shares under the firm element of the Placing, raising gross proceeds of approximately £13.4 million;

·      1,247,944 shares taken up under the Open Offer, including excess applications, raising gross proceeds of approximately £0.4 million; and

·      3,240,748 shares under the conditional element of the Placing, raising gross proceeds of approximately £1.2 million.

Application has been made for the 41,666,666 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence in the New Ordinary Shares at 8.00 a.m. on 12 March 2020. Following Admission the Company's issued share capital will comprise 166,927,838 Ordinary Shares. From Admission, the figure of 166,927,838 may be used by Shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The Company can also confirm that the Amendment and Restatement of the Sale and Purchase Agreement, as described in the circular dated 21 February 2020, has become effective immediately.

Lyndon Davies, Chief Executive, said:

"The board is incredibly grateful for the patience and support given by shareholders, both large and small, over the last 2 years. Sales are growing again, and this extra capital will help us build on the momentum and accelerate our journey back to profitability."

Defined terms used in this announcement will have the meanings (unless the context otherwise requires) set out in the circular dated 21 February 2020, which is available on the Company's website www.hornby.plc.uk.

- ends -

For further information contact:

 


Hornby PLC

Lyndon Davies, CEO

Kirstie Gould, CFO

 

01843 233500

Liberum Capital Limited

Andrew Godber

Edward Thomas

Kane Collings

 

020 3100 2222

Financial PR Advisor

Scott Fulton

  07788 144993

 

 


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