1 Aug 2018 07:00
1 August 2018
Vitesse Media plc
("Vitesse" or the "Company")
Result of Placing and Posting of Admission Document
Vitesse Media plc, the AIM quoted digital media and events business, is pleased to announce the successful completion of the Placing announced yesterday at 12:45 p.m.
A total of 23,306,875 Placing Shares have been placed at a Placing Price of 80 pence per Placing Share (equivalent to a placing price of 2 pence per share pre-Share Reorganisation), subject to, inter alia, shareholder approval being obtained at a general meeting of the Company to be convened for 16 August 2018, raising approximately £18.65 million (before expenses). Of the total amount raised, approximately £14.37 million (before expenses) has been raised through the non EIS/VCT Placing and approximately £4.28 million (before expenses) has been raised through the EIS/VCT Placing. Based on the size of the Placing, the number of Consideration Shares to be issued upon completion of the Acquisition will be 3,815,338 New Ordinary Shares.
The Company has despatched copies of the Admission Document, containing a notice of general meeting, and a proxy form, to Shareholders and copies of the Admission Document and the Company's Report and Accounts for the year ended 31 March 2018 have been published on the Company's website at www.vitessemedia.com.
Director Participation
In addition to the participations of Nileshbhai Sachdev, Simon Stilwell and David Brown disclosed in Yesterday's Announcement (as defined below), Nicola Dowdall, the Company's MD of Events & Marketing, has subscribed for 25,000 Placing Shares at the Placing Price. The Directors (other than Nileshbhai Sachdev, Simon Stilwell, David Brown and Nicola Dowdall) consider, having consulted with Stockdale Securities, that the terms of each of Nileshbhai Sachdev, Simon Stilwell, David Brown and Nicola Dowdall's participations in the Placing are fair and reasonable insofar as the Shareholders are concerned. Following Admission, Nicola will hold 25,000 New Ordinary Shares, representing approximately 0.1 per cent. of the Enlarged Share Capital.
Simon Stilwell, Chief Executive of Vitesse, commented:
"We are delighted with the interest and support we have received in the Placing. We welcome our new shareholders and thank our existing shareholders for their ongoing support."
All capitalised terms in this announcement are as defined in the Company's announcement released at 12:45 p.m. yesterday ("Yesterday's Announcement").
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").
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For further enquiries please contact:
Vitesse Media plc | +44 (0)20 7250 7035 |
Simon Stilwell, Chief Executive David Brown, Group Finance Director
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Stockdale Securities Limited (Nominated Adviser and Joint Broker) | +44 (0)20 7601 6100 |
Tom Griffiths Ed Thomas David Coaten
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Canaccord Genuity Limited (Joint Broker) Simon Bridges Richard Andrews Ben Griffiths (ECM) Sam Lucas (ECM)
| +44 (0)20 7523 8000 |
Taurus London (Lead Adviser) | +44 (0)20 7959 7000 |
Peter Tracey Tom Fyson Tom Marriage
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Belvedere Communications (Financial PR) | +44 (0)20 3567 0510 |
John West Cat Valentine Kim van Beeck |
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About Vitesse Media plc
Vitesse Media plc is an AIM-quoted leading B2B media business specialising in three key areas: Business Information, Live Events and Data and Insight in three key sectors: Technology, Financial Services and Diversity. Vitesse's ambition is to create content that informs, communities that engage and brands that inspire in order to enable a better business environment for our sponsors and clients.
Vitesse's flagship titles include SmallBusiness.co.uk, Growth Company Investor, Information Age, GrowthBusiness.co.uk and What Investment. Vitesse Media is also responsible for a growing portfolio of high-profile events, including The Quoted Company Awards, Women in IT Awards and British Small Business Awards, amongst others.
For more information visit www.vitessemedia.com