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13 Jan 2022 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF AMERICA OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT, OTHER THAN PURSUANT TO AN APPLICABLE EXEMPTION
13 January 2022
East Imperial plc (the "Company")
Placing, year end update and PDMR dealing
East Imperial, the global purveyor of ultra-premium beverages, is pleased to announce the conditional placing of 32,398,899 shares at 10.5 pence per share (the "Placing"), raising gross proceeds of approximately £3.4 million to support the Company's intentions to accelerate its expansion.
The Company also provides a year end update and announces a 60% increase in 2021 revenues compared to the prior year, based on unaudited figures.
The Placing
East Imperial has executed placing letters with institutional and other investors and certain of the Company's directors, to place 32,398,899 shares ("Placing Shares") at 10.5 pence per share, raising gross proceeds of £3,401,884.40. The Placing was the result of demand for shares from a number of institutions including Aviva Investors, who subscribed for 9 million shares, taking their total beneficial shareholding in the Company to approximately 26.1 million, or 7.7 percent.
The Placing is conditional on Admission (defined below). Applications will be made to the Financial Conduct Authority ("FCA") for the Placing Shares to be admitted to the Standard Segment of the Official List of the FCA (the "Official List") and to London Stock Exchange plc (the "LSE") for the Placing Shares to be admitted to trading on the LSE's Main Market for listed securities ("Admission"). It is expected that Admission will become effective, and trading in the Placing Shares will commence, on or around 21 January 2022.
The Company intends to use the proceeds from the Placing to accelerate the expansion of the business, in particular across the US market, the key strategic priority for the Board.
Following admission of the Placing Shares, the Company's issued ordinary share capital will comprise 338,171,013 ordinary shares, none of which are held in treasury. Therefore, the total number of ordinary shares with voting rights in East Imperial following admission will be 338,171,013.
The above figure of 338,171,013 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 under the FCA's Disclosure Guidance and Transparency Rules.
PDMR Shareholding
Three of the Company's directors, Alistair McGeorge, Chairman, Colin Henry, NED and Charlie Caminada, NED, have subscribed for a total of 1,282, 380 shares as follows:
| Subscription total | Number of new ordinary shares | Total number of new shares to be held on Admission |
Alistair McGeorge | £ 49,999.95 | 476,190 | 476,190 |
Colin Henry | £ 49,999.95 | 476,190 | 476,190 |
Charles Caminada* | £ 34,650.00 | 330,000 | 330,000 |
* Charles Caminada is party to an option agreement with the Company dated 19 July 2021, pursuant to which he has an option to acquire up to 300,000 shares.
The notifications below, made in accordance with the Market Abuse Regulation, provide further details of the persons discharging managerial responsibilities.
Year-end update
East Imperial is pleased to report significant operational and financial progress over the course of 2021, despite the impact of Covid-19 on the Company's on-trade business and more recently the impact from global supply chain problems which have impacted many businesses.
The Company's 2021 annual revenues were up 60% (based on unaudited figures) compared with the prior year and back at the level achieved in 2019 prior to the impact of COVID-19. Importantly, the Company also benefited from a more diversified revenue stream in 2021 following strong progress implementing a multi-channel strategy.
The Board is confident of delivering further progress this year, both on-trade and off-trade, and in particular through further geographic expansion in the US and other key markets.
Tony Burt, CEO of East Imperial, said:
"I'm extremely pleased with the progress made last year despite the Covid-19 and supply chain challenges and in particular a return to pre-Covid levels of sales reflecting a number of new supply agreements and further global expansion. We have a huge opportunity ahead of us and I'm confident that we will deliver significant further progress this year.
"I'm also delighted to welcome a number of new investors who share our confidence in the prospects for the business and want to be a part of our success. We will be using the funds raised to capitalise on the near-term opportunities ahead of us, in particular to accelerate our growth in the strategically important US market."
East Imperial expects to announce its full-year results for the year ended 31 December 2021 in April 2022.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities / person closely associated with them ('PCA') | ||||||
(a) | Name | Alistair McGeorge | ||||
(b) | Reason for the notification
| Notification of person discharging managerial responsibilities (Chairperson of the Board and Non Executive Director of the Company) | ||||
(c) | The name of the relevant issuer or emission allowance market participant | East Imperial plc | ||||
(d) | A description and the identifier of the financial instrument Identification code: | Ordinary shares of 1 pence each
ISIN: GB00BMZ1ND56 | ||||
(e) | The nature of the transaction(s) | Acquisition of shares pursuant to a placing. | ||||
(f) | The date and place of the transaction | Placing letter was executed on 12 January 2022 and shares are due to be admitted to trading on or around 21 January 2022 Outside of a trading venue | ||||
(g) | The price and volume of the transaction |
| ||||
2. Details of the person discharging managerial responsibilities / person closely associated with them ('PCA') | ||||||
(a) | Name | Colin Henry | ||||
(b) | Reason for the notification
| Notification of person discharging managerial responsibilities (Non Executive Director of the Company) | ||||
(c) | The name of the relevant issuer or emission allowance market participant | East Imperial plc | ||||
(d) | A description and the identifier of the financial instrument Identification code: | Ordinary shares of 1 pence each
ISIN: GB00BMZ1ND56 | ||||
(e) | The nature of the transaction(s) | Acquisition of shares pursuant to a placing. | ||||
(f) | The date and place of the transaction | Placing letter was executed on 12 January 2022 and shares are due to be admitted to trading on or around 21 January 2022 Outside of a trading venue | ||||
(g) | The price and volume of the transaction |
| ||||
3. Details of the person discharging managerial responsibilities / person closely associated with them ('PCA') | ||||||
(a) | Name | Charles Caminada | ||||
(b) | Reason for the notification
| Notification of person discharging managerial responsibilities (Non Executive Director of the Company) | ||||
(c) | The name of the relevant issuer or emission allowance market participant | East Imperial plc | ||||
(d) | A description and the identifier of the financial instrument Identification code: | Ordinary shares of 1pence each
ISIN: GB00BMZ1ND56 | ||||
(e) | The nature of the transaction(s) | Acquisition of shares pursuant to a placing. | ||||
(f) | The date and place of the transaction | Placing letter was executed on 12 January 2022 and shares are due to be admitted to trading on or around 21 January 2022 Outside of a trading venue | ||||
(g) | The price and volume of the transaction |
| ||||
Ends
Enquiries
Optiva Securities Limited
Robert Emmet +44 (0) 20 3981 4173
MHP Communications
Peter Hewer +44 (0) 770 9326 261
Rachel Mann +44 (0) 758 5301 464
eastimperial@mhpc.com
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