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16 Jun 2015 07:00
Gusbourne Plc
(London-AIM: GUS) ("Gusbourne" or the "Company")
Result of Open Offer
Further to the Company's announcement on 28 May 2015 concerning an Open Offer to raise up to £3.57 million, Gusbourne announces that it has received final valid acceptances in respect of 5,050,738 Open Offer Shares from Qualifying Shareholders, representing approximately 70.7 per cent. of the maximum offered. The total consideration was £2.53 million. Of this, gross cash proceeds receivable by the Company are £2.14 million and in addition, the Company has benefited from a £0.39 million reduction in debt due to director Andrew Weeber and his wife's acceptances of their full entitlement under the Open Offer by way of conversion of Bonds into Open Offer Shares, as described in the Circular.
Accordingly, an application has been made to AIM for the admission of 5,050,738 new Ordinary Shares to be issued pursuant to the Open Offer ("Admission"). It is expected that Admission will become effective on 17 June 2015. Following Admission, the Company will have 22,904,014 Ordinary Shares in issue ("Enlarged Issued Share Capital").
Shareholdings of the Directors and Lord Ashcroft KCMG PC
The participation of the Directors and Lord Ashcroft KCMG PC under the Open Offer and resultant interests following Admission are shown below:
Existing Ordinary Shares | Open Offer Shares subscribed for at the Offer Price | Ordinary Shares held following Admission | Percentage of Enlarged Issued Share Capital | |
Lord Ashcroft KCMG PC | 11,490,498 | 3,250,496 | 14,740,994 | 64.36 |
Andrew Weeber | 1,944,444 | 777,777 | 2,722,221 | 11.89 |
Paul Bentham | 610,740 | 244,296 | 855,036 | 3.73 |
Ian Robinson | 81,442 | 32,577 | 114,019 | 0.50 |
Ben Walgate | 60,000 | 30,000 | 90,000 | 0.39 |
Ben Walgate, CEO, commented:
"We are appreciative of the continued support from the significant number of Gusbourne Shareholders that have taken part in this Open Offer. The proceeds will assist in the further development of the Gusbourne business and the award winning Gusbourne brand."
Unless otherwise defined, terms in this announcement shall have the same meanings as those defined in the shareholder circular dated 28 May 2015.
Enquiries:
Gusbourne Plc
Andrew Weeber/Ben Walgate +44 (0)12 3375 8666
Cenkos Securities plc
Nicholas Wells +44 (0)20 7397 8920
Note: This and other press releases are available at the Company's web site: www.gusbourneplc.com
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