Last checked at 18 Oct 2017 08:52
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).
18 October 2017
Hilton Food Group plc ("Hilton" or the "Company")
Result of Placing
Hilton (LSE: HFG), a leading specialist international meat packing business, is pleased to announce the result of the placing announced earlier today (the "Placing").
A total of 7,350,000 new ordinary shares in the Company of 10p each (the "Placing Shares") have been conditionally placed at a price of 760p per Placing Share (the "Placing Price"), raising proceeds of £55.9 million (before expenses) to part-fund the proposed acquisition of Icelandic Group UK Limited ("Seachill"), a leading chilled fish processor in the UK ("the Acquisition").
The Placing Shares to be issued represent approximately 9.93% of the Company's existing issued ordinary share capital. The Placing Price represents a discount of approximately 3.7% to the closing price of 789p on 17 October 2017.
Numis Securities Limited ("Numis") and Panmure Gordon (UK) Limited ("Panmure Gordon", and together with Numis, the "Bookrunners") have acted as joint bookrunners in respect of the Placing. Other than where defined, capitalised terms used in this announcement have the meanings given to them in the announcement released by the Company this morning at 7.00am.
Director participation
The participation of Directors of Hilton who have taken up Placing Shares at the Placing Price is as follows:
Director | Interest in Ordinary Shares as at 17 October 2017 | Aggregate value of Placing Shares to be acquired (£) | Number of Placing Shares to be acquired | Aggregate interest in Ordinary Shares following the Placing | Resulting holding of Ordinary Shares as % of enlarged issued share capital |
Nigel Majewski | 93,715 | 49,992.80 | 6,578 | 100,293 | 0.12% |
Colin Smith | 50,000 | 24,996.40 | 3,289 | 53,289 | 0.07% |
John Worby | 7,000 | 15,200.00 | 2,000 | 9,000 | 0.01% |
Christine Cross | 5,000 | 76,000.00 | 10,000 | 15,000 | 0.02% |
Admission
The Company will apply for admission of the Placing Shares to listing on the premium listing segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of London Stock Exchange plc (together, "Admission"). The Placing is conditional upon, inter alia, Admission becoming effective and the Acquisition Agreement in relation to Seachill having become unconditional (save as to Admission). It is expected that settlement of subscriptions in respect of the Placing Shares and Admission will take place and that trading in the Placing Shares will commence at 8.00 a.m. on 7 November 2017, which follows the Hilton general meeting at 10a.m. on 6 November 2017.
For further information please contact:
Hilton Food Group plc | Tel: 01480 387214 |
Robert Watson OBE, Group Chief Executive | |
Nigel Majewski, Chief Financial Officer | |
Numis Mark Lander Luke Bordewich Andrew Hackney
Panmure Gordon Erik Anderson Andrew Godber Tom Salvesen
Citigate Dew Rogerson | Tel: 020 7260 1000
Tel: 020 7886 2500
Tel: 020 7638 9571 |
Angharad Couch Ellen Wilton
|
IMPORTANT NOTICE
The Bookrunners, which are both authorised and regulated in the United Kingdom by the FCA, are acting for the Company and for no-one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Bookrunners, or for providing advice in relation to the contents of this announcement or any matters referred to herein.
Apart from the responsibilities and liabilities, if any, which may be imposed on Numis and/or Panmure Gordon under FSMA or the regulatory regime established thereunder, neither Numis nor Panmure Gordon accept any responsibility whatsoever and make no representation or warranty, express or implied, concerning the contents of this announcement including its accuracy, completeness and verification or concerning any other statement made or purported to be made by it or on behalf of it, in connection with the Company and the Acquisition. Numis and Panmure Gordon accordingly disclaim to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise (save as referred to herein) which it might otherwise have in respect of this document or any such statement.
Certain statements in this announcement may be forward-looking. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements.
Neither the content of the Company's website (or any other website) nor any website accessible by hyperlinks on the Company's website (or any other website) is incorporated in, or forms part of, this announcement.