3 Feb 2020 07:00
3 February 2020
The Ince Group plc
("Ince" or the "Company")
Result of Open Offer and Staff Offer
Additional £2.0 million raised
The Ince Group plc (AIM: INCE), the international legal and professional services company, is pleased to announce that it has received valid acceptances and excess applications from Qualifying Shareholders and Qualifying Staff pursuant to the Open Offer and Staff Offer (the "Offers") in respect of an aggregate of 4,547,515 Offer Shares. Accordingly, the Company has conditionally raised total gross proceeds of £2.0 million via the Offers and a total of £14.0 million via the Placing and Offers.
Application has been made to the London Stock Exchange for 31,214,182 New Ordinary Shares of 1 pence each to be admitted to trading on AIM pursuant to the Placing and Offers. The New Ordinary Shares will rank pari passu with the Company's existing issued share capital.
Completion of the Placing and Offers remains subject to the passing of the Fundraising Resolutions at the General Meeting to be held later this morning, following which it is expected that Admission will become effective and that dealings in the New Ordinary Shares on AIM will commence at 8.00 a.m. on 4 February 2020.
Total Voting Rights
Following Admission, the Company will have 68,540,912 ordinary shares in issue. No ordinary shares are held in treasury. The total number of voting rights in the Company is therefore 68,540,912. The above figure 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.
Director participation
By way of an update to the announcement made on 15 January 2020, Adrian Biles has subscribed for 3,333,333 New Ordinary Shares in the Placing jointly with his father, John Biles, with an effective dealing date of 4 February 2020. On completion of the Fundraising, Adrian Biles will hold 11.1 per cent of the enlarged issued share capital in his own name and 4.9 per cent. jointly with John Biles.
The following Directors of the Company participated in the Fundraising:
Name of Director | Number of shares subscribed for in the Fundraising | Ordinary Shares following the Fundraising | Total interest in the enlarged issued share capital (%) |
Adrian Biles, CEO | 3,333,333 (jointly with John Biles) | 10,943,997 | 16.0 |
Anthony Edwards, Non-Executive Chairman | 44,444 | 77,821 | 0.1 |
Christopher Yates, CFO | 444,444 | 687,208 | 1.5 |
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Circular sent to shareholders of the Company on 16 January 2020.
Commenting on the Offers, Adrian Biles, CEO of Ince said:
"I am delighted that our colleagues across the Group have applied for over £1m of shares in the Staff Offer, showing their support and commitment. We are also delighted that a large number of our existing shareholders have also applied to increase their holdings."
For further information please contact:
The Ince Group plc investorrelations@incegd.com
Adrian Biles, Group Chief Executive
Christopher Yates, Chief Financial Officer
Arden Partners plc
Nominated Advisor and Broker to the Company +44 (0) 20 7614 5900
John Llewellyn-Lloyd, Corporate Finance
Ciaran Walsh, Corporate Finance
Dan Gee-Summons, Corporate Finance
Fraser Marshall, Equity Sales
Portland Communications +44 (0) 20 7554 1789
Steffan Williams ince@portland-communications.com
Simon Hamer
Charlie Harbord
About The Ince Group plc
The Ince Group is a dynamic international legal and professional services business with offices in seven countries across Europe, Asia and the Middle East. With over 900 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.