7 Oct 2022 07:00
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information, as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.
7 October 2022
The Ince Group plc
("Ince", the "Company" or the "Group")
Subscription for shares,
holding in Company and change to total voting rights
The Ince Group plc (AIM: INCE), which provides legal, accounting, financial services, consulting and pensions advice services, is pleased to announce that the Company has agreed a direct subscription with a corporate investor, Beckington Limited, for a total of 19,000,000 new ordinary shares of 1 penny each in the Company ("Ordinary Shares") at an issue price of 5 pence per share (the "Issue Price") (the "Subscription").
This Subscription has been undertaken by the Company as a result of investor demand and further to the subscription made on 1 September 2022 from the same corporate investor for 3,400,000 Ordinary Shares at the Issue Price. A larger investment could not be made at that time as the Company had reached the limit of its share allotment authorities, but these authorities were renewed at the Company's AGM on 30 September 2022.
The Issue Price is equal to the price at which the recent placing and open offer (announced on 28 July and 9 August 2022) were undertaken and is at a premium to the current market price. The net proceeds received from the Subscription will be applied in the same way as the net proceeds of the placing announced on 28 July 2022.
Application will be made for the 19,000,000 new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on or around 13 October 2022. Once issued, these new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
Upon Admission, Beckington Limited (a subsidiary of Knox D'Arcy Investments Limited) will have a total shareholding in the Company of 26,190,000 Ordinary Shares, which will represent approximately 9.93 per cent. of the issued share capital of the Company.
Total Voting Rights
Following Admission, the Company will have 263,640,570 Ordinary Shares in issue, each with one voting right. No Ordinary Shares are held in treasury. The total number of voting rights in the Company is therefore 263,640,570.
From Admission, 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.
Contacts:
The Ince Group plc | |
Donald Brown, Group Chief Executive | investorrelations@incegd.com |
Simon Oakes, Chief Financial Officer | |
Allenby Capital Limited - Nominated Adviser | +44 (0) 20 3328 5656 |
Jeremy Porter / Piers Shimwell, Corporate Finance | |
Arden Partners plc - Broker | +44 (0) 20 7614 5900 |
John Llewellyn Lloyd / Louisa Waddell, Corporate Finance | |
Simon Johnson, Equity Sales | |
About The Ince Group plc
The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With over 700 people, 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.