MAIS.L Regulatory News (MAIS)

blur Group plc

("blur", the "Group" or the "Company")

Close of Book Build and Results of Placing

blur Group plc (AIM: BLUR) is pleased to announce the result of the oversubscribed placing announced earlier today (the "Placing").

A total of 100,000,000 new ordinary shares in the Company of 1 pence each (the "Placing Shares") have been conditionally placed at a price of 1.75 pence per Placing Share (the "Placing Price"), raising proceeds of £1.75m (before expenses). 

The Placing Shares will represent approximately 68% of the Company's enlarged issued ordinary share capital.

Placees will receive one Warrant for every 4 Placing Shares subscribed (rounded down to the nearest whole Warrant), entitling them to subscribe for one additional new Ordinary Share at a price of 3.5 pence, exercisable at any time in the period commencing on the first anniversary of Admission and ending 12 months thereafter (a total of 25,000,000 Warrants). Should all Warrants issued be exercised, assuming no other Ordinary Shares are issued by the Company, the new Ordinary Shares that will be issued pursuant to the Warrants will represent approximately 17% of the Company's enlarged issued ordinary share capital on admission of the Placing Shares

Save as otherwise defined, capitalised terms used in this announcement have the meanings given to them in the announcement released by the Company this morning at 7.00 a.m.

Substantial shareholder participation

Robert Keith has subscribed for 30,000,000 Placing Shares. Robert Keith is a related party of the Company for the purposes of the AIM Rules by virtue of his status as a substantial shareholder of the Company. The Directors consider, having consulted with the Company's nominated adviser, N+1 Singer, that the terms of the participation by Robert Keith in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

Following the issue of the Placing Shares Robert Keith will hold approximately 25% of the enlarged issued share capital of the Company.

In respect of the 7,500,000 Warrants that will be issued to Robert Keith, Robert has irrevocably undertaken to the Company and N+1 Singer that he will not exercise the rights under his warrants unless doing so will maintain his total shareholding below 30% of the enlarged total voting rights in the Company's share capital at that time.

Share capital following the placing and subscription

Application has been made for the Placing Shares to be admitted to trading on AIM. It is expected that Admission will occur on or around 1 August 2017.

Following admission of the Shares, the Company's enlarged issued share capital will comprise 147,092,851 Ordinary Shares of 1 pence each with voting rights in the Company. This 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 in the interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The issue of the Placing Shares is conditional, amongst other things, on the passing of the Resolutions at the General Meeting, publication of the Group's final results for the year ended 31 December 2016, admission of the Placing Shares to trading on AIM and the lifting of the London Stock Exchange's suspension of trading in the Ordinary Shares.

Ends

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE OR FORM PART OF AN OFFER TO ISSUE OR SELL, OR THE SOLICITATION OF AN OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR, NEW ORDINARY SHARES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.