Last checked at 12 Jun 2019 14:02
12 June 2019
Midwich Group plc
("Midwich", the "Company" or the "Group")
Issue of Equity
Midwich Group plc has applied to the London Stock Exchange for the listing of an additional 225,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") to be admitted to trading on AIM. The Ordinary Shares will be issued to the trustee of the Company's Employee Benefit Trust and used to satisfy awards and options vesting in 2019 under the Midwich Group plc 2016 Long Term Incentive Plan.
It is expected that admission of these Ordinary Shares will become effective on 19 June 2019. These Ordinary Shares, which will rank pari passu with the existing Ordinary Shares in issue, will be allotted under the plan listed above.
Following the anticipated admission of these shares, the total number of ordinary shares of 1p each in the capital of the Company in issue will be 79,973,412. 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 to their interest in, the Company.
END
For further information:
Midwich Group plc Tel: +44 (0)1379 649200
Stephen Fenby, Managing Director
Stephen Lamb, Finance Director
Investec Bank plc (NOMAD and Joint Broker to Midwich) Tel: +44 (0) 20 7597 5970
James Rudd
Carlton Nelson
Berenberg (Joint Broker to Midwich) Tel: +44 (0)20 3207 7800
Ben Wright
Mark Whitmore
Laure Fine
FTI Consulting Tel: +44 (0)20 3727 1000
Alex Beagley
Tom Hufton
Fern Duncan
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 17,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.
Initially a UK only distributor, the Group now has 900 employees across the UK and Ireland, Continental Europe and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
For further information, please visit: www.midwichplc.com