14 Aug 2023 15:04
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014, AS AMENDED (AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
14 August 2023
The 600 Group PLC
("600 Group", the "Group" or the "Company")
Equity Subscription
Total Voting Rights
The 600 Group PLC, the industrial laser systems manufacturer (AIM: SIXH), is pleased to announce an equity subscription by Browallia Asset Management Ltd for 9,500,000 new ordinary shares of 1 pence each in the capital of the Company (the "Subscription Shares") at a subscription price of 5.5 pence per Subscription Share (the "Subscription"), which will raise gross proceeds of £522,500.
Prior to the Subscription, and as at 11 August 2023, the Group had unuaudited gross cash balances of US$0.8 million. The net proceeds of the Subscription will be used by the Company to provide additional working capital for the Group's US business including the majority of the Subscription proceeds being used to make a partial repayment of the Group's currently fully drawn senior secured US$5.5 million bank facility (the "Facility"). Post the repayment, the undrawn element of the Facility, which currently matures on 30 November 2023, will remain available to the Company.
The Subscription is conditional upon admission of the Subscription Shares to trading on AIM ("Admission") and it is expected that Admission will occur, and that dealings in the Subscription Shares will commence, at 8.00am on 15 August 2023.
The Subscription Shares will represent approximately 8.05% of the Company's existing issued share capital. The Subscription Shares will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other ordinary shares in issue.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 127,463,341 ordinary shares of 1 pence each. The Company does not hold any shares in treasury and therefore the total number of voting rights in 600 Group will be 127,463,341. This number may be used by shareholders 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 under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries:
The 600 Group PLC Paul Dupee, Executive Chairman
| Tel: 01924 415000 |
Instinctif Partners Tim McCall
| Tel: 0207 457 2020 |
Cenkos Securities plc (Nominated Adviser and Broker) Ben Jeynes / Max Gould (Corporate Finance) Henry Nicol (Sales)
| Tel: 020 7397 8900 |