5 Apr 2011 12:34
NOT FOR RELEASE PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
The 600 Group Plc
Placing of New Shares to Raise £1.76 million
The 600 Group PLC ("the Group" or "the Company"), the diversified engineering group servicing international markets is pleased to announce that it has raised approximately £1.76 million (before expenses) through an institutional placing by its broker finnCap of 5,787,574 new ordinary shares of 1p each (together the "Placing Shares") at a price of 30.5p per Placing Share (the "Placing").
The proceeds from the Placing will be used to increase capacity and production within the Group following the acquisition of its new production facility in Poland.
The Placing has been completed using a cash box structure. The Placing Shares equate to approximately 9.99% of the existing issued share capital of the Company prior to the Placing.
Application has been made to the UK Listing Authority ("UKLA") and the London Stock Exchange for the Placing Shares to be admitted to the Official List of the UKLA and to be admitted to trading on the Main Market of the London Stock Exchange. Admission is expected to occur on 11 April 2011.
Following Admission the Placing Shares, will rank pari passu in all respects with the existing ordinary shares in issue including the right to receive all dividends and other distributions declared. The Company's total issued and voting share capital will comprise 63,721,253 ordinary shares. This figure 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, securities of the Company under the FSA's Disclosure and Transparency Rules.
David Norman, CEO of the Company, said "I am delighted the funds have been raised from the placing which will allow us to increase capacity and move the business forward as markets continue to recover. I would like to thank both new and incumbent investors for their support."
Further information:
The 600 Group Plc Tel: 01924 415000
David Norman / Martyn Wakeman
finnCap Tel: 0207 600 1658
Sarah Wharry, Corporate Finance
Ben Thompson, Corporate Finance
Tony Quirke, Corporate Broking
Cadogan PR Tel: 0207 839 9260
Alex Walters Tel: 07771713608
Emma Wigan