Last checked at 9 Jun 2021 07:00
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
9 June 2021
Staffline Group plc
("Staffline", the "Company" or the "Group")
Result of Open Offer
Staffline, the recruitment and training group, is pleased to announce that further to the announcement of the Open Offer on 21 May 2021, it has conditionally raised total gross proceeds of £4.4 million via the Open Offer.
Staffline is pleased to announce that it has received valid acceptances under the Open Offer and the Excess Application Facility significantly in excess of the 8,837,242 Open Offer Shares available. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement, applications for New Ordinary Shares under the Excess Application Facility will be scaled back as outlined in the Circular.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. On the assumption that, amongst other things, the Resolutions are passed by Shareholders at the General Meeting, it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 10 June 2021 (being the business day following the General Meeting). The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
New Ordinary Shares in uncertificated form are expected to be credited to Shareholders who hold their Ordinary Shares in CREST accounts on 10 June 2021. Definitive share certificates for New Ordinary Shares are expected to be despatched to Shareholders who hold their Ordinary Shares in certificated form within 10 business days of Admission.
Related Party Transaction
Henry Spain Investment Services Limited is considered to be a related party of the Company (the "Substantial Shareholder") for the purposes of the AIM Rules by virtue of its status as a substantial shareholder of the Company.
The Substantial Shareholder has agreed to subscribe for 10,081,616 New Ordinary Shares as part of the Placing and Open Offer.
The Directors, having consulted with the Company's Nominated Adviser, Liberum, consider that the terms of the participation in the Placing and Open Offer by the Substantial Shareholder is fair and reasonable insofar as the shareholders of the Company are concerned.
Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's announcement of 21 May 2021.
Enquiries:
Staffline Group plc www.stafflinegroupplc.co.uk Albert Ellis, Chief Executive Officer Daniel Quint, Chief Financial Officer | via Vigo Consulting |
Liberum (Nominated Adviser and Sole Bookrunner) www.liberum.com Bidhi Bhoma / Richard Lindley / William Hall / Christopher Whitaker | 020 3100 2222 |
Vigo Consulting (Financial PR) www.vigoconsulting.com Jeremy Garcia / Antonia Pollock | 020 7390 0230 staffline@vigoconsulting.com
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Market Abuse Regulation:
For the purposes of MAR, Article 2 of Commission Implementing Regulation (EU) 2016/1055 and the UK version of such implementing regulation, the person responsible for arranging for the release of this Announcement on behalf of the Company is Daniel Quint, Chief Financial Officer
About Staffline - Recruitment, Training and Support
Enabling the Future of Work™
Staffline is the UK's market leading Recruitment and Training group. It has three divisions:
Recruitment GB
Staffline is the UK's leading provider of flexible blue-collar workers, supplying approximately 40,000 staff per day on average to around 450 client sites, across a wide range of industries including agriculture, supermarkets, drinks, driving, food processing, logistics and manufacturing.
Recruitment Ireland
The recruitment Ireland business is a leading end to end solutions provider operating across twenty industries, ten branch locations, fifteen onsite customer locations and offering RPO, MSP, temporary and permanent solutions across the island of Ireland.
PeoplePlus Division
Staffline is the leading adult skills and training provider in the UK, delivering adult education, prison education and skills-based employability programmes across the country.