Last checked at 10 May 2016 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, SINGAPORE, HONG KONG OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Toople PLC
("Toople" the "Company" or the "Group")
Placing, Admission to trading and First Day of Dealings
Toople plc, a provider of telecommunications services to the UK SME market, with strong digital and automated capabilities, is pleased to announce that its entire issued share capital of 100,000,000 ordinary shares of 0.0667 each ("Ordinary Shares") will today be admitted to the Standard Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange (together "Admission"). Dealings will commence at 08.00am today under the TIDM "TOOP" with the ISIN number GB00BZ8TP087.
In accordance with Disclosure and Transparency Rule 5.6, the total number of Ordinary Shares in issue immediately following Admission, is 100,000,000, each with equal voting rights. The Company does not hold any Ordinary Shares in treasury. This total voting rights figure of 100,000,000 can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure and Transparency Rules of the Financial Conduct Authority.
The Company's prospectus in connection with Admission is available on the Company's website www.toople.com and is also available at the Company's registered office The Chapel Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF1.
Highlights
· A placing, which was conditional on Admission, which raised gross proceeds of £2.0m million through the issue of 25m Ordinary Shares ("Placing Shares") at 8p per Placing Share accompanied by the issue of warrants granted to placees over a further 5m Ordinary Shares.
· The Group intends to launch its services on a wide-scale, commencing with an on-line digital marketing campaign shortly after Admission.
· The Directors believe the Group has a number of key differentiators, compared to its competitors, particularly its proprietary software platform, Merlin.
Issue statistics
Number of Existing Ordinary Shares | 75,000,000
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Number of Placing Shares | 25,000,000
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Enlarged Share Capital on Admission | 100,000,000
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Placing Price per Placing Share | 8 pence
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Estimated Net Proceeds of the Placing receivable by the Company | £1.66 million
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Market capitalisation of the Company at the Placing Price on Admission | £8.0 million
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Total number of Ordinary Shares under warrant following Admission | 8,100,000
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1 Due to an administrative error, the total number of shares in respect of Admission was incorrectly shown on page 1 of the Prospectus, however, it is correctly stated as 100,000,000 Ordinary Shares throughout the remainder of the Prospectus.
For further information:
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Toople PLC | 0800 0499499 |
Andy Hollingworth, Chief Executive Officer |
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Cairn Financial Advisers LLP |
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Financial Adviser | 020 7148 7900 |
Emma Earl / Rebecca Anderson / Richard Nash |
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Vicarage Capital |
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Broker | 020 3651 2911 |
Rupert Williams / Jeremy Woodgate |
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Notes to Editors
About Toople
The Group provides a range of telecoms services primarily targeted at the UK SME market. Its services offered include business broadband, fibre, EFM and Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and traditional services (calls and lines) all of which are delivered and managed through Merlin, the Group's proprietary software platform that delivers automation for the services provided.
The Group intends to launch its services on a large scale, commencing with an on-line digital marketing campaign, shortly following Admission.
The Directors believe, the Group's key differentiator, compared to its competitors, is the Group's proprietary software platform, Merlin. Merlin allows potential customers to build a bespoke package online, tailored to each customer's particular requirements accompanied by an instant, accurate online quote and the ability to purchase the services online. Merlin connects via application program interfaces ("API's") to identify the best available service for each customer. Merlin also delivers cross-device functionality, allowing customers to share bundled packages and minutes across devices and employees and captures these arrangements in straight-forward billing. Merlin is fully operational and has been successfully implemented across the Group's existing customer base.
The target market of the Group is UK SMEs who have between 1 and 50 employees (of which there are 5.4million, with around 15.6million employees).
Technology & Consumer Preferences
The telecoms industry advances continually, driven by both improved technology and shifts in consumer preferences. Recent years have seen an increased focus on the Hosted Market (inclusive of Cloud PBX / VoIP) and consumers are driven by both pricing and quality of service. The Directors believe that not only is it important to deliver quality whilst remaining competitively priced, but also be able to identify and implement new technologies on an ongoing basis to meet the ever changing needs of the consumer.
The Directors believe the Group's in-house software and in-house development team who are focused on innovation and developing the Merlin platform, makes the Group and its business very flexible and scalable.
Further information can be found at the Group's website, www.toople.com