TPG.L Regulatory News (TPG)

19 December 2013

CORAC GROUP PLC

(the "Company" or "Group")

Result of General Meeting and Open Offer

Further to the Company's announcement on 2 December 2013 detailing the Firm Placing to raise gross proceeds of £11.0 million and the Open Offer to raise up to an additional £2.1 million from new and existing investors, the Company confirms that the Open Offer is now closed in accordance with its terms.

As at 11.00 a.m. on 18 December 2013, being the latest time and date for receipt and payment of Open Offer entitlements, the Company had received valid acceptances in respect of 4,524,078 Open Offer Shares, representing a take up of approximately 22 per cent. of the total Open Offer Shares.

In addition, the Board is also pleased to announce that at the General Meeting of the Company held earlier today, all resolutions put to Shareholders in relation to the Firm Placing and Open Offer were duly passed. 

Accordingly, application has been made for 114,534,310 New Ordinary Shares to be admitted to trading on AIM and it is expected that these shares will be admitted and dealings will commence at 8:00am on 20 December 2013 ("Admission"). Following Admission, the issued share capital of the Company will consist of 422,464,726 ordinary shares of 10 pence each (the "Enlarged Issued Share Capital"). Therefore, the total number of voting rights in the Company is 422,464,726 and 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 the Company, under the Disclosure and Transparency Rules.

As previously announced, certain of the Directors of the Company had subscribed for an aggregate of 650,000 Firm Placing Shares. Following Admission, their beneficial interests will be as follows:

Unless otherwise defined in this announcement, capitalised terms shall have the meaning given to them in the Circular issued to Shareholders on 2 December 2013.

Ends

For further information please contact:

NOTES TO EDITORS

Corac is a group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.

This announcement is not for release, publication or distribution, directly or indirectly, into the United States, Australia, New Zealand, Canada, the Republic of South Africa, Japan or any jurisdiction where to do so might constitute a violation of local securities laws or regulations.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, the New Ordinary Shares or any other securities to any person in the United States, Australia, New Zealand, Canada, the Republic of South Africa, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Subject to certain exceptions, the securities referred to herein may not be offered or sold in United States, Australia, New Zealand, Canada, the Republic of South Africa, Japan or to, or for the account or benefit of, any national, resident or citizen of United States, Australia, New Zealand, Canada, the Republic of South Africa, Japan.

The New Ordinary Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the United States of America, and may not be offered, sold, resold, transferred or delivered, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There has not been and will be no public offer of the New Ordinary Shares in the United States. The New Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the United States or any US regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the New Ordinary Shares or the accuracy or adequacy of this announcement.. This document does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or buy, any New Ordinary Shares to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation in such jurisdiction. . Furthermore, the New Ordinary Shares have not been and will not be registered under the applicable laws of any of Australia, New Zealand, Canada, the Republic of South Africa or Japan and, subject to certain exceptions, may not be offered or sold to any national, resident or citizen thereof or any other jurisdiction where to do so might constitute a violation of local securities laws or regulations.

This announcement is for information only and does not constitute or form part of any offer or invitation to issue, acquire or dispose of any securities or investment advice in any jurisdiction. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per share of Corac for the current or future financial years would necessarily match or exceed the historical published earnings per share of Corac.