Tarsus Regulatory News (TRS)

6 Jul 2009 07:00



Tarsus Group plc

Placing of New Ordinary Shares

Tarsus Group plc (the 'Company'), the international media group with interests in exhibitions, conferences, publishing and online media, is pleased to announce that KBC Peel Hunt has raised approximately £2.8 million on behalf of the Company by way of a Placing (the "Placing") of 3,076,923 new ordinary shares of 5 pence each in the Company (the "Placing Shares").

The Placing has been completed at a price of 91 pence per Placing Share (the "Placing Price") representing a discount of approximately 5.2 per cent. to the closing mid-market price per ordinary share on 3 July 2009.

The net proceeds of the Placing will be used to provide working capital to the Company, giving it additional financial flexibility and to facilitate growth. In particular, the Placing proceeds will enable the Company to take advantage of a number of small potential acquisition opportunities to expand the existing portfolio in its key emerging markets without increasing leverage. 

Application has been made for the Placing Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange Plc, respectively. Dealings in the Placing Shares are expected to commence at 8:00a.m. on 9 July 2009 ("Admission").

Commenting on the Placing, Douglas Emslie, Group Managing Director, said:

"Tarsus continues to benefit from the deep experience of its management team gained through a number of previous business cycles. Our strong brands and diversified portfolio position us well for the future. This placing will enable the Group to continue to drive organic growth from its existing portfolio and to take advantage of selective value adding acquisitions that become available."

Tarsus Group plc

Douglas Emslie, Group Managing Director: 020 8846 2700

Ashley Milton, Group Finance Director: 020 8846 2700

Scott Harris

Stephen Scott 020 7653 0030Jeremy Wiseman

KBC Peel Hunt

Julian Blunt 020 7418 8900

David Anderson

Daniel Harris

Details of the Placing

The Company has raised approximately £2.8 million (before expenses) by the issue of 3,076,923 Placing Shares. The Placing Shares represent approximately 4.71 per cent. of the enlarged share capital of the Company, which is within the existing directors' authority to allot shares free of pre-emption rights granted at the Annual General Meeting of the Company on 30 April 2009.

Within the terms of the placing agreement entered into between KBC Peel Hunt and the Company ("Placing Agreement"), KBC Peel Hunt has conditionally placed the Placing Shares with institutional investors at a price of 91 pence per share. 

The Placing Price represents a discount of approximately 5.2 per cent. to the closing mid-market price of 96 pence per ordinary share on 3 July 2009, being the last dealing day prior to release of this announcement. The Placing Shares will represent an increase of approximately  4.95 per cent. in the current issued share capital of the Company. Following admission of the Placing Shares, the Company will have a total of 65,289,594 ordinary shares of 5 pence each in issue.

It is anticipated that dealings in the Placing Shares will commence at 8:00 a.m. on 9 July 2009. The Placing is conditional, inter alia, upon Admission becoming effective and the Placing Agreement becoming unconditional in all respects by no later than 8:00 a.m. on 9 July 2009 or such later date (being not later than 8.00 a.m. on 22 July 2009) as the Company and KBC Peel Hunt may agree. 

The Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in the Company, including the right to receive all dividends and other distributions declared or paid thereon following Admission.