Last checked at 25 May 2018 07:00
25 May 2018
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Walker Crips Group plc
Issue of Equity and Total Voting Rights
Further to its announcement of 9 March 2015 regarding the acquisition of Barker Poland Asset Management LLP ("BPAM"), Walker Crips Group plc ("Walker Crips" or the "Company"), the financial services group with activities including stockbroking, investment and wealth management, announces that an aggregate of 175,439 new ordinary shares in the capital of Company (the "BPAM Shares") have been issued and allotted to the Sellers of BPAM in order to satisfy the Company's obligations in connection with the payment of the year three BPAM deferred consideration. The BPAM business has met the targets required to trigger a payment by the Company of the full amount of the 3rd and final payment of deferred consideration.
Under the terms of the agreement for the acquisition of BPAM, deferred consideration may become due in each of the first three years following completion, dependent on the results achieved by the legacy BPAM Business. All deferred consideration due under the agreement is payable 90% in cash and 10% in new ordinary shares in the Company. The cash element of the year three deferred consideration has been satisfied from the Company's existing cash resources.
In addition, a further 234,159 new ordinary shares (the "Additional Shares" and, together with the BPAM Shares, the "Shares") have been issued and allotted to personnel associated with the Company in order to meet contractual commitments made by the Company as part of the ongoing recruitment of investment advisers and expansion of its client base. It has been agreed that the onward sale of these Additional Shares will be restricted for the period until 21 March 2021 at the earliest.
Application is being made to the UK Listing Authority for the Shares (which, in aggregate, amount to 409,598 Shares) to be admitted to the Official List, and application is being made to the London Stock Exchange for the Shares to be admitted to trading on its main market for listed securities. It is expected that such admission will become effective at 8.00 am on 31 May 2018 ("Admission"). In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company notifies the market that following Admission, the Company's issued share capital will consist of 43,327,328 ordinary shares with a nominal value of 6 2/3 pence each ("Ordinary Shares") with each Ordinary Share carrying the right to one vote. The Company holds 750,000 Ordinary Shares in Treasury. Therefore, following Admission, the Company will have 42,577,328 Ordinary Shares in issue (excluding treasury shares) and, accordingly, the total number of voting rights in the Company will be 42,577,328.
The above figure 42,577,328 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, Walker Crips Group plc under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information contact:
Walker Crips Group plc +44 (0) 20 3100 8000
Bridgette Campbell, Media Relations
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
Marc Milmo / Will Goode