Hercules Site Services plc (LON:HERC), a leading technology enabled labour supply company for the UK infrastructure sector, has announced a proposed placing and subscription for 16,197,213 new ordinary shares of 0.1p each in the capital of the Company at a price of 49.50p to raise gross proceeds of approximately £8 million.
The Company intends to raise approximately £6 million by way of a placing of 12,156,809 new Ordinary Shares to institutional and other investors at the Offer Price and £2 million via a subscription for 4,040,404 new Ordinary Shares from a new strategic investor, Wasdell Packaging Limited, a company majority owned and controlled by Martin Tedham at the Offer Price.
The Company also announces that it expects Hercules Real Estate Limited, a company controlled by Brusk Korkmaz, CEO of Hercules, and his wife, will following this announcement sell 6,060,606 existing Ordinary Shares at the Offer Price to Wasdell Packaging Limited. Following the Secondary Sale and completion of the Fundraising, HRE is expected to have a 45% holding in Hercules which will continue to ensure close alignment with shareholders.
