TT Electronics plc (LON:TTG), a global provider of engineered electronics for performance critical applications, has announced the successful completion of its non-pre-emptive placing of new ordinary shares of 25 pence each in the capital of the Company following yesterday’s announcement.
A total of 10,000,000 Placing Shares have been placed by Numis Securities Limited, as agent for and on behalf of the Company, at a price of 200 pence per Placing Share.
The Placing of 10,000,000 Placing Shares, representing approximately 6.1 per cent. of the Company’s existing issued share capital, will raise gross proceeds of £20 million. The Placing Price represents a discount of 5.7 per cent. to the closing share price of 212 pence on 17 September 2020.
Applications have been made to the Financial Conduct Authority and London Stock Exchange plc respectively for the admission of the Placing Shares to listing on the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE. It is expected that Admission will become effective at 8.00 a.m. on 22 September 2020. The Placing is conditional upon, amongst other things, Admission becoming effective and upon the placing agreement between Numis and the Company not being terminated in accordance with its terms.
The Placing Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with each other and with the existing ordinary shares, including, without limitation, the right to receive all dividends and other distributions declared after the date of issue.
Following Admission, the total number of ordinary shares in issue in TT will be 174,217,979. TT does not hold any shares in treasury and therefore, following Admission, the total number of voting shares in TT in issue will be 174,217,979. 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 FCA’s Disclosure Guidance and Transparency Rules.
Director and PDMR participation
The following directors of the Company and other persons discharging managerial responsibilities and/or persons closely associated have agreed to subscribe for the following number of Placing Shares at the Placing Price:
|Name||Number of Placing Shares to be Subscribed||Shareholding on Admission||Shareholding as a % of Enlarged Issued Share Capital on Admission|
** Includes shares held by PCAs