By Angela McDaniels
Tacoma, Wash., Sept. 3 - Spice plc plans to sell £50 million of ordinary shares in a private placement, according to a company news release.
The company will sell 49,019,610 new ordinary shares at a price of 102p per share. The per-share price is a 5.4% discount to Spice's closing price on Sept. 2.
The price also assumes that a resolution to subdivide each existing ordinary share of 10p into five ordinary shares of 2p each is passed at the company's annual general meeting on Wednesday.
KBC Peel Hunt is the underwriter.
The pricing date of the placement is expected to be Sept. 25, with settlement on Sept. 30.
The company said it will seek shareholder approval for the placement at an extraordinary general meeting on Sept. 29.
Net proceeds of £49 million will be used to reduce bank debt levels.
Spice provides outsourced infrastructure support services, primarily to the utility sector. The company is based in Leeds, England.
| Issuer: | Spice plc
|
| Issue: | Ordinary shares
|
| Amount: | £50 million
|
| Shares: | 49,019,610
|
| Price: | 102p
|
| Warrants: | No
|
| Underwriter: | KBC Peel Hunt
|
| Announcement date: | Sept. 3
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Stock symbol: | London: SPI
|
| Stock price: | 539p on Sept. 2
|
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