Arbuthnot Securities acts as advisor and broker for placement
By Melissa Kory
Cleveland, July 25 - Manroy plc said that it will raise £3 million through the private placement of 3,157,895 new ordinary shares by broker and advisor Arbuthnot Securities Ltd. with institutional and other investors.
The placing shares were issued at 95p per share, a 4.52% discount to the closing price of 99.5p on July 25.
The shares will represent 17.3% of the company's capital.
The placement is conditional upon the Whitewash Resolution, an ordinary resolution concerning the waiver of obligations under Rule 9 of the City Code on Takeovers and Mergers to make an offer for the company, being passed at an Aug. 10 general meeting and admission to trading on the AIM.
The placement will be conducted in two tranches. The first tranche will be admitted to the AIM on Aug. 11 and the second tranche will be admitted on Aug. 12.
The proceeds of the placing will be used to augment the group's existing cash resources following a proposed loan by the group to Manroy USA LLC to enable Manroy USA to repay the loan from Caledonian Heritable Ltd. to Manroy USA relating to the March acquisition of Sabre Defense Industries LLC.
Manroy is a Sandhurst, England-based manufacturer of machine guns.
| Issuer: | Manroy plc
|
| Issue: | Ordinary shares
|
| Amount: | £3 million
|
| Shares: | 3,157,895
|
| Price: | 95p
|
| Warrants: | No
|
| Agent: | Arbuthnot Securities Ltd.
|
| Pricing date: | July 25
|
| Stock symbol: | London: MAN
|
| Stock price: | 99.5p at close July 25
|
| Market capitalization: | £12.27 million
|
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