Source - RNS
RNS Number : 1077I
Flowgroup plc
14 June 2017
 

14 June 2017

Flowgroup plc

("Flow" or the "Company")

Completion of Fundraising

The Company is pleased to confirm that following admission to AIM of the 1,106,054,715 new Ordinary Shares of 0.1p each in the Company ("Ordinary Shares") issued pursuant to the Fundraising and the readmission to AIM of the 317,529,078 existing Ordinary Shares, that the Fundraising (including the Loan Note Subscription) has completed. A total of £9.525 million was raised from the Placing, approximately £0.90 million from the Open Offer, approximately £0.64 million from the Primary Bid Offer and £15.5 million from the Loan Note Subscription. The net proceeds receivable by the Company are estimated to amount to approximately £25.34 million.

 

Capitalised terms within this announcement shall have the same meaning as those defined in the circular detailing the Transaction, which can be viewed on the Company's website at http://flowgroup.uk.com.  

 

 

Tony Stiff, Group Chief Executive Officer of Flowgroup plc, commented:

"We are extremely pleased to be announcing the completion of this successful fundraise that brings a significant amount of additional funding into the business. Fully capitalised, we will move forward with what is now our core focus - creating a strong, successful energy business that, we believe, will become a genuine challenger to the Big Six suppliers. Flow Energy is a proven business built on firm foundations that, we believe, is well placed to grow and deliver value to customers and shareholders. We will be communicating regularly on our progress as our business grows, offering all shareholders the opportunity to understand, in detail, our business and market. As always, we would like to thank all our shareholders for their continuing support."

 

 

Enquiries:

Flowgroup plc

www.flowgroup.uk.com

Tony Stiff, Group Chief Executive Officer

Tel: +44 (0)20 3137 4525

Nigel Canham, Chief Financial Officer

 

 

 

Cenkos Securities plc (NOMAD and Broker)

Tel: +44 (0)20 7397 8900

Stephen Keys/Mark Connelly/Callum Davidson (Corporate Finance)

 

Julian Morse (Sales)

 

 

 

Walbrook PR Ltd (Media Relations)

Tel: +44 (0)20 7933 8780 or flowgroup@walbrookpr.com

Paul McManus

Mob: +44 (0)7980 541 893

Nick Rome

Mob: +44 (0)7748 325 236

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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