Source - RNS
RNS Number : 1749J
Walker Greenbank PLC
26 June 2017
 

   For immediate release

26 June 2017

 

 

WALKER GREENBANK PLC

("Walker Greenbank" or "the Company")

 

 

Issue of Equity

 

 

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces that, pursuant to the terms of the acquisition of Clarke & Clarke as announced in October 2016, the Company has issued 1,116,586 ordinary share shares of 1p each in the Company ("Ordinary Shares") (the "Consideration Shares") to Lee and Emma Clarke in respect of the first tranche of the performance related earn-out consideration. This first tranche of Consideration Shares has been issued following Clarke & Clarke achieving its variable EBITDA target for the period ended 31 January 2017.

 

The Consideration Shares have been issued at an issue price of 206.25p per share (being the average closing price for the Company's Ordinary Shares 10 business days preceding 16 June 2017) and are subject to a 12 month lock-in period.

 

The earn-out arrangements extend over a further three one-year periods corresponding to the Company's financial year end. The aggregate earn-out across the four periods is capped at the lower of 10 million new Ordinary Shares or such number of shares that does not exceed in aggregate £17.5 million in value.

 

Application has been made for the Consideration Shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 29 June 2017.

 

Following Admission, the Company's total issued share capital will comprise 70,895,511 Ordinary Shares with one voting right per Ordinary Share. The Company does not hold any shares in treasury. As such, the total number of voting rights in the Company will be 70,895,511. This figure of 70,895,511 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 change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

 

For further information:

 

Walker Greenbank PLC

+44 (0) 844 543 4668

John Sach, Chief Executive


Mike Gant, Chief Financial Officer




Investec Bank plc

+44 (0) 20 7597 5970

Garry Levin / David Anderson / Alex Wright - Corporate Finance

Henry Reast - Corporate Broking




Buchanan

+44 (0) 20 7466 5000

Mark Court / Sophie Cowles / Catriona Flint


 

 

Notes for editors:

 

About Walker Greenbank

 

Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. In addition, the Company derives significant licensing income from the use of its designs on a wide range of interior products such as bed linen, rugs and tableware.

 

Walker Greenbank's brands include Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology. The brand portfolio was recently extended with the acquisition in October 2016 of the Clarke & Clarke and Studio G brands.

 

The Company has a strong UK manufacturing base comprising a wallpaper factory in Loughborough and a fabric printing factory in Lancaster. Both factories manufacture for the Company and for other wallpaper and fabric brands.

 

Walker Greenbank employs more than 600 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Paris, Amsterdam and Dubai along with partnership showrooms in Moscow and in Shenzhen, China.

 

Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.

 

For further information please visit: www.walkergreenbank.com/

 

 

 

 

 


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