TIDMEPO
RNS Number : 6575S
Earthport PLC
04 October 2017
NOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE
RELEASE.
4 October 2017
Earthport Plc
("Earthport" or the "Company")
Results of Placing
Earthport (AIM: EPO) is pleased to announce the result of the
placing announced yesterday, which was oversubscribed prior to
allocation with interest shown from both existing investors and new
institutional shareholders. A total of 125,000,000 Placing Shares
have been conditionally placed at a price of 20 pence per Placing
Share (the "Placing Price"), raising gross proceeds of GBP25
million (before expenses). The Placing Shares will represent
approximately 20.4 per cent. of the Company's enlarged issued
ordinary share capital.
The Placing is conditional upon, amongst other things, the
passing of Resolution 1 at the general meeting of the Company and
the admission of the Placing Shares to trading on AIM. A circular
is expected to be posted on 5 October 2017 (the "Circular")
notifying shareholders of a general meeting for the purpose of
considering the relevant resolutions at Bird & Bird LLP, 12 New
Fetter Lane, London EC4A 1JP expected to be convened at 10.00 a.m.
on 23 October 2017.
Substantial shareholder participation
Oppenheimer Funds has subscribed for 22,750,000 Placing Shares.
Oppenheimer Funds is a related party of the Company for the
purposes of the AIM Rules by virtue of their status as a
substantial shareholder of the Company. Following the issue of the
Placing Shares they will maintain their interest in approximately
18.2 per cent. of the enlarged issued share capital of the
Company.
The Directors consider, having consulted with the Company's
nominated adviser, N+1 Singer, that the terms of the participation
by Oppenheimer Funds in the Placing is fair and reasonable insofar
as the Company's shareholders are concerned.
Share capital following the placing and subscription
Application will be made for the Placing Shares to be admitted
to trading on AIM. It is expected that Admission and settlement of
the Placing Shares will occur at 8.00 a.m. on 24 October 2017.
Following admission of the Placing Shares, the Company's
enlarged issued share capital will comprise 613,190,409 Ordinary
Shares with voting rights in the Company. This figure may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or change in the interest in, the share
capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Save as otherwise defined, capitalised items used in this
announcement have the meanings given to them in the announcement
released by the Company yesterday at 4.43 p.m.
Hank Uberoi, Chief executive officer of Earthport commented: "We
are very pleased to announce this placing which will enable us to
capture the growing opportunities that are visible in our pipeline
in Asia, in the e-commerce vertical and with existing clients. In
addition, it will allow us to invest further in operating
efficiencies and product development as volumes continue to grow.
We truly appreciate the support of our existing shareholders and a
number of new institutional investors."
Ends
Enquiries:
Earthport plc
Hank Uberoi, Chief Executive
Officer
Simon Adamiyatt, Chief Financial +44 20 7220
Officer 9700
N+1 Singer (Nominated Adviser
& Joint Broker)
Mark Taylor / Michael Taylor +44 20 7496
/ James White 3000
Shore Capital (Joint Broker) +44 20 7408
Bidhi Bhoma / Toby Gibbs 4090
Newgate +44 20 7653
Bob Huxford / James Ash 9848
N+1 Singer Advisory LLP ("N+1 Singer") and Shore Capital
Stockbrokers Limited ("Shore Capital") have acted as joint
bookrunners (together the "Joint Bookrunners") in respect of the
Placing. N+1 Singer is acting as nominated adviser to the
Company.
Notes to Editors
About Earthport
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
can seamlessly manage payments to almost any bank account in the
world, reducing costs and complexity to meet their customers'
evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in
190+ countries and territories, with local ACH options in 65+
countries and an evolving suite of currencies and settlement
options.
Earthport continues to invest in the establishment of in-country
bank partnerships across the world, bringing together its deep
market and regulatory expertise in order to maintain compliant and
commercially competitive services.
The result - a global payments network accessed via a single
relationship, delivering significant cost and operating
efficiencies for banks and businesses servicing high volumes of
lower value payments.
Headquartered in London with regional offices in New York,
Dubai, Miami and Singapore, Earthport is a public company, traded
on the London Stock Exchange (AIM: EPO) with an institutional
investor base including World Bank IFC, Oppenheimer, Blackrock,
Henderson.
Please visit www.earthport.com for more information.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE
REPUBLIC OF IRELAND, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION
IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT
CONSTITUTE OR FORM PART OF AN OFFER TO ISSUE OR SELL, OR THE
SOLICITATION OF AN OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR, NEW
ORDINARY SHARES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR
SOLICITATION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK
EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 04, 2017 03:13 ET (07:13 GMT)
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