REG - Pennant Int. Group - Result of Placing and Subscription

Pennant InternationalAnnouncement

24/05/2024 07:00

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RNS Number : 7506P  Pennant International Group PLC  24 May 2024

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, CANADA, JAPAN, AUSTRALIA, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION. THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. FURTHER
DETAILS OF THE FUNDRAISING ARE SET OUT BELOW.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS
(AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS
CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME
AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION
OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF
INSIDE INFORMATION.

 

24 May 2024

 

 

 

PENNANT INTERNATIONAL GROUP PLC

("Pennant", the "Company" or the "Group")

 

Result of Placing and Subscription

 

Pennant International Group plc (AIM:PEN) the Integrated Product Support
("IPS") software and services company, announces that, further to the
announcement made on 23 May 2024 regarding the Fundraising (the "Launch
Announcement"), it has conditionally raised a total of approximately £1.36
million, pursuant to a placing of 3,831,767 Placing Shares and a subscription
for 1,600,000 Subscription Shares, both at the Issue Price of 25 pence per
Ordinary Share.

 

As previously announced, certain of the Company's management team have
confirmed their intention to potentially subscribe for an additional £200,000
through the Directors' Intended Subscription. As the Company is currently in a
close period under MAR until the publication of its FY23 Results, the
Directors are not permitted to enter into a subscription agreement until after
publication of these (and subject to each not being in possession of any other
unpublished price sensitive information at such time). Assuming the Directors'
Intended Subscription proceeds, the Company will apply for admission of the
relevant Directors' Subscription Shares to trading on AIM separately and to
take effect following the publication of the FY23 Results and the admission of
the Placing Shares and Subscription Shares.

 

Admission, settlement and dealings

 

Application will be made for admission of the 3,831,767 Placing Shares and
1,600,000 Subscription Shares to trading on AIM, being the market of that name
operated by the London Stock Exchange ("Admission").

 

It is expected that that Admission will take place on or around 8.00 a.m. on
31 May 2024 and that dealings in the New Ordinary Shares on AIM will commence
at the same time.

 

Following Admission, the Company will have 42,314,205 Ordinary Shares in
issue. The new Ordinary Shares to be issued will, when issued, be fully paid
and will rank pari passu in all respects with the Existing Ordinary Shares,
including the right to receive all dividends and other distributions declared,
made or paid after the date of issue. A further announcement will be released
in due course in connection with admission to trading on AIM of any Directors'
Subscription Shares.

Capitalised terms in this announcement (the "Results Announcement) shall have
the same meaning as in the Launch Announcement.

Phil Walker, CEO of Pennant, commented: "The support of our shareholders
enables the continued development of Pennant's integrated software suite, and
marks another step in Pennant's transition to a high margin software and
service-led business.

 

"The integration of Pennant's three core applications - GenS, Analyzer and
R4i - into a single holistic offering, will equip our customers with a
powerful market-leading toolset to manage, model and utilise complex equipment
data.

 

"With an enviable customer base, a strong pipeline and a compelling offering,
we are well placed to capitalise on a buoyant global defence sector as we see
increasing activity in our key markets."

 

 

 

 

Enquiries:

 

 Pennant International Group plc                                         www.pennantplc.com (http://www.pennantplc.com)
 Philip Walker, CEO                                                      +44 (0) 1452 714 914

 David Clements, Commercial & Risk Director

 Michael Brinson, CFO

 WH Ireland Limited (Nomad)                                               www.whirelandplc.com/capital-markets
                                                                         (http://www.whirelandplc.com/capital-markets)
 Mike Coe / Sarah Mather (Corporate Finance)                             +44 (0) 20 7220 1666
 Fraser Marshall / George Krokos (Sales)

 Cavendish Capital Markets Limited (Broker)                              www.cavendish.com (http://www.cavendish.com)
 Ben Jeynes / Callum Davidson / George Lawson (Corporate Finance)        +44 (0) 207 220 0500

 Michael Johnson / Dale Bellis / Sunila de Silva (Sales & Corporate
 Broking)

 Walbrook PR (Financial PR)                                              pennant@walbrookpr.com (mailto:pennant@walbrookpr.com)
 Tom Cooper                                                              +44 (0)20 7933 8780

 Joe Walker                                                              Mob: +44 (0)7971 221 972

 

 

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