TIDMMERC
RNS Number : 6528X
Mercia Asset Management PLC
20 December 2019
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, NEW ZEALAND, THE REPUBLIC OF
IRELAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
20 December 2019
Mercia Asset Management PLC
("Mercia" or the "Company")
Result of General Meeting
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager, is pleased to announce
that, further to the announcements made on 3 December 2019, at the
General Meeting held earlier today at 10.00 a.m. (UK time), all
resolutions were duly passed. Accordingly, it is expected that
Admission will become effective and dealings in the Placing Shares
will commence at 8.00 a.m. on 23 December 2019, with admission of
the Initial Consideration Shares expected to become effective by no
later than 8.00 a.m. on 30 December 2019.
Issue of Equity, Admissions and Total Voting Rights
A total of 136,800,000 New Ordinary Shares are being issued and
allotted pursuant to the Placing and Acquisition, comprising of
120,000,000 Placing Shares and 16,800,000 Initial Consideration
Shares. The Placing Shares and the Initial Consideration Shares are
being credited as fully paid and will be identical to and rank pari
passu in all respects with the existing Ordinary Shares.
Following Admission of the Placing Shares, the issued share
capital of the Company will consist of 423,309,707 Ordinary Shares,
with one voting right each. Following the admission of the Initial
Consideration Shares, the issued share capital of the Company will
increase to 440,109,707 Ordinary Shares. The Company does not hold
any Ordinary Shares in treasury.
The above figures may be used by shareholders in the Company,
following completion of the Placing and/or the Acquisition (as
appropriate), as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the FCA's Disclosure Guidance and Transparency Rules.
The definitions referenced in this announcement remain the same
as those from the announcement published at 7:01 a.m. (UK) on 3
December 2019, unless otherwise stated.
Commenting on the result of the General Meeting, Ian Metcalfe,
Non-executive Chair of Mercia Asset Management PLC, said:
"On behalf of the Board, I am pleased that shareholders have
voted overwhelmingly in favour of all resolutions proposed at
Mercia's General Meeting held earlier today, with over 96% of all
votes cast in favour of each of the four resolutions. As a company,
we greatly value the support of and engagement with all of our
shareholders, and we remain thoroughly committed to growing
shareholder value. The proceeds of the Placing will enable Mercia
to cement its position as a proactive specialist asset manager,
focused on high-growth regional SMEs, via the acquisition of the
NVM VCT business, which will now proceed as planned. The Placing
also enables the Group to evergreen its balance sheet, with future
direct investments funded from periodic portfolio cash
realisations.
The NVM VCT business is highly complementary to Mercia's
existing venture capital activities and the Board is delighted to
be acquiring the significant fund management contracts and
welcoming a high-quality investment team into the enlarged
Group.
I am confident that Mercia is well positioned to deliver
significant shareholder value in the near to medium-term and look
forward to that journey, alongside all of our shareholders, in the
years ahead."
For further information, please contact:
Mercia Asset Management PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial
Officer
www.mercia.co.uk
Canaccord Genuity Limited (NOMAD,
Joint Bookrunner and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, David Tyrrell, Richard
Andrews
N+1 Singer (Joint Bookrunner and
Joint Broker)
Harry Gooden, Peter Steel, James
Moat +44 (0)20 7496 3000
Buchanan Communications +44 (0)20 7466 5000
Chris Lane, Vicky Hayns, Stephanie
Watson
www.buchanan.uk.com
About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital; the Group's
'Complete Capital Solution'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK regional footprint through its eight
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia has c.GBP500million of assets under management and, since
its IPO in December 2014, has invested over GBP90million across its
direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic
"MERC".
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contact rns@lseg.com or visit www.rns.com.
END
ROMBGBDDRDDBGCG
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December 20, 2019 05:29 ET (10:29 GMT)
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