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Result of Open Offer

18th Feb 2016 07:00

RNS Number : 3925P
BMR Group PLC
18 February 2016
 

BMR Group PLC

("BMR" or the "Company")

Result of Open Offer

 

Further to BMR's Open Offer announced on 15 January 2016, the Company announces that gross proceeds of the Open Offer were £414,524, through the acceptance of 13,817,453 new shares at 3 pence per share ("New Ordinary Shares").

 

Accordingly, the Company has applied for the admission of 13,817,453 New Ordinary Shares in the Company, with such admission expected to take place on 19 February 2016 ("Admission"). Following Admission of the New Ordinary Shares to trading on AIM, the Company will have a total of 164,532,905 shares in issue. This figure 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 a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Alex Borrelli, CEO and Chairman, invested £20,000 in the open offer through the subscription of 666,666 New Ordinary Shares (comprising his entitlement to 66,666 Offer Shares and a further 600,000 Offer Shares under the Excess Application Facility) in accordance with his undertaking to participate made on 15 January 2016. Mr Borrelli will also receive his entitlement to 666,666 warrants in the Company, exercisable at 7 pence per share in the period of 42 days following publication of BMR's audited results for the year ending 30 June 2016.

 

Accordingly, following Admission, Mr Borrelli will be interested in 1,066,666 Ordinary Shares in the Company, representing approximately 0.648% of the issued share capital of the Company, and warrants over a further 666,666 Ordinary Shares in the Company. Mr Borrelli also holds an option over 6,070,411 Ordinary Shares in the Company.

 

Mr Borrelli commented:

"When we announced our placing on 28 October 2015, we undertook to make new shares available to shareholders on a similar basis. We are delighted therefore that our existing shareholders have subscribed a further £414,524 to the Company, which will be applied primarily to bring forward the construction and assembly of the Main Plant once the Pilot Plant has successfully commenced operations."

 

Ends

 

For further information:

BMR Group PLC 020 7734 6252

Alex Borrelli, CEO and Chairman

 

 WH Ireland Limited 020 7220 1666

Chris Fielding, Head of Corporate Finance

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