Bulmers cider manufacturer C&C Group has revealed the results of its previously announced rights issue to raise approximately £151 million of gross proceeds.
Results Of Right Issue
C&C stated on its website, "C&C Group plc today announces that the six for 23 rights issue of 81,287,315 new ordinary shares at 186 pence per new ordinary share announced on 26 May 2021 (the "rights issue") closed for acceptances at 11:00 a.m. on 18 June 2021. The company received valid acceptances in respect of 77,149,881 new ordinary shares, representing approximately 94.91% of the total number of new ordinary shares to be issued pursuant to the fully underwritten rights issue.
"It is expected that CREST stock accounts of CDI Holders and Euroclear Bank securities accounts of Euroclear participants will be credited with new ordinary shares as soon as practicable after 8:00 a.m. today and that definitive share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 2 July 2021.
"It is expected that the new ordinary shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities at 8:00 a.m. today.
"In accordance with their obligations and subject to the terms and conditions of the underwriting agreement dated 26 May 2021 between the company and Barclays Bank PLC, J&E Davy, HSBC Bank plc and Numis Securities Limited ("Numis" and together with Barclays, Davy and Numis, the "underwriters"), the underwriters shall severally and not jointly (or jointly and severally) and as agents for the company, use their reasonable endeavours to procure subscribers for the remaining 4,137,434 new ordinary shares not validly taken up in the rights Issue, failing which the underwriters have agreed to acquire, in proportion to their underwriting commitment, any remaining new ordinary shares.
"The net proceeds from the placing of such new ordinary shares (after the deduction of the rights issue price of 186 pence per new ordinary share and the expenses of procuring subscribers, including any applicable brokerage commissions and VAT which are not recoverable) will be paid (without interest) to those shareholders whose rights have lapsed in accordance with the terms of the rights issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be aggregated and ultimately paid to the company for its own benefit.
"A further announcement as to the number of new ordinary shares for which subscribers have been procured will be made in due course.
"Unless the context otherwise requires, capitalised terms used but not defined herein shall have the same meaning assigned to them in the prospectus published on 26 May 2021."
Results Of Rump Placing
C&C subsequently added on its website, "Following the announcement earlier today regarding valid acceptances under the fully underwritten 6 for 23 rights issue announced by C&C Group plc on 26 May 2021, the Company confirms that Barclays Bank PLC, J&E Davy, HSBC Bank plc and Numis Securities Limited have successfully procured subscribers for all of the 4,137,434 new ordinary shares for which valid acceptances were not received, representing approximately 5.09 per cent. of the total number of new ordinary shares to be issued pursuant to the fully underwritten rights issue, at a price of 227 pence per new ordinary share."
Total Voting Rights
C&C also stated on its website, "In conformity with the FCA's Disclosure Guidance and Transparency Rules (DTR 5.6.1), C&C notifies to the market that as at 22 June 2021:
"The total number of ordinary shares of €0.01 each in issue (with voting rights) as at the date of this notice is 392,888,690. C&C also holds 9,025,000 ordinary shares in treasury, which do not carry voting rights.
"The figure which 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 C&C under the FCA's Disclosure Guidance and Transparency Rules is therefore 392,888,690."
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