Result of Placing
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Aurrigo International plc (AIM: AURR), a leading international provider of transport technology solutions, is pleased to announce that further to the Company's announcement earlier today, the Company has successfully completed its Placing to raise £3.84 million through the placing of an aggregate of 3,840,000 new ordinary shares of £0.002 each in the Company (the "Placing Shares") with certain existing and new institutional and other investors at a price of 100 pence per Placing Share (the "Issue Price").
The Issue Price represents a discount of approximately 32% per cent. to the middle market closing price of an ordinary share of £0.002 each in the Company ("Ordinary Shares") on 14 November 2023. The Placing Shares, in aggregate, represent approximately 9.22% per cent. of the issued share capital of the Company prior to the Placing.
The Board are grateful for the support it has received from both existing and new shareholders to provide the Company with the ability to deliver its objectives in 2024.
Singer Capital Markets Advisory LLP is acting as nominated adviser and Singer Capital Markets Securities Limited is sole bookrunner in respect of the Placing.
Related Party Transaction
Certain Directors (the "Participating Directors") and Unicorn AIM VCT and Amati Global Investors Limited, as "substantial shareholders" (as defined in the AIM Rules for Companies) in the Company have participated in the Placing and such participation constituted related party transactions under Rule 13 of the AIM Rules.
The Independent Directors (being those who are not Participating Directors, being David Keene, Graham Keene and Joe Elliott) consider, having consulted with the Company's nominated adviser, Singer Capital Markets Advisory LLP, that the terms of the participation in the Placing by the Participating Directors and by each of Unicorn AIM VCT and Amati Global Investors Limited. are fair and reasonable insofar as the Shareholders are concerned.
The details of the Participating Directors' participation in the Placing are as follows:
| Director | Number of Ordinary Shares held as at the date of this Announcement | Number of Capital Raising Shares subscribed for | Resulting number of Ordinary Shares held immediately following Admission | Resulting holding as a percentage of the Enlarged Share Capital |
|---|---|---|---|---|
| Penny Coates | 312,500 | 47,500 | 360,000 | 0.79% |
| Andrew Cornish | 210,000 | 20,000 | 230,000 | 0.51% |
| Lewis Girdwood | 104,167 | 115,833 | 220,000 | 0.48% |
| Ian Grubb | 5,000 | 12,000 | 17,000 | 0.04% |
First Admission and Total Voting Rights
An application has been made to London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM ("First Admission"). It is expected that First Admission will become effective and dealings in the First Placing Shares will commence at 8.00 a.m. on 20 November 2023. The issue and allotment of the First Placing Shares is conditional upon, among other things, Admission becoming effective and the placing agreement entered into between the Company and Singer ("Placing Agreement") not being terminated in accordance with its terms.
Following First Admission, the Company's enlarged issued ordinary share capital will be 45,506,667. 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 a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
A further announcement will be made in relation to total voting rights in the Company's share capital following the completion of the Retail Offer.
Unless otherwise defined, the definitions in the announcement released earlier today apply herein.
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