Subscription update and closing & TVR
Company raised £929,531 through subscription of 4.3m shares at 21.5p, cancelling previously proposed conditional tranche.
- Gross proceeds from subscription £929,531
- Subscription share price 21.5p per share
- New ordinary shares issued 4,323,400
- Ordinary shares in issue post-admission 47,557,533
- HSBC overdraft facility reduction £2m to £1m from 1 November 2025
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Subscription update and closing
Total Voting Rights
Further to its announcement regarding the proposed Subscription on 16 September 2025, the Company announces that the Subscription has now closed and the Company will proceed with the issuance of 4,323,400 new ordinary shares at a price of 21.5p per share pursuant to the Firm Tranche, raising gross proceeds of £929,531. Following shareholder consultation and with the agreement of the Underwriter, the Company will issue the Firm Tranche only and is no longer seeking to issue further shares pursuant to the Conditional Tranche previously announced. The final allocations pursuant to the Subscription comprise 3,673,400 Subscription Shares to be issued Brett Gordon, the Underwriter, and 650,000 Subscription Shares to Rockwood Strategic plc.
As previously announced, with a reduction in the Company's overdraft facility with HSBC from £2 million to £1 million taking effect on 1 November 2025, the net proceeds from the Subscription will, in the immediate term, be applied to reduce the Company's overdraft as planned and, through strengthening the balance sheet, support continued investment in Auxilium.
Whilst no longer anticipated to be required, and with the Conditional Tranche of the Subscription no longer being undertaken, the Company has received indications of support from certain shareholders that additional working capital could be provided by way of a shareholder loan in place of the previously proposed Conditional Tranche if that was later considered necessary.
Commenting on the subscription, Chairman, Ian Dighé, said:
"We are grateful to our shareholders for their support. Pennant is at a very exciting point with the increasing adoption of Auxilium and the pipeline of potential training contracts. We all look forward to delivering on the Group's undoubted potential."
Admission, settlement and dealings
Application has been made for admission of the 4,323,400 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 24 September 2025 and that dealings in the shares on AIM will commence at the same time.
Related Party Transactions
The subscriptions of new Ordinary Shares by Brett Gordon and Rockwood Strategic plc, each constitute related party transactions for the purposes of Rule 13 of the AIM Rules for Companies.
The Directors consider, having consulted with Cavendish as the Company's nominated adviser, that the terms of these transactions are fair and reasonable insofar as Shareholders are concerned.
Total Voting Rights
Following Admission, the Company will have 47,557,533 ordinary shares in issue admitted to trading on AIM. 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.
Unless otherwise defined, capitalised terms shall have the same meaning as those set out in the Company's announcement dated 16 September 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.