THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN CITY OF LONDON GROUP PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF CITY OF LONDON GROUP PLC.
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29 September 2021
CITY OF LONDON GROUP PLC
("COLG" or "the Company")
Result of Open Offer
Following the announcement made on 23 August 2021 regarding the Open Offer, and the subsequent announcement on 13 September 2021, COLG announces the result of the Open Offer.
The Open Offer
The Company has received valid acceptances from Qualifying Shareholders in respect of 951,269 shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 1,065,119 shares.
Accordingly, a total of 2,016,388 Open Offer Shares have been accepted or applied for under the Open Offer, including the Excess Application Facility. Further, Open Offer Warrants over 1,008,180 shares in COLG will be issued under the Open Offer.
A total of 2,016,388 New Ordinary Shares and 1,008,180 Open Offer Warrants, issued under the Open Offer, will be admitted to trading on AIM at 8.00 am on 5 October 2021.
Admission of shares to trading and total voting rights
Application will be made to the London Stock Exchange for the 2,016,388 Open Offer Shares, which rank pari passu with the Company's issued ordinary shares, to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings will commence at 8.00 a.m. on 5 October 2021. Following the issue of the Open Offer Shares, the Company will have 106,812,968 ordinary Shares in issue.
An application will also be made to the London Stock Exchange for a block admission of 1,008,180 ordinary shares. These ordinary shares will be issued pursuant to the exercise of the Open Offer Warrants and the 9,458,333 warrants issued to PV27 and MBIL as announced on 23 August 2021.
PDMR dealings
Jason Oakley, CEO of Recognise Bank, has taken up the Open Offer Entitlement.
Paul Milner, independent non-executive director, has taken up the Open Offer Entitlement.
Richard Gabbertas, independent non-executive director, has taken up the Open Offer Entitlement.
The information required in accordance with Article 19(3) of the EU Market Abuse Regulation No 596/2014 is set out below.
Defined terms are set out in the Company's Open Offer Circular document, dated 24 August 2021.
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Jason Oakley | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| PDMR, CEO of Recognise Bank | ||||
| b)
| Initial notification /Amendment
| Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| CITY OF LONDON GROUP PLC | ||||
| b)
| LEI
| 2138003UW63TMQ5ZFD85 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Purchase of Ordinary Shares through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
200,000
60p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Grant of Warrants through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Exercise Price |
100,000
69p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Paul Milner | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| PDMR, NED | ||||
| b)
| Initial notification /Amendment
| Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| CITY OF LONDON GROUP PLC | ||||
| b)
| LEI
| 2138003UW63TMQ5ZFD85 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Purchase of Ordinary Shares through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
90,000
60p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Grant of Warrants through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Exercise Price |
45,000
69p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Richard Gabbertas | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| PDMR, NED | ||||
| b)
| Initial notification /Amendment
| Initial notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| CITY OF LONDON GROUP PLC | ||||
| b)
| LEI
| 2138003UW63TMQ5ZFD85 | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Purchase of Ordinary Shares through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
7,000
60p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary shares in the Company
ISIN: GB00BD9GS058 | ||||
| b)
| Nature of the transaction
| Grant of Warrants through Open Offer | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Exercise Price |
3,500
69p
| ||||
| e)
| Date of the transaction
| 28 September 2021 | ||||
| f)
| Place of the transaction
| London Stock Exchange | ||||
For further information, please contact:
| City of London Group plc Michael Goldstein, Chief Executive Officer Ben Peters, Director of Investor Relations |
+44 (0)20 3988 6501 +44 (0)20 3988 6500 |
| Peel Hunt LLP (Nominated Adviser and Joint Broker) | +44 (0)20 7418 8900 |
| James Britton, Rishi Shah | |
| | |
| For media enquiries, please contact: Heather Armstrong Tim Pearson
|
+44 (0)20 7920 3150 Or email colg@tavistock.co.uk |
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