Result of Placing
DP Poland is pleased to announce the completion of a placing of 12,200,000 new ordinary shares in the Company at a price of 43 pence per Placing Share to raise a total of £5,246,000.
The Placing is subject to admission of the Placing Shares to trading on AIM. Application has been made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective and that dealings in the Placing Shares will commence on or around 9 June 2017. The trade date for the Placing is 6 June 2017 and settlement is expected to occur on 9 June 2017.
The Placing Shares represent, in aggregate, approximately 8.2 per cent of the Company’s issued ordinary share capital as enlarged by the issue of the Placing Shares. Following Admission, the Placing Shares will be issued and allotted credited as fully paid and will rank pari passu with the Company’s existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue
Use of proceeds
The Company intends to use the net proceeds of the Placing to maintain the roll-out of new stores, with the planned opening in 2018 of 15 new corporate stores, against a target of up to 20 store openings that year and in 2019 providing loans by the Company for 5 sub-franchised store openings against a target of up to 15 store openings that year. In addition, the Company intends to increase its investment in marketing.
Unless otherwise defined, the terms used in this announcement have the meanings set out in the Company’s announcement of the Placing issued on 5 June 2017.
Full announcement can be downloaded here: Result of Placing Announcement 6-6-17
- 020 3393 6954DP Poland PLC
- Peter Shaw, Chief Executive
- 020 7418 8900 Peel Hunt
- Adrian Trimmings/George Sellar