AB Dynamics PLC - Result of Placing

AB Dynamics plc 

("ABD" or the "Company")

 

Result of Placing

and

Offer and posting of Circular

 

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the announcement released by the Company this morning at 7:00 a.m. (the "Placing Announcement").

 

Result of Placing

 

Pursuant to the Placing Announcement, the Company is pleased to announce that Cantor Fitzgerald Europe has successfully placed 1,136,842 New Ordinary Shares on behalf of the Company and 300,000 Sale Shares on behalf of the Selling Shareholders (together, the "Placing Shares") in the Company at a price of 475 pence per share, with new and existing institutional investors. Pursuant to the Placing, the Company has raised gross proceeds of approximately £5.4 million and being more than 3.5 times oversubscribed, the Selling Shareholders agreed to sell an aggregate 300,000 Sale Shares to part satisfy the excess demand.  The Placing Price represents a discount of approximately 6 per cent. to the price of 505 pence per existing Ordinary Share, being the average closing price for the preceding 5 business days prior to this announcement.

 

Cantor Fitzgerald Europe acted as sole bookrunner in connection with the Placing. Cairn Financial Advisers LLP acted as nominated adviser to the Company.

 

The Placing Shares comprise both New Ordinary Shares and Existing Ordinary Shares placed by Selling Shareholders, being Anthony Best, chairman of the Company and Stephen Neads, a member of the key management team of the Company. The Selling Shareholders have agreed to place a total of 300,000 Ordinary Shares on the same terms as the Placing.

 

The Selling Shareholders' interests prior to and following completion of the Placing are as follows:

 

 

	At the date of this announcement			Upon completion of the Placing and Offer
Name	No. of Existing Ordinary Shares	Percentage of issued share capital	No. of shares sold	No. of Ordinary Shares	Percentage of enlarged issued share capital¹
Anthony Best²	6,497,107	36.6	250,000	6,247,107	32.7
Stephen Neads	286,500	1.6	50,000	236,500	1.2

 

                         

Note¹ : Assuming Placing Admission occurs and the Offer Maximum is taken up

Note² : Includes shares held by Naemi Best, Anthony Best's wife

 

Pursuant to the Placing, application has been made for Placing Admission. Subject to the Placing Agreement not having been terminated in accordance with its terms, it is anticipated that Placing Admission will occur at 8.00 a.m. on or around 9 December 2016. The Placing Shares will be credited as fully paid and rank pari passu with the existing Ordinary Shares.

 

Following Placing Admission, the Company will have a total of 18,901,420 Ordinary Shares in issue.  This figure 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 the Company, under the Disclosure and Transparency Rules.

 

Offer and posting of Circular

 

Further to the Placing Announcement, the Company is pleased to announce that it will today post a Circular to Qualifying Participants regarding an Offer to raise up to approximately £1.0 million gross of expenses. The Circular will also be made available on the Company's website later today at www.abd.uk.com.

 

Details of the Offer are set out in the Circular.

 

Prior to publication, certain information contained within this  announcement was deemed to constitute   inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.

 

For further information please contact:

 

AB Dynamics plc Tim Rogers, Chief Executive Officer Tony Best, Non-Executive Chairman	01225 860 200
Cairn Financial Advisers LLP (Nomad) Tony Rawlinson Liam Murray Richard Nash	0207 213 0880
Cantor Fitzgerald Europe (Broker) David Foreman Phil Davies	0207 894 7000
Newgate (PR) Adam Lloyd Helena Bogle	0207 653 9850

 

 

Overview of AB Dynamics plc

ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. The Group is headquartered in Bradford-on-Avon employing approximately 90 staff. ABD currently supplies all of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.

 

Anthony Best - PDMR Notification Form

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Anthony Best
2	Reason for notification
a.	Position/Status	Director
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	AB Dynamics plc
b.	LEI	213800OFXZP4A7I47K43
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 of £0.01 each   GB00B9GQVG73
b.	Nature of the transaction	Disposal of shares
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£4.75	250,000
d.	Aggregated information - Aggregated Volume - Price	250,000 £1,187,500
e.	Date of the transaction	6 December 2016
f.	Place of the transaction	AIM

 

 

Stephen Neads - PDMR Notification Form

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Stephen Neads
2	Reason for notification
a.	Position/Status	Director of Anthony Best Dynamics Ltd (Subsidiary of AB Dynamics plc)
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	AB Dynamics plc
b.	LEI	213800OFXZP4A7I47K43
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 of £0.01 each   GB00B9GQVG73
b.	Nature of the transaction	Disposal of shares
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£4.75	50,000
d.	Aggregated information - Aggregated Volume - Price	50,000 £237,500
e.	Date of the transaction	6 December 2016
f.	Place of the transaction	AIM