Official Press Release (09 January 2018)
Further to the Company’s announcement of 15 December 2017, Chapel Down, the market leader in English wines, is pleased to announce that it received valid applications to subscribe for £2.35m under the Open Offer. The Open Offer was to raise up to £1.47m and was heavily oversubscribed.
Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications for New Ordinary Shares under the Excess Application Facility will be scaled back pro-rata to the number of Excess Shares applied for by Qualifying Shareholders under the Excess Application Facility.
Shareholders will be notified of their entitlement in line with the timetable and procedures detailed in the circular posted on 15 December 2017 (“the Circular”). Shareholders wishing to confirm their entitlements can contact Link Asset Services on 0371 664 0321 for further information
The Company announced on 13 December 2017 that it had raised £18.53m (before expenses) through the issue of new shares at a price of 50 pence per share. Including the Open Offer the total raised is £20.0m before expenses.
It is expected that the admission of the 2,940,000 Open Offer Shares to trading on the NEX Exchange Growth Market will become effective at 8.00a.m. on 12 January 2018.
Open Offer Shares (held in uncertificated form) are expected to be credited to CREST accounts on 12 January 2018 and definitive share certificates for the Open Offer Shares (held in certificated form) are expected to be despatched to shareholders who hold their Ordinary Shares in certificated form by 25 January 2018.
Capitalised terms used in this announcement shall have the same meanings given to them in the Circular.
Frazer Thompson, CEO of Chapel Down, said:
“We are delighted by the response we have received from existing shareholders, and to have met our full target. The £20 million raised through the placing and the open offer will enable us to significantly invest in the business to meet the growing demand for our products. We look forward to this exciting next stage of growth at Chapel Down.”
Total Voting Rights
Following the admission of the Open Offer Shares the Company will have 141,020,948 Ordinary Shares in issue. The Company has no shares in treasury, therefore the figure of 141,020,948 should 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 of their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.