TIDMFRAN
RNS Number : 3472V
Franchise Brands PLC
04 April 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE
RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO
DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT ("ANNOUNCEMENT") IS FOR INFORMATION PURPOSES
ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR
SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
(INCLUDING THE APPICES) DOES NOT CONSTITUTE OR CONTAIN ANY
INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES OF FRANCHISE BRANDS PLC IN ANY JURISDICTION WHERE TO DO
SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
UNLESS OTHERWISE INDICATED, CAPITALISED TERMS IN THIS
ANNOUNCEMENT HAVE THE MEANINGS GIVEN TO THEM IN THE DEFINITIONS
SECTION INCLUDED IN APPIX III OF THE ANNOUNCEMENT ISSUED BY THE
COMPANY AT 5.52 P.M. ON 3 APRIL 2023.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
4 April 2023
Franchise Brands plc
("Franchise Brands", the "Company" or the "Group")
Acquisition of Pirtek Europe - Result of Placing
Notice of General Meeting and posting of Circular
The Board of Franchise Brands plc, an international multi-brand
franchise business, is pleased to announce that, further to the
announcement made yesterday regarding the acquisition of HAI, the
owner of Pirtek Europe, and associated Fundraising, the Bookbuild
has closed and the Company has conditionally raised approximately
GBP92 million pursuant to the Placing (before expenses).
A total of 51,036,291 Placing Shares have been conditionally
placed in the Placing at an issue price of 180 pence per share for
GBP91,865,323.80, alongside the Subscription to 2,663,889
Subscription Shares by senior management and employees of Pirtek
and the Proposed Director for GBP4,795,000.20. As a result, total
equity of approximately GBP114.3 million at the Issue Price will be
issued by the Company pursuant to the Acquisition and will comprise
(i) 9,772,788 Consideration Shares; (ii) 2,663,889 Subscription
Shares; and (iii) 51,036,291 Placing Shares. Allenby Capital and
Dowgate Capital acted as bookrunners in the UK and Stifel acted as
bookrunner for the US and Europe in respect of the Placing .
The Acquisition, Placing and Subscription are conditional on,
amongst other matters, the passing of the Resolutions at the
General Meeting to be convened for 9.00a.m. on 20 April 2023 and
Admission. Notice of the General Meeting will be sent to
Shareholders today in a Circular setting out details of the
Acquisition, Placing and Subscription. The Circular will be
available by tomorrow on the Company's website,
www.franchisebrands.co.uk .
Stephen Hemsley, Executive Chairman of Franchise Brands,
said:
"We are pleased to have successfully completed the bookbuild for
the fundraise with the support of both new and existing
institutional investors . This will enable us to proceed with the
transformational acquisition of Pirtek Europe, a high quality
provider of mission-critical, emergency response on-site hydraulic
hose replacement and associated services.
"The Acquisition brings an established business of scale with an
attractive financial profile and growth prospects and will
significantly expand the Group's range of B2B services, customer
base and end markets.
" Building on the strong performance of the Group's acquisition
of Filta in March 2022, which brought an international footprint in
North America and Europe, Pirtek Europe will extend the Group's
European presence across a number of key countries, providing a
platform from which to launch the Group's existing brands.
"By expanding the Group's operations to ten countries, the
Acquisition will significantly advance the Board's aim to create a
market leading international B2B multi-brand franchisor that
generates its income equally from the UK, North America and
continental Europe.
"We would like to thank our investors for their support and we
look forward to driving shareholder value by working with Pirtek
Europe's strong management team to accelerate growth and drive
operational leverage across the combined business."
Director, Proposed Director and management participation in the
Placing
Certain Directors, the Proposed Director (Alex McNutt) and
senior management and employees of Pirtek Europe have agreed to
subscribe for an aggregate of 3,887,061 Fundraise Shares at the
Issue Price, representing an aggregate investment of approximately
GBP7 million. Details of the Directors', Proposed Director's and
Pirtek management's participation and their resultant interests in
Ordinary Shares on Admission are set out below:
No. Fundraise Total
Shares to shareholding Percentage
Current be On held on
Director shareholding acquired Admission Admission
Nigel Wray 22,366,303 555,555 22,921,858 11.83%
Stephen Hemsley 22,179,844 570,156 22,750,000 11.74%
Jason Sayers 13,438,183 - 13,438,183 6.93%
David Poutney 3,696,495 - 3,696,495 1.91%
Julia Choudhury 1,546,701 33,333 1,580,034 0.82%
Tim Harris 1,385,365 8,574 1,393,939 0.72%
Colin Rees 706,039 - 706,039 0.36%
Andrew Mallows 115,957 8,333 124,290 0.06%
Rob Bellhouse 111,260 41,666 152,926 0.08%
Peter Molloy 71,956 - 71,956 0.04%
Andy Brattesani - 5,555 5,555 0.003%
Alex McNutt - 1,182,041 2,074,696 1.07%
Senior management and
employees of Pirtek Europe - 1,481,848 10,361,981 5.35%
Further details of Director participations in the Placing are
set out in the tables at the end of this announcement as required
by MAR (Notification and public disclosure of transactions by
persons discharging managerial responsibilities and persons closely
associated with them).
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for the
63,472,968 New Ordinary Shares to be admitted to trading on AIM.
Subject to, inter alia, the Resolutions being passed, it is
expected that Admission will become effective and that dealings in
the New Ordinary Shares will commence on AIM on 21 April 2023.
Upon Admission the issued share capital of the Company will
comprise 193,784,080 ordinary shares of 0.5 pence each, with one
voting right per share. The Company does not hold any Ordinary
Shares in treasury and therefore the total number of Ordinary
Shares with voting rights in the Company will be 193,784,080. 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 FCA's Disclosure Guidance and Transparency
Rules.
The New Ordinary Shares will represent approximately 33 per
cent. of the Enlarged Share Capital.
Definitions
Capitalised terms used in this announcement have the meanings
given to them in the announcement issued by the Company on 3 April
2023, unless the context provides otherwise.
Enquiries:
Franchise Brands plc + 44 (0) 162 550 7910
Stephen Hemsley, Executive Chairman
Andrew Mallows, Interim Chief Financial Officer
Julia Choudhury, Corporate Development Director
Allenby Capital Limited (Nominated Adviser
and Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / George Payne / Lauren Wright
(Corporate Finance)
Amrit Nahal / Tony Quirke/ Joscelin Pinnington
(Sales & Corporate Broking)
Dowgate Capital Limited (Joint Broker) +44 (0) 20 3903 7715
Russell Cook / Nicholas Chambers (Corporate
Finance)
James Serjeant / Paul Richards / John Monks
/ Colin Climie (Corporate Broking & Sales)
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0)20 7710 7688
Matthew Blawat / Francis North
MHP Group (Financial PR) +44 (0) 20 3128 8100
Katie Hunt / Catherine Chapman +44 (0) 7884 494112
franchisebrands@mhpgroup.com
For further information, visit www.franchisebrands.co.uk
IMPORTANT NOTICES
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by the
Joint Brokers or by any of its affiliates or any person acting on
its or their behalf as to, or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
Allenby, Dowgate and Stifel are authorised and regulated in the
United Kingdom by the FCA and are acting exclusively for the
Company and no one else in connection with the Placing, the
contents of this Announcement or any other matters described in
this Announcement. Allenby, Dowgate and Stifel will not regard any
other person as its client in relation to the Placing, the content
of this Announcement or any other matters described in this
Announcement and will not be responsible to anyone (including any
Placees) other than the Company for providing the protections
afforded to its clients or for providing advice to any other person
in relation to the Placing, the content of this Announcement or any
other matters referred to in this Announcement. Allenby's
responsibilities as Nominated Adviser to the Company are owed
solely to the London Stock Exchange and no-one else.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Stephen Hemsley
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Executive Chairman
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 570,156
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nigel Wray
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Non-Executive Director
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 555,555
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Tim Harris
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Managing Director, B2C division
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 8,574
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Julia Choudhury*
* Robin Choudhury is a Person closely
associated (PCA) of Julia Choudhury
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Corporate Development Director
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 33,333
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Robin Bellhouse
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Independent Non-executive Director
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 41,666
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Mallows
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Interim Chief Financial Officer
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 8,333
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Brattesani
------------------------------- -----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Independent Non-executive Director
------------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Franchise Brands plc
------------------------------- -----------------------------------------
b) LEI 213800CFRX6CJ8LCKN37
------------------------------- -----------------------------------------
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 ordinary shares of 0.5p each in Franchise
instrument, type of instrument Brands plc
Identification code
Identification code (ISIN) for Franchise
Brands plc ordinary shares: GB00BD6P7Y24
------------------------------- -----------------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price: 180p
Volume: 5,555
------------------------------- -----------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------- -----------------------------------------
e) Date of the transaction 4 April 2023
------------------------------- -----------------------------------------
f) Place of the transaction London Stock Exchange - AIM
------------------------------- -----------------------------------------
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END
MSCFLFILSSISIIV
(END) Dow Jones Newswires
April 04, 2023 07:08 ET (11:08 GMT)
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