Last checked at 12 Aug 2015 08:01
12 August 2015
Hornby plc
("Hornby" or "the Company" or "the Group")
Admission to AIM
Further to the announcement on 18 June 2015 and the General Meeting of the Company held on 13 July 2015, Hornby is pleased to confirm that the admission of Hornby's Ordinary Shares of 1 pence each ("Ordinary Shares") to trading on AIM occurred at 8.00 a.m. today, 12 August 2015 ("Admission"). The Ordinary Shares have been removed from trading on the Main Market of London Stock Exchange plc and their listing on the Official List has been cancelled.
The Placing, which was announced on 18 June 2015, of 15,789,474 new Ordinary Shares at a price of 95 pence each, raising £15.0 million, is now complete. The net proceeds of the Placing of £14 million will be used by the Company to repay part of the Existing Bank Debt, which comprises the Company's core debt excluding seasonal working capital needs. The balance of the net proceeds of the Placing is intended to be applied towards the continued investment in the Group's business.
Following Admission and the completion of the Placing the Group's issued share capital consists of 54,953,574 Ordinary Shares.
Richard Ames, Chief Executive Officer, commented:
"We are making good progress with our turnaround strategy for the business.
"In the last financial year Hornby returned to an underlying profit. Looking ahead, the support of our shareholders, combined with the proceeds from the placing, the move to AIM and our revised banking facilities, all provide us with a stable platform to address the next stage of the turnaround plan. This year will be another one of transition and investment, as we make further major changes, whilst continuing to drive the growth potential of the business.
"The outlook for the Group remains positive and I look forward to updating shareholders on the progress that we make."
Except as otherwise defined herein, capitalised terms have the same meanings as set out in the Circular dated 18 June 2015.
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Enquiries
Hornby Plc 01843 233500
Richard Ames, Chief Executive
Steve Cooke, Group Finance Director
Investor Relations - Broker Profile 020 3763 3400
Simon Courtenay, Harry Rippon
Financial Adviser, Nomad and Broker
Numis Securities Limited 020 7260 1000
Adrian Trimmings, Oliver Cardigan
Tom Ballard, Rupert Krefting
For more information on Hornby visit www.hornby.plc.uk/aim-rule-26/