News
23 November 2005
First day of dealings on AIM
Mattioli Woods plc, the specialist pensions consultancy , today announces commencement of dealings of its Ordinary Shares on the AIM Market (“AIM”) of the London Stock Exchange. Williams de Bro ë is acting as Nominated Adviser and Broker to the Company. The stock market EPIC is MTW.
Placing Statistics
Placing Price per Placing Share |
132 pence |
Total number of Placing Shares being placed on behalf of the Company |
4,545,455 |
Aggregate value of the Placing Shares being placed on behalf of the Company at the Placing Price |
£6.0 million |
Expected net cash proceeds of the Placing receivable by the Company |
£5.4 million |
Number of Ordinary Shares in issue following the Placing |
17,045,455 |
Market capitalisation of the Company at the Placing Price following the Placing |
£22.5 million |
Percentage of the Enlarged Share Capital being placed |
26.7 per cent. |
The Placing of £6.0 million attracted high levels of institutional interest resulting in it being well oversubscribed.
Reasons for Admission to AIM and use of proceeds of the Placing
The net proceeds of the Placing amount to £5.4 million. The funds will be used to repay directors’ loans of £3 million and to provide resources for potential further acquisitions and working capital of £2.4 million.
It is a priority for the Group to continue to attract and retain appropriately qualified staff. The Directors consider that the enhanced profile resulting from Admission and the introduction of the Share Option Scheme will enable the Group to attract new employees of appropriately high calibre and to incentivise and retain key staff.
Bob Woods, Executive Chairman of Mattioli Woods, said:
“We are delighted that the flotation of the Company has been completed successfully and with such strong institutional demand. The listing will enable us to take Mattioli Woods to the next stage of its development and maximise any opportunities for the Group within the pensions consultancy market. We look forward to working with our new shareholders in the future.”
Cobbetts acted as lawyers and Baker Tilly as reporting accountants to Mattioli Woods.
- Ends -
For further information:
Mattioli Woods plc |
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Bob Woods, Executive Chairman Ian Mattioli, Chief Executive |
Tel: +44 (0) 116 240 8700 |
Williams de Broë Plc |
www.wdebroe.com |
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Joanne Lake, Corporate Finance |
Tel: +44 (0) 113 243 1619 |
Media enquiries:
Abchurch |
www.abchurch-group.com |
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Sarah Hollins/Katherine Murphy |
Tel: +44 (0) 113 203 1341 |
The full admission document can be viewed as a pdf download.