3 October 2024
Kitwave Group
plc
("Kitwave", the "Group" or the "Company")
Pre-Emption Group Reporting
Further to the announcements on 24
September 2024 and 25 September 2024, regarding the Capital Raising
of £31.5 million, the Company publishes the following
post-transaction report in accordance with the most recently
published Pre-Emption Group Statement of Principles
(2022).
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Name of issuer
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Kitwave Group plc
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Transaction details
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The Company raised £31.5m via a
Placing and Retail Offer. The 10,327,868 new ordinary shares
issued pursuant to the Placing and Retail Offer represented
approximately 14.7 per cent. of the Company's issued ordinary
share capital prior to the Placing.
Admission of the Placing Shares and
Retail Offer Shares took place at 8.00 a.m. on 27 September
2024.
|
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Use
of proceeds
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The net proceeds of the Placing and
Retail Offer were used to part fund the acquisition of Creed
Catering Supplies Limited, with the remaining consideration
financed from an increase in the Company's banking
facilities.
Further details can be found in the
Company's announcement published on 24 September 2024, which should
be read in conjunction with this Announcement.
|
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Quantum of proceeds
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In aggregate, the Placing and Retail
Offer raised gross proceeds of approximately
£31.5 million.
|
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Discount
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The Issue Price of 305 pence per
share represented a discount of approximately 3.9 per
cent. to the closing middle market price of 317.5 pence on 23
September 2024, being the latest practicable date prior to the
publication of the launch announcement.
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Allocations
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Soft pre-emption has been adhered to
in the allocations process. The Company was involved in the
allocations process, which was carried out in compliance with
applicable MiFID II allocation requirements. Allocations made
outside of soft pre-emption were preferentially directed towards
existing shareholders and wall-crossed accounts.
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Consultation
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Canaccord Genuity, as the Company's
Sole Bookrunner, undertook a pre-launch wall-crossing process,
including consultation with major shareholders, to the extent
reasonably practicable and permitted by law.
|
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Retail investors
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The Placing was accompanied by a
Retail Offer, for a total of 163,934 new Ordinary Shares, via the
PrimaryBid platform.
Retail investors who participated in
the Retail Offer were able to do so at the same Placing Price as
all other investors participating in the Placing.
The Retail Offer was made available
to existing shareholders and new investors in the UK. Investors
were able to participate through PrimaryBid's free-to-use direct
channel. As such, to the extent practicable on the transaction
timetable, eligible UK retail investors (including certificated
retail shareholders) had the opportunity to participate in the
Retail Offer alongside institutional investors.
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Capitalised terms used in this
announcement have the meanings given to them in the Launch
Announcement of 24 September 2024, unless the context provides
otherwise.
-
Ends-
For
further information please contact:
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Kitwave Group plc
Ben Maxted, Chief Executive
Officer
David Brind, Chief Financial
Officer
www.kitwave.co.uk
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Tel: +44 (0) 191 259 2277
|
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Canaccord Genuity Limited
(Nominated Adviser and Sole Broker)
Bobbie Hilliam
Harry Pardoe
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Tel: +44 (0) 20 7523 8150
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Yellow Jersey PR
(Financial media and PR)
Charles Goodwin
Shivantha Thambirajah
Bessie Elliot
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Tel: +44 (0) 20 3004 9512
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Company Overview
Founded in 1987, following the acquisition of a single-site
confectionery wholesale business based in North Shields, United
Kingdom, Kitwave is a delivered wholesale business, specialising in
selling and delivering impulse products, frozen, chilled and fresh
foods, alcohol, groceries and tobacco to approximately 42,000,
mainly independent, customers.
With a network of 32 depots, Kitwave
is able to support delivery throughout the UK to a diverse customer
base, which includes independent convenience retailers, leisure
outlets, vending machine operators, foodservice providers and other
wholesalers, as well as leading national retailers.
The Group's growth to date has been
achieved both organically and through a strategy of acquiring
smaller, predominantly family-owned, complementary businesses in
the fragmented UK grocery and foodservice wholesale
market.
Kitwave Group plc was admitted to
trading on AIM of the London Stock Exchange in May 2021.
For further information, please
visit www.kitwave.co.uk.