IDE Group Holdings PLC Result of Open Offer (2765Y)

TIDMIDE

RNS Number : 2765Y

IDE Group Holdings PLC

20 August 2018

IDE Group Holdings Plc

(the "Company")

Result of Open Offer

Further to the announcements on 31 July 2018 and 2 August 2018, IDE, the mid-market network, cloud and IT Managed Services provider, is pleased to announce the result of the Open Offer which closed for acceptances at 11 a.m. on 17 August 2018. Valid acceptances including excess applications have been received in respect of 70,815,693 Open Offer Shares, representing a total of approximately 321 per cent. of those Open Offer Shares available under the Open Offer and as such the Open Offer has been oversubscribed. Excess applications represent 95 per cent. of total acceptances received.

All valid applications in respect of basic entitlements under the Open Offer have been met in full and a scaling back exercise has been undertaken in line with the Excess Application Facility in respect of applications for additional Open Offer Shares. The Company has therefore raised gross proceeds of GBP0.55 million through the Open Offer and approximately GBP5.55 million in total through the Fundraising.

The Conditional Subscription, issue of convertible loan notes, redemption of Existing Loan Notes and Open Offer remain conditional on, inter alia, the passing of the Resolutions at the General Meeting to be held at 11.00 a.m. today, 20 August 2018, at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4A 1BN.

This announcement should be read in conjunction with the full text of the circular dated 3 August 2018, published in connection with the Fundraising and defined terms used in this announcement shall have the same meaning as those terms defined and used in such circular.

 
 IDE Group Holdings Plc                      Tel: +44 (0)344 
  Bill Dobbie, Interim Chairman               874 1000 
  Ian Smith, Executive Director 
 finnCap Limited                             Tel: +44 (0)20 7220 
  Nominated Adviser and Broker                0500 
  Corporate finance: Jonny Franklin-Adams/ 
  Scott Mathieson/ Hannah Boros 
  ECM: Tim Redfern/ Richard Chambers 
 MXC Capital Markets LLP                     Tel: +44 (0)20 7965 
  Financial Adviser                           8149 
  Charlotte Stranner

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