# Frenkel Topping Group successfully completed oversubscribed placing

- Link: https://www.directorstalkinterviews.com/frenkel-topping-group-successfully-completed-oversubscribed-placing/412844968
- Published: 2020-07-23T07:12:53+01:00
- Author: Giles Arbor

**Frenkel Topping Group plc** (LON:FEN), a specialist independent financial adviser
and wealth manager focused on asset protection for clients, is pleased to announce
that, further to the announcement made at 4.49 p.m. on 22 July 2020, it has successfully
completed the oversubscribed Placing which is now closed.

The Placing has raised £13 million (before expenses) through the placing of 32,500,000
new Ordinary Shares at an Issue Price of 40 pence per share.

The net proceeds of the Placing will be used to:

 *  accelerate the Company’s vision of becoming the market leader in providing a
   full service offering to clients and claimants, particularly in PI and Clin Neg;
   and

 *  consolidate the heavily fragmented pre-settlement professional services market
   by targeting acquisitions that have clear synergies in the PI and Clin Neg sectors
   in order to scale routes into growing AUM mandates from successful claims.

**Directors’ participation in the Placing**

Certain of the Directors have agreed to subscribe for Placing Shares at the Issue
Price. The number of Placing Shares subscribed for by each of these Directors pursuant
to the Placing, and their resulting shareholdings on Admission, are set out below:

|   |   | As at the date of this announcement |   | Immediately following Admission | 
| Name | Role | No. of Existing Ordinary Shares | Percentage of Existing Ordinary Share capital | No. of Placing Shares subscribed for |   | No. of Ordinary Shares held following Admission | Percentage of Enlarged Share capital | 
| Mark Holt | MD | 166,666 | 0.22 | 163,125 |   | 329,791 | 0.31 | 
| Elaine Cullen-Grant | CFO | 0 | 0 | 120,000 |   | 120,000 | 0.11 |

**Related Party Transactions:**

Mark Holt and Elaine Cullen-Grant’s participation in the Placing, as set out above,
constitute related party transactions pursuant to Rule 13 and Rule 16 of the AIM
Rules. The Independent Directors being Tim Linacre (Independent Non-Executive Director
and Chairman) and Richard Fraser (CEO) consider, having consulted with the Company’s
nominated adviser, finnCap, that the terms upon which Mr. Holt and Mrs. Cullen-Grant
are participating in the Placing are fair and reasonable insofar as the Company’s
shareholders are concerned.

In addition, North Atlantic Smaller Companies Investment Trust plc is subscribing
for 9,000,000 Placing Shares in the Placing at the Issue Price. The subscription
by NASCIT constitutes a related party transaction for the purposes of the AIM Rules
by virtue of NASCIT being a substantial shareholder of the Company and Christopher
Mills, CEO of NASCIT, being a Non-Executive Director of the Company. The Independent
Directors consider, having consulted with the Company’s nominated adviser, finnCap,
that the terms upon which NASCIT is participating in the Placing are fair and reasonable
insofar as the Company’s shareholders are concerned.

**Admission and dealings**

Application will be made to the London Stock Exchange plc for Admission of the Placing
Shares to trading on AIM.

The Placing of 32,500,000 new Ordinary Shares is conditional upon, inter alia, the
passing of the Resolutions at the General Meeting. It is expected that the Placing
Shares will be admitted to trading on AIM at 8.00 a.m. on 18 August 2020 (or such
later date as may be agreed between the Company and finnCap, but no later than 9
September 2020).

**Total Voting Rights**

Following the Admission of the Placing Shares, the total number of Ordinary Shares
in the Company will be 108,051,641. 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 and Transparency Rules.

> **Richard Fraser, Chief Executive Officer of Frenkel Topping Group said:**
> “This is an exciting time for Frenkel Topping and today’s Placing is a transformative
> step towards achieving our ambition of becoming the market leader in the PI and
> Clin Neg marketplace, where we have more than 40 years of expertise. The net proceeds
> of the Placing and the Acquisition of Forths builds on our strong organic growth
> as we become the largest independent provider of financial expert witness reports
> to the claimant marketplace. We have known Forths for many years and not only 
> is this business a good strategic fit, our discussions have shown we have similar
> cultures with a shared customer centric ethos.
> “Looking ahead, the Placing enables us to capitalise on the significant opportunities
> available, to acquire pre-settlement professional services business in the PI 
> and Clin Neg markets and provide claimants with a full-service offering.
> “We are delighted with the strong support shown by both new and existing investors
> and it is particularly pleasing to see high-quality institutional investors join
> our shareholder register. 
> The Board and the management team look forward to building on our success by continuing
> to grow our core business as well as executing our buy and build strategy, delivering
> high-quality services to our clients and generating strong and sustainable returns
> for our shareholders.”

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