JTC PLC raise £65.9m for high quality pipeline of near-term acquisition opportunities

JTC Group

JTC plc (LON:JTC), the global provider of fund, corporate and private client services, has today announced the successful completion of the placing announced on  29th April 2021.

A total of 10,626,078 Placing Shares have been placed by Numis Securities Limited and Joh. Berenberg, Gossler & Co. KG at a price of 620 pence per share, raising gross proceeds of £65.9m for the Company. The Placing Price represents a discount of 1.7% to the closing price on 29 April 2021 (being the latest practicable time prior to the announcement of the Placing).

Applications have been made for the Placing Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc. Subject to Admission becoming effective, it is expected that settlement for the Placing Shares and Admission will take place at 8.00 a.m. on 5 May 2021. The Placing is conditional, inter alia, upon Admission becoming effective not later than 8.00 a.m. on 19 May 2021 (or such later date as the Company, Numis and Berenberg may otherwise agree) and upon the Placing Agreement becoming unconditional and not being terminated in accordance with its terms prior to Admission.

The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The issue and allotment of the Placing Shares is within the existing authorities of the JTC Board of Directors.

Total voting rights

Following Admission of the Placing Shares, the Company will have a total of 133,148,052 shares in issue. With effect from Admission, 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 interesting in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Director participation in the Placing

Erika Schraner, non-executive director of the Group, participated in the Placing and acquired 16,129 Placing Shares. Following Admission, Erika Schraner will hold 16,129 shares, representing 0.1% of the shares in issue. 

Smaller related party transaction

Liontrust Asset Management PLC is a substantial shareholder of the Company and a related party for the purpose of the United Kingdom Listing Rules. Liontrust has subscribed for 1,064,638 Placing Shares in the Placing, with a value of approximately £6.6 million. Liontrust’s participation in the Placing constitutes a smaller related party transaction for the purposes of Listing Rule 11.1.10R and this announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c).

Nigel Le Quesne, Chief Executive Officer of JTC PLC, said:

“We are delighted to have completed our first placing since listing in 2018 and are grateful for the support shown by our investors, in particular our existing shareholders and we are pleased to welcome a number of new high-quality institutional shareholders to the register. As we begin our latest five-year business plan cycle, the proceeds will allow the Group to capitalise on a high quality pipeline of near-term acquisition opportunities with certainty of funding and to continue to deliver on our disciplined and proven approach to inorganic growth in a consolidating sector.”

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