IQGeo Group plc
(the "Company" or the "Group")
Result of Tender Offer and Total Voting Rights
IQGeo Group plc (AIM: IQG), a leading developer of geospatial software for the telecommunications and utility industries, announces the results of the Tender Offer, details of which were set out in the Circular published by the Company on 2 August 2019 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 30 August 2019.
A total of 23,803,690 Ordinary Shares were validly tendered by Shareholders under the Tender Offer. This represents approximately 84.2% of the maximum number of Ordinary Shares that were capable of being Tendered. Accordingly, a total of 23,803,690 Ordinary Shares will be accepted for purchase by finnCap at the Tender Offer Price of 46 pence per Ordinary Share, for a total cost of approximately £11.0 million. This represents approximately 32.5 per cent of the Company's current issued share capital.
In accordance with the terms of the Tender Offer, all valid tenders submitted were accepted in full.
As set out in the Circular, finnCap will purchase the Ordinary Shares successfully tendered. As further set out in the Circular, the Company will then repurchase from finnCap at the Tender Offer Price those Ordinary Shares purchased pursuant to the Repurchase Agreement. The Company intends to cancel these Ordinary Shares.
It is anticipated that the proceeds payable under the Tender Offer to Shareholders who hold their Ordinary Shares in certificated form will be despatched by 13 September 2019 in the form of a cheque. Those Shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited by 13 September 2019.
The Company will make a separate announcement to confirm the changes to the holdings of the Directors of the Company following the Tender Offer.
Total Voting Rights
On completion of the Tender Offer and cancellation of the purchased Shares, the Company will have 49,498,429 Ordinary Shares in issue with voting rights. There are no ordinary shares held in treasury. Therefore, the total number of voting rights in the Company will be 49,498,429. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change of interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Circular published on 2 August 2019.
For further information contact:
IQGeo Group plc +44 1223 606655
Richard Petti
Tim Gingell
finnCap Ltd +44 20 7220 0500
Henrik Persson, Anthony Adams (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Tulchan Communications LLP +44 20 7353 4200
James Macey White, Matt Low, Deborah Roney
Notes to Editors
About IQGeo
IQGeo™ (AIM: IQG) is a leading developer of geospatial software for the telecommunications and utility industries, accelerating productivity and collaboration across enterprise planning, design, construction and maintenance processes. Our reality-centric solutions create and maintain a real-time, accurate view of complex network assets, dramatically improving data quality and currency. IQGeo's open, mobile-first architecture streamlines operational processes using any device, in the office or in the field, enabling greater business collaboration. We help network operators meet their digital transformation ambitions, saving time and money, while improving safety and enhancing customer satisfaction. Headquartered in Cambridge UK, with offices in Denver USA, Frankfurt Germany and Tokyo Japan we work with some of the largest network infrastructure operators in the world. For more information visit: https://www.iqgeo.com/
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014