RNS Number : 9879A
Be Heard Group PLC
04 June 2019
04 June 2019
FINAL
BE HEARD GROUP PLC
("Be Heard", the "Group" or the "Company")
NewClient Wins and Issue of Shares Relating to Earn Out Arrangements
Be Heard (AIM: BHRD), announces a major new client win and separately provides details of shares to be issued under existingearn out arrangements.
NEW CLIENT WINS:
The Group is delighted to announce that Carlsberg UK has appointed Be Heard to a newly-created role of Digital Agency to work across all the brands in the
Carlsberg portfolio. Additionally, the Group is pleased to announce that it has won a number of new business engagements which include NHS England,
Avon and Batiste.
Simon Pyper CEO of Be Heard commented:
"The new business wins reflect in part, the growing relevance of Be Heard's proposition and moreover, the talent, commitment and quality of our people. We
are as a Group determined to deliver outstanding solutions for our clients, solutions which support them in achieving their commercial objectives both today
and in the future.
Whilst the new business wins announced today do not lead us to alter our expectations for the current year's results, they do however provide momentum
into 2020. As stated at our AGM (held on the 15th of May 2019), the Board remains confident of achieving a satisfactory result for 2019, one which is
comfortably in line with expectations."
SHAREISSUERELATING TO EARN OUR ARRANGEMENTS:
The Group, under the terms of its various earnout arrangements, is required to satisfy a portion of the remaining liabilities by the issue of new ordinary
shares. Consequently, and in accordance with the terms of the earnout arrangements, Be Heard the Group will issue up to 206,048,214 new ordinary shares in
the capital of the Company (the "Consideration Shares") at an average price of 2.52 pence per share, representing up to 16.5% of the enlarged share capital in
issue followingadmission. The consideration shares will be issued in the followingproportions:
Agenda2129,415,123
MMT63,755,878
Kameleon52,500,000
The Corner | 60,377,211 |
TOTAL206,048,214
The consideration shares which are subject to collar and cap arrangements (or in the case of Kameleon a pre-determined price) were due to be issued in tranches over the next 24 to 36 months. However, as earnout payments (either in cash or shares) are no longer contingent based, the Group has decided to satisfy the share payments ahead of schedule and in doing so remove the uncertainty around both the timing and quantum of shares to be issued (under the earnout out arrangements).
A further announcement confirming the final number of Consideration Shares, together with the resultant enlarged share capital, will be made in due course.
Application will be made to the London Stock Exchange for the admission of the Consideration Shares to trading on AIM. Admission of the Consideration
Shares is expected to take place on 5 July 2019 ("Admission").
Followingthe issue of the Consideration Shares, there will be no further share payments due under the earnout arrangements, leavinga final total cash liability
of £9.4 million payable over the next 3 to 5 years.
Enquiries: | |
Be Heard Group Plc | +44 20 3828 6269 |
Simon Pyper, Group Chief Executive | |
Ben Rudman, Chief OperatingOfficer |
N+1 Singer (Nomad and Joint Broker) | +44 20 7496 3000 |
Mark Taylor / Lauren Kettle | |
Dowgate (Joint Broker) | +44 20 3903 7715 |
James Serjeant |
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Be Heard Group plc published this content on 04 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 June 2019 06:09:12 UTC