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Update on Proposed Placing

THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION.

LEI: 213800O2CTJ1YFXNXG05

12 August 2020

Craneware plc

(“Craneware“, the “Company” or the “Group“)

Decision not to proceed with Proposed Placing

Craneware plc (AIM: CRW.L) announces that, despite the successful launch of the accelerated bookbuild and a strong oversubscription for approximately £83m from new and existing investors at a price per share of 1550p, the Board has decided that it would be in the best interests of the Company and its shareholders not to proceed with the Placing and the Placing Agreement has been terminated. This decision has been taken following news in the US overnight that the Company’s proposed primary acquisition target has agreed acquisition terms with a third party, meaning certain conditions set out in the Placing Agreement would not have been able to be satisfied.

Capitalised terms used in this announcement have the meanings given to them in the Placing Announcement, unless the context provides otherwise.

Enquiries:

Craneware plc +44 (0)131 550 3100
Keith Neilson, CEO  
Craig Preston, CFO  

 

Peel Hunt (NOMAD and Joint Broker) +44 (0)20 7418 8900
Dan Webster  
George Sellar  
Andrew Clark  
Will Bell  

 

Investec Bank (Joint Broker) +44 (0)20 7597 5970
Patrick Robb  
Henry Reast  
Sebastian Lawrence  
Virginia Bull  
Sean Henney  

 

Joh. Berenberg, Gossler & Co. KG +44 (0)20 3207 7800
Mark Whitmore  
Andrew Bickerton  
Alix Mecklenburg-Solodkoff  

 

Alma (Financial PR) +44 (0)20 3405 0212
Caroline Forde craneware@almapr.co.uk
Robyn Fisher  
Helena Bogle  

 

This Announcement is released by Craneware plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, the person responsible for arranging for the release of this Announcement on behalf of the Company is Craig Preston, Chief Financial Officer.