REG - Shore Capital Stock. Warpaint London PLC - Result of Accelerated Bookbuild in Warpaint

Warpaint LondonAnnouncement

03/05/2024 07:00

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RNS Number : 0894N  Shore Capital Stockbrokers Ltd  03 May 2024

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF
CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION,
RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE
ACQUIRE OR DISPOSE OF ANY SECURITIES OF WARPAINT LONDON PLC IN ANY
JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED ("MAR").
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INFORMATION WILL NO LONGER
CONSTITUTE INSIDE INFORMATION.

3 May 2024

 

RESULT OF UPSIZED PLACING OF 7 MILLION ORDINARY SHARES IN Warpaint london PLC
(THE "COMPANY" OR "warpaint") BY SAMUEL BAZINI, CEO AND EOIN MACLEOD, MANAGING
DIRECTOR (TOGETHER THE "SELLERS").

 

Further to the announcement of 2 May 2024, the Sellers announce that, subject
to completion, they have sold in aggregate 7 million ordinary shares in
Warpaint (the "Placing Shares") at a price of 450 pence per share (the
"Placing"), raising aggregate gross proceeds for the Sellers of £31.5
million.

 

The Placing was conducted through an accelerated bookbuild to institutional
investors. Shore Capital Stockbrokers Limited ("Shore") acted as sole
bookrunner (the "Sole Bookrunner") for the Sellers in connection with the
Placing.

 

The Placing was substantially oversubscribed and was very strongly supported
by both existing and a large number of new institutional investors.
Accordingly, to aid allocations, the Sellers agreed to upsize the Placing from
6 million ordinary shares to 7 million ordinary shares during the accelerated
bookbuild.

 

The Placing Shares represent approximately 9.06 per cent. of the Company's
current issued ordinary share capital.

 

Following completion of the Placing, Samuel Bazini will hold c.15.95
million(1) ordinary shares in the Company, representing approximately 20.64%
of the Company's issued ordinary share capital and Eoin Macleod will hold
c.15.95 million(2) ordinary shares in the Company, representing approximately
20.64% of the Company's issued ordinary share capital (together, the "Retained
Shares"). The Retained Shares will be subject to a lock-up which ends twelve
months after completion of the Placing (unless consent is granted by both the
Sole Bookrunner and the Board of Warpaint).

 

The trade date for the Placing will be 3 May 2024 and settlement is expected
to occur on a T+2 basis on 8 May 2024, subject to the satisfaction or waiver
of certain customary conditions.

 

Allocations in the Placing will be confirmed to placees as soon as practicable
today.

 

 

Notes:

 

1.        Includes 4,250,000 ordinary shares held by the wife of Samuel
Bazini

2.        Includes 4,250,000 ordinary shares held by the wife of Eoin
Macleod

 

Contacts / Enquiries

 

Shore Capital

+44 (0) 20 7408 4090

 

Corporate Advisory - Patrick Castle /Daniel Bush /Rachel Goldstein

 

Corporate Broking - Fiona Conroy

 

 

Important Information

 

MEMBERS OF THE GENERAL PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING.
THIS ANNOUNCEMENT AND ANY OFFER OF SECURITIES TO WHICH IT RELATES ARE ONLY
ADDRESSED TO AND DIRECTED ONLY AT PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE
THEM IN ACQUIRING, HOLDING, MANAGING AND DISPOSING OF INVESTMENTS (AS
PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESS AND WHO HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE (1) IF IN
ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA"), QUALIFIED INVESTORS
("QUALIFIED INVESTORS") AS DEFINED IN ARTICLE 2 (E) OF REGULATION (EU)
2017/1129; AND (2) IF IN THE UNITED KINGDOM, QUALIFIED INVESTORS AS DEFINED
WITHIN REGULATION (EU) 2017/1129 AS IT FORMS PART OF RETAINED UK LAW BY VIRTUE
OF THE EUROPEAN UNON (WITHDRAWAL) ACT 2018 AS AMENDED WHO (I) HAVE
PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN
ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER"); OR (II) FALL WITHIN ARTICLE
49(2)(A) TO (D) OF THE ORDER OR (III) ARE PERSONS TO WHOM AN OFFER OF THE
PLACING SHARES MAY OTHERWISE LAWFULLY BE MADE (ALL SUCH PERSONS REFERRED TO IN
(1) AND (2) TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THE INFORMATION
REGARDING THE PLACING SET OUT IN THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR
RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR
INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO
RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.

 

This announcement and the information contained herein is for information
purposes only and does not constitute or form part of any offer of, or the
solicitation of an offer to acquire or dispose of securities in the United
States, Canada, Australia, New Zealand, the Republic of South
Africa or Japan or in any other jurisdiction in which such an offer or
solicitation is unlawful.

 

The Placing Shares have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or under the
securities laws of any state or other jurisdiction of the United States, and
absent registration, may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and the securities laws of any
relevant state or other jurisdiction of the United States. There will be no
public offering of the Placing Shares in the United States or elsewhere.

 

The Placing Shares have not been approved or disapproved by the US Securities
and Exchange Commission, any state securities commission or other regulatory
authority in the United States, nor have any of the foregoing authorities
passed upon or endorsed the merits of the Placing or the accuracy or adequacy
of this announcement. Any representation to the contrary is a criminal offence
in the United States.

 

No prospectus or offering document has been or will be prepared in connection
with the Placing. Any investment decision to buy securities in the Placing
must be made solely on the basis of publicly available information. Such
information is not the responsibility of and has not been independently
verified by the Sellers or by Shore or any of their respective affiliates.

 

Neither this announcement nor any copy of it may be taken, transmitted or
distributed, directly or indirectly, in or into or from the United
States (including its territories and possessions, any state of the United
States and the District of Columbia), Canada, Australia, New Zealand, the
Republic of South Africa or Japan. The distribution of this announcement may
be restricted by law in certain jurisdictions and persons into whose
possession this document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the securities
laws of any such jurisdiction.

 

The distribution of this announcement and the offering or sale of the Placing
Shares in certain jurisdictions may be restricted by law. No action has been
taken by the Sellers, Shore or any of their respective affiliates that would,
or which is intended to, permit a public offer of the Placing Shares in any
jurisdiction or possession or distribution of this announcement or any other
offering or publicity material relating to the Placing Shares in any
jurisdiction where action for that purpose is required. Persons into whose
possession this announcement comes are required by the Sellers and Shore to
inform themselves about and to observe any applicable restrictions.

 

No reliance may be placed, for any purposes whatsoever, on the information
contained in the announcement or on its completeness and this announcement
should not be considered a recommendation by Shore in relation to any purchase
of, or subscription for, securities of Warpaint.

 

Shore, which is authorised and regulated by the Financial Conduct Authority in
the United Kingdom is acting only for the Sellers and no-one else in
connection with the Placing.  It will not regard any other person as its
client in relation to the Placing and will not be responsible to anyone other
than the Sellers for providing the protections offered to its clients nor for
providing advice in relation to the Placing or any matters referred to in this
announcement.

 

Shore and its affiliates acting as an investor for their own account may
participate in the Placing on a proprietary basis and in that capacity may
retain, purchase or sell for their own account such Placing Shares. In
addition, they may enter into financing arrangements and swaps with investors
in connection with which they may from time to time acquire, hold or dispose
of Placing Shares. Shore does not intend to disclose the extent of any such
investment or transactions otherwise than in accordance with any legal or
regulatory obligation to do so.

 

Neither Shore nor any of its directors, shareholders, officers, employees,
advisers or agents accepts any responsibility or liability whatsoever for or
makes any representation or warranty, express or implied, as to the truth,
accuracy or completeness of the information in this announcement (or whether
any information has been omitted from the announcement) or any information
relating to Warpaint or its subsidiaries or associated companies, whether
written, oral or in a visual or electronic form, and howsoever transmitted or
made available or for any loss howsoever arising from any use of this
announcement or its contents or otherwise arising in connection therewith.

 

Neither the Sellers nor any of his advisers or agents accepts any
responsibility or liability whatsoever for or makes any representation or
warranty, express or implied, as to the truth, accuracy or completeness of the
information in this announcement (or whether any information has been omitted
from the announcement) or any information relating to Warpaint or its
subsidiaries or associated companies, whether written, oral or in a visual or
electronic form, and howsoever transmitted or made available or for any loss
howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith.

 

UK Product Governance Requirements

 

Solely for the purposes of the product governance requirements of Chapter 3 of
the FCA Handbook Product Intervention and Product Governance Sourcebook (the
"UK Product Governance Requirements"), and disclaiming all and any liability,
whether arising in tort, contract or otherwise, which any manufacturer (for
the purposes of the UK Product Governance Requirements) may otherwise have
with respect thereto, the Placing Shares have been subject to a product
approval process, which has determined that such Placing Shares are: (i)
compatible with an end target market of retail investors and investors who
meet the criteria of professional clients and eligible counterparties, each as
respectively defined in paragraphs 3.5 and 3.6 of the FCA Handbook Conduct of
Business Sourcebook; and (ii) eligible for distribution through all permitted
distribution channels (the "Target Market Assessment").

 

Notwithstanding the Target Market Assessment, distributors should note that:
the price of the Placing Shares may decline and investors could lose all or
part of their investment; the Placing Shares offer no guaranteed income and no
capital protection; and an investment in the Placing Shares is compatible only
with investors who do not need a guaranteed income or capital protection, who
(either alone or in conjunction with an appropriate financial or other
adviser) are capable of evaluating the merits and risks of such an investment
and who have sufficient resources to be able to bear any losses that may
result therefrom.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the
Placing. Furthermore, it is noted that, notwithstanding the Target Market
Assessment, Shore will only procure investors who meet the criteria of
professional clients and eligible counterparties.

 

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of
Chapters 9A or 10A respectively of the FCA Handbook Conduct of Business
Sourcebook; or (b) a recommendation to any investor or group of investors to
invest in, or purchase, or take any other action whatsoever with respect to
the Placing Shares.

 

Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

 

 

EU Product Governance Requirements

 

Solely for the purposes of the product governance requirements contained
within: (a) EU Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive
(EU) 2017/593 supplementing MiFID II; and (c) local implementing measures
(together, the "MiFID II Product Governance Requirements"), and disclaiming
all and any liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the MiFID II Product Governance
Requirements) may otherwise have with respect thereto, the Placing Shares have
been subject to a product approval process, which has determined that the
Placing Shares are: (i) compatible with an end target market of (a) retail
investors, (b) investors who meet the criteria of professional clients and (c)
eligible counterparties, each as defined in MiFID II; and (ii) eligible for
distribution through all distribution channels as are permitted by MiFID II
(the "EU Target Market Assessment").

 

Notwithstanding the EU Target Market Assessment, distributors should note
that: the price of the Placing Shares may decline and investors could lose all
or part of their investment; the Placing Shares offer no guaranteed income and
no capital protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital protection,
who (either alone or in conjunction with an appropriate financial or other
adviser) are capable of evaluating the merits and risks of such an investment
and who have sufficient resources to be able to bear any losses that may
result therefrom.  The EU Target Market Assessment is without prejudice to
the requirements of any contractual, legal or regulatory selling restrictions
to the Placing. Furthermore, it is noted that, notwithstanding the EU Target
Market Assessment, Shore will only procure investors who meet the criteria of
professional clients or eligible counterparties.

 

For the avoidance of doubt, the EU Target Market Assessment does not
constitute: (a) an assessment of suitability or appropriateness for the
purposes of MiFID II; or (b) a recommendation to any investor or group of
investors to invest in, or purchase, or take any other action whatsoever with
respect to the Placing Shares.

 

Each distributor is responsible for undertaking its own target market
assessment in respect of the Placing Shares and determining appropriate
distribution channels.

 

This document includes statements that are, or may be deemed to be,
forward-looking statements. These forward-looking statements may be identified
by the use of forward-looking terminology, including the terms "intends",
"expects", "will", or "may", or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. Any
forward-looking statements are subject to risks relating to future events and
assumptions relating to the Company's business, in particular from changes in
political conditions, economic conditions, evolving business strategy, or the
retail industry. No assurances can be given that the forward-looking
statements in this document will be realised. As a result, no undue reliance
should be placed on these forward-looking statements as a prediction of actual
results or otherwise.

 

 

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