LONDON: SysGroup plc, a leading company in the tech sector, has launched a retail offer to raise funds through the issuance of new ordinary shares. The company aims to generate up to £0.5 million by offering new ordinary shares at an issue price of 33 pence each, which is a 5.7% discount from the closing share price on 5 June 2024.

This retail offer is part of a broader fundraising initiative that includes a placing and subscription of new ordinary shares, collectively referred to as the “Fundraising.” The retail offer is distinct from the placing and subscription, with its completion not being contingent upon the other elements of the Fundraising.

The proceeds from the retail offer will be allocated in the same manner as those from the placing and subscription, details of which were disclosed in a separate announcement by the company.

The offer is subject to certain conditions, including the approval of fundraising resolutions and admission. If these conditions are met, the admission of the retail offer shares is anticipated to occur at 8:00 a.m. on 26 June 2024. The completion of the retail offer is also dependent on the fundraising resolutions being passed at a general meeting scheduled for 1:00 p.m. on 24 June 2024.

Key Dates for the Retail Offer:

– Opening of the Retail Offer: 8:00 a.m. on 7 June 2024

– Deadline for commitments: 4:30 p.m. on 13 June 2024

– Announcement of the Retail Offer results: 13 June 2024

– General Meeting: 1:00 p.m. on 24 June 2024

– Commencement of Admission and dealings in new ordinary shares: 8:00 a.m. on 26 June 2024

Investors are looking forward to the potential growth opportunities this fundraising effort will bring to SysGroup plc.

SysGroup plc acquires Orchard Computers, a Bristol based managed IT service provider