Bagir Group Ltd, a designer, creator and provider of innovative formalwear tailoring, is pleased to announce the commencement at 08.00 today of dealings in its Ordinary Shares on AIM, a market operated by London Stock Exchange plc.
• The Placing has raised approximately £20.0 million (US$33.4 million) before expenses through the placing of 35,714,285 new shares on behalf of the Company (the "Placing") at a placing price of 56 pence per Ordinary Share (the "Placing Price").
• The total number of Ordinary Shares in issue at Admission is 50,223,210, giving the Group a market capitalisation of £28.1 million (US$47.0 million) at the Placing Price.
• The Group intends to use the net proceeds of the Placing to:
- Repay bank loans of US$9.0 million and repay invoice factoring credit of approximately US$7.0 million;
- Provide working capital to support the Group’s strategy; and
- Invest in the Ethiopian production facility, and the Group’s IT and R&D departments.
• The Group's trading symbol is BAGR and the Group's ISIN code is IL0011317216.
N+1 Singer Advisory LLP acted as Nominated Adviser and sole Broker to the Group.
Commenting on the successful Placing and Admission to AIM, Danny Taragan, Chief Executive of Bagir said, “We are pleased to have joined AIM today and this marks an important milestone in the Group’s 52 year history. We have received solid support from investors and have raised £20m in a placing that will be used to pay down existing debt and provide working capital to support the Group’s future growth. We would like to welcome our new shareholders to the register and look forward to updating them on our progress.”