THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
2 November 2023
Norman Broadbent plc
("Norman Broadbent" or the "Company")
conversion and EARLY Redemption of OUTSTANDING convertible loan notes
and
Total voting rights
Conversion and early redemption of outstanding Convertible Loan Notes (the "CLNs")
Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and Interim Management firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services, is pleased to announce the conversion and early redemption of all outstanding CLNs. The CLNs were issued to two holders in May 2022 with a value of £0.4 million, half of which was redeemed by the Company in May 2023.
The Company has received conversion notices from both noteholders and consequently has allotted 2,047,706 new ordinary shares of 1p each (the "New Shares") at a conversion price of 7.0 pence per New Share for half the outstanding amount of the CLNs, the repayment of all interest due and the redemption fee. The remaining £100,000 of the CLNs has been redeemed.
Application will be made to the London Stock Exchange for admission of the New Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence in the New Shares on 10 November 2023. The New Shares will rank pari passu with the existing ordinary shares of 1p each in the Company (the "Ordinary Shares").
Total Voting Rights
Following Admission, the Company's issued share capital will consist of 63,865,249 Ordinary Shares, none of which are held in treasury. Accordingly, the figure of 63,865,249 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further Information, please contact:
Norman Broadbent plc 020 7484 0000
Kevin Davidson, CEO
Mehr Malik, CFO
Shore Capital (Nominated Adviser and Broker) 020 7408 4090
Tom Griffiths / Tom Knibbs (Corporate Advisory)
Henry Willcocks (Corporate Broking)
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