Fundraise of £40 million
Singer Capital Markets is delighted to have acted as Joint Broker and Joint Bookrunner to essensys plc on its raising of £31.3 million via an Accelerated Bookbuild process.
Following the deduction of associated fees and expenses, the net proceeds receivable by the Company will be approximately £30 million and which will be used to accelerate the Company’s growth strategy and product development.
Additionally, the Secondary Placing has raised approximately £6.3 million of gross proceeds for Mark Furness, Chief Executive Officer, through the placing of 2,219,563 Secondary Placing Shares at the Offer Price of 285 pence per Placing Share.
Qualifying Shareholders will also have the opportunity to subscribe for a further 701,755 New Ordinary Shares via an Open Offer at the Offer Price to raise up to a further £2.0 million before expenses for the Company.
Subject to, amongst other things, the passing of the Resolutions, settlement for the New Ordinary Shares and Admission are expected to take place at 8.00 a.m. on or around 27 July 2021.
Jon Lee, Non-Executive Chairman of essensys plc, said:
“We are delighted by the market’s reaction to our proposed placing of new shares, are grateful for the continued support of existing investors and look forward to welcoming new shareholders onto the register. We are also pleased to be launching the open offer, thereby providing an opportunity for our wider shareholder base to participate in the fundraise.
We are excited by the long-term growth opportunities ahead for the Company and look forward to updating the market on our progress as we deploy the proceeds of our significantly oversubscribed placing.”
About essensys plc
essensys is the leading global provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry. essensys’ software is specifically designed and developed to help solve the complex operational challenges faced by multi-site flexible workspace operators as they grow and scale their operations.
The Group’s technology allows operators to deliver a range of differentiated, flexible and customer-specific services to a broad base of tenants across multiple locations and helps operators to manage the cost, operational and technological challenges they typically encounter.
Market Cap: £160.87 million*
Website: Click here
*As at 27/07/2021