Malvern International plc (“Malvern” or the “Company”), the global learning and skills development partner, announces that at the Annual General Meeting held earlier today, all resolutions were duly passed. In addition, the Company announces that at the General Meeting also held today, all resolutions were duly passed, including resolutions to approve a sub-division of the existing share capital and the issue of the Placing Shares and the Consideration Shares, details of which were set out in a circular to shareholders dated 17 May 2018.
The Placing of 100,000,000 New Ordinary Shares at a price of 4p per Placing Share has raised £4 million, before expenses, for the Company. The net proceeds of the Fundraising are expected to be approximately £3.725 million. These proceeds will be applied in satisfying the cash consideration of £1.65 million due in respect of the acquisition of Communicate English Schools Limited. The balance of the proceeds will be used to support the future growth of the business.