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Servision PLC Regulatory News (SEV)

Regulatory News for Servision PLC (SEV)

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Exercise of Warrants and Issue of Equity

Thu, 9th Mar 2017 12:30

RNS Number : 0475Z
SerVision plc
09 March 2017


9 March 2017


                                                               SerVision PLC                    

("SerVision" or "the Company")



Exercise of Warrants, Issue of Equity and Total Voting Rights


Exercise of Warrants


SerVision (AIM: SEV), a leader in mobile live video streaming over wireless and cellular networks, announces that it has received a warrant exercise notice in respect of 1,139,549 new ordinary shares in the Company (the "Warrant Exercise Shares") at an exercise price of 3.5 pence per share. The proceeds realisable by the Company from this warrant exercise are £39,884.22 and have been received by the Company.


These warrants were issued to Beaufort Securities Limited on 13 October 2015 in connection with their role as broker on the fundraise announced by the Company on 25 September 2015.


Pursuant to the above exercise, 1,139,549 new ordinary shares of 1 pence each in the Company have been issued and allotted to Beaufort Securities Limited.


Adjustment in Cascade Subscription Shares and Options


Under the terms of the subscription by Cascade SVP, LLC ("Cascade"), announced by the Company on 22 February 2017 (the "Announcement"), the Company is required to issue additional new ordinary shares to Cascade following the exercise of warrants or options or other rights already in issue at the date of the Announcement ("a "Dilutive Event"), so that the percentage of the issued share capital held by Cascade following the Dilutive Event is the same as it had been prior to the Dilutive Event.


Since the issue of the Warrant Exercise Shares is a Dilutive Event, the Company has also issued 63,308 new ordinary shares to Cascade (the "Cascade Shares"), increasing Cascade's holding to 7,107,850 ordinary shares, representing 5.3% of the Company's issued share capital.


In addition, the number of new ordinary shares to be issued to Cascade upon the second closing of the Subscription, as defined in the Announcement, will be increased from 7,044,542 to 7,107,850 so that Cascade's holding following completion of the Subscription will be 14,215,700 ordinary shares, representing 10.0 per cent. of the Company's then issued share capital. The effective subscription price is now 11.3p and the effective Cascade option prices become 10.13p and 9.21p respectively. The Announcement contains further details on the Options.


Following the issue of the new Ordinary Shares, the Company has a further 10,452,504 outstanding warrants and options at exercise prices between 4.81 pence and 10.74 pence.


The table below provides further details on the outstanding options and warrants:


Name of warrantholder or optionholder

Number of warrants or options

Exercise price (pence)

Expiry date

YA Global/YA II PN Ltd


4.81 pence


Eliyahu Greineman


10.4 pence


YA Global/YA II PN Ltd


10.74 pence


Company employees


7 pence


Company employees


7 pence


Company employees


7 pence


Company employees


7 pence




Exercise of any of these warrants or options would also count as dilutive events resulting in further issues of new ordinary shares to Cascade as required to maintain their percentage holding in the Company. Any options or warrants issued following the date of the Announcement will not count as dilutive events.


In addition, YA II PN Ltd has an outstanding loan with the Company, further details which were most recently announced on 8 July 2016. The amount outstanding in relation to the loan is currently $592,000 and the current repayment schedule envisages the balance being paid in full by July 2017. As previously announced on 8 July 2016 the loan is capable of conversion into new ordinary shares in the Company at a conversion price of no less than 3 pence. The Company and YA II PN Ltd have agreed that, save in the circumstances whereby the Company fails to meet its repayment obligations under the loan agreement, YA II PN Ltd will not exercise its conversion rights under the loan agreement.


Admission of new Ordinary Shares to trading on AIM


Application has been made for admission of the Warrant Exercise Shares and the Cascade Shares to trading on AIM (together the "New Ordinary Shares"). The 1,202,857 New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares. It is expected that admission of the New Ordinary Shares will become effective and that dealings in the New Ordinary Shares will become effective at 8.00 a.m. on 15 March 2017.


The New Ordinary Shares will represent 0.9% of the enlarged share capital of the Company.


Total Voting Rights


Following admission of the New Ordinary Shares, the Company's issued ordinary share capital will consist of 135,049,150 Ordinary Shares with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 135,049,150. This figure may be used by shareholders in the Company 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 share capital of the Company.




For further information:



SerVision plc

+972 2535 0000

Gidon Tahan, Chairman and CEO


Allenby Capital Limited (Nominated Adviser and Joint Broker)

+44 (0)20 3328 5656

Nick Athanas / James Reeve 


Beaufort Securities Limited (Joint Broker)

Elliot Hance

+44 (0)20 7382 8300


Leander PR (Financial PR)

Christian Taylor-Wilkinson

+44 (0)7795 168 157




Notes to Editors


SerVision is a pioneer in the field of security communications technology and a leading developer and manufacturer of fully integrated video recording and transmission systems for homeland security and transportation applications. The Company's core technology is proprietary video compression which is optimised for streaming real-time video over any type of cellular or narrowband network.







This information is provided by RNS
The company news service from the London Stock Exchange

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