Email Facebook Twitter

London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England

Servision PLC Regulatory News (SEV)

Regulatory News for Servision PLC (SEV)

There is currently no data for Servision PLC.

Subscription - Receipt of First Payment

Wed, 1st Mar 2017 07:00

RNS Number : 1479Y
SerVision plc
01 March 2017

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). 



1 March 2017


                                                               SerVision PLC                    

("SerVision" or "the Company")


Further re. subscription to raise $2.0 million and issue of equity


Receipt of funds


SerVision AIM: (SEV), a leader in mobile live video streaming over wireless and cellular networks, announces that, further to the announcement of 22 February 2017 regarding the $2.0 million of new capital from Cascade SVP, LLC ("Cascade"), the Company has received the first payment of $1.0 million. Consequently, the Company has today allotted to Cascade 7,044,542 new ordinary shares at a price of 11.4 pence per share (the "New Ordinary Shares").


As announced by the Company on 22 February 2017, the second tranche of US$1.0 million is due from Cascade in 90 days from 22 February 2017.


Admission of the New Ordinary Shares to trading on AIM


Following receipt of the initial $1.0 million from Cascade, application has been made to the London Stock Exchange for the 7,044,542 New Ordinary Shares to be admitted to trading on AIM ("Admission"). The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of the Company. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will become effective at 8.00 a.m. on 7 March 2017.


Major shareholdings


Following the issue of the New Ordinary Shares, Cascade will have a beneficial interest in 7,044,542 ordinary shares of 1 pence each in the Company ("Ordinary Shares") representing 5.3 per cent. of the enlarged share capital of the Company.


Further to the announcements of 22 February 2017 and 23 February 2017, Gidon Tahan (Chairman and CEO of the Company) continues to retain full ownership over, and the voting rights to, 9,857,881 Ordinary Shares representing 7.37 per cent. of the enlarged share capital of the Company.


Further to the announcements of 22 February 2017 and 23 February 2017 the Company confirms that, following the issue of the New Ordinary Shares to Cascade, the guarantee provided by Gidon Tahan to Cascade will only result in an obligation to transfer shares to Cascade in the event that the Company fails to issue to Cascade the second tranche of new Ordinary Shares in accordance with the terms of its subscription agreement. The Company believes that such circumstances are extremely unlikely. The guarantee will cease on the issue of the second tranche of subscription shares to Cascade.


Total voting rights


Following Admission of the New Ordinary Shares, the Company's issued ordinary share capital will consist of 133,846,293 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 133,846,293. 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

Related Shares:
SerVision (SEV)

28-Jun-18 17:00RNSProposed Appointment of LiquidatorCompany Announcement - General
14-Jun-18 07:00RNSUpdate re. proposed sale of SerVision LimitedCompany Announcement - General
05-Jun-18 11:57RNSUpdate re. proposed sale of SerVision LimitedCompany Announcement - General
24-May-18 15:29RNSUpdate re. SerVision Limited and suspensionCompany Announcement - General
27-Apr-18 17:13RNSUpdate re. SerVision Limited and suspensionCompany Announcement - General
18-Apr-18 07:00RNSUpdate re. SerVision Limited and suspensionCompany Announcement - General
29-Mar-18 09:08RNSUpdate re suspensionCompany Announcement - General
26-Mar-18 15:21RNSUpdate re suspension and Court hearingCompany Announcement - General
19-Mar-18 15:52RNSUpdate re suspensionCompany Announcement - General
13-Mar-18 07:00RNSUpdate re SuspensionCompany Announcement - General
20-Feb-18 12:08RNSSuspension of TradingCompany Announcement - General
20-Feb-18 10:30RNSSuspension - SerVision PlcCompany Announcement - General
13-Feb-18 10:33RNSTrading updateResults and Trading Reports
01-Dec-17 11:16RNSChange of BrokerExecutive Changes
28-Sep-17 11:52RNSHalf-year ReportResults and Trading Reports
24-Aug-17 12:34RNSResult of AGMResults and Trading Reports
17-Aug-17 07:00RNSAmendment to YA FacilityCompany Announcement - General
08-Aug-17 21:30Spectra7 Announces Record Financial Results for the Second Quarter of 2017Company Announcement - General
31-Jul-17 15:30RNSNotice of AGMResults and Trading Reports
24-Jul-17 12:00Spectra7 Completes Private PlacementCompany Announcement - General
18-Jul-17 07:00RNSNew ContractCompany Announcement - General
11-Jul-17 13:30Spectra7 Announces Voting Results from Annual and Special Meeting of ShareholdersCompany Announcement - General
10-Jul-17 11:30RNSResult of EGMCompany Announcement - General
30-Jun-17 13:30RNSFinal ResultsResults and Trading Reports
15-Jun-17 10:30RNSNotice of EGM & Trading StatementCompany Announcement - General
07-Jun-17 23:52Spectra7 Microsystems Inc. Announces Concurrent Private PlacementCompany Announcement - General
31-May-17 16:30RNSTotal Voting RightsHolding(s) in Company
25-May-17 07:38RNSSubscription - Receipt of Second PaymentCompany Announcement - General
15-May-17 21:23Spectra7 Announces Financial Results For The Quarter Ended March 31, 2017Company Announcement - General
02-May-17 14:00Spectra7 Microsystems Announces Appointment of New OfficerCompany Announcement - General

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.