RE: ...25 Sep 2017 11:43
last two statements on the cascade options one from results one from the trading update................................
....Cascade Options
On 22 February 2017 SerVision plc (the "Company") announced the terms of a subscription ("Subscription") for new ordinary shares of 1 pence each ("Ordinary Shares") in the capital of the Company made by Cascade SVP, LLC ("Cascade") to raise US$2 million. The Subscription was made in two separate tranches with the initial US$1 million being received by the Company on 1 March 2017 resulting in the allotment to Cascade of a total of 7,107,850 new Ordinary Shares at an issue price of 11.3 pence and the second US$1 million being received on 25 May 2017 resulting in the allotment to Cascade of a further 7,107,850 new Ordinary Shares also at an issue price of 11.3 pence each.
In addition to the US$2 million subscription, Cascade was granted options ("Options") to invest up to a further US$4.0 million, in two equal tranches at the same valuation as the Subscription. The first tranche ("First Tranche") is an option to subscribe for up to 15,795,222 new Ordinary Shares (being 11.1% of the current issued share capital) at 12.66 cents each (equivalent to approximately 9.97p at today's exchange rate), amounting to up to $2.0 million in aggregate, and exercisable by 20 October 2017. The second tranche ("Second Tranche") is an option to subscribe for up to 17,374,919 new Ordinary Shares at 11.51 cents each (equivalent to approximately 9.06p at today's exchange rate), again amounting to up to $2.0 million in aggregate, and exercisable by 29 September 2018.
As at the date of this circular Cascade has a beneficial interest in 14,215,700 Ordinary Shares representing 10.0% of the share capital of the Company. Should Cascade choose to exercise the First Tranche in full, and assuming that no other new Ordinary Shares are issued by the Company, then Cascade would hold up to 19 % of the enlarged issued share capital of the Company. Should Cascade choose to exercise both the First Tranche and the Second Tranche in full, and assuming that no other new Ordinary Shares are issued by the Company, then Cascade would hold up to 27% of the enlarged issued share capital of the Company