mmmm1 Oct 2019 16:39
The Company expects that the prospectus will be published as soon as, and contemporaneously with, MESH's interest in Sentiance increasing to 78.1% on a fully diluted based.
The Company has been granted dispensation by NEX from the requirement to obtain shareholder approval to leave the NEX Exchange. The delisting from the NEX Exchange will take effect from the close of business today.
Conditional Exercise of 50 pence per share Warrants, issue of New Warrants
The Company has agreed with RRNB Limited ("RRNB") that the Warrant owned by RRNB will be exercised in full prior to 31 December 2019. As announced on 12 April 2019, the Warrants are over 50,000,000 MESH shares and have an exercise price of 50 pence per share. The Warrant exercise is conditional upon the passing of the Rule 9 whitewash resolution and the admission of the Company's shares to trading on the Official List as described above. Once the proposed Warrant exercise is completed, the Company will, as previously announced, automatically issue RRNB with a new Warrant for the subscription of 25 million new ordinary shares at a price of 120 pence per share valid for an exercise period of two years.
The Company previously announced on 1 July 2019 the exercise of 5,000,000 warrants at an exercise price of 20 pence per share. The Company has agreed an extended settlement with the warrant holder following the suspension of the Company's shares such that the exercise price will be paid and the shares issued upon the proposed admission as described above.
Executive Team Developments
The Company confirms that Manjit Ram has been appointed by the Company on a permanent basis as Finance Director[1]. The Company has awarded Manjit 1,000,000 additional Options, which will vest over a three period with an exercise price of 50 pence per share. Manjit already holds 1,250,000 Options, also with an exercise price of 50 pence and vesting over three years.
The Company also announces that Michael Kogeler, SVP Technology & operations, has decided with immediate effect to leave MESH in order to pursue other professional opportunities.
Commenting on today's announcement Mark De Smedt Chairman & CEO of MESH said: "We have continued to make tangible progress over the past several months and are now at the final implementation phase of the transformative Sentiance acquisition. Sentiance's positive momentum continues to gather pace and we look forward to providing further information to Shareholders in the near term. The Board sees the proposed admission of the Company's shares to the Official List as a natural business progression and is focused on achieving it in a timely fashion."
The person who arranged for the release of this announcement on behalf of the Company is Mark De Smedt, Chief Executive Officer.