Last checked at 15 Sep 2017 12:13
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN CYANCONNODE HOLDINGS PLC OR ANY OTHER ENTITY IN ANY JURISDICTION.
CyanConnode Holdings plc
("CyanConnode", the "Company" or together with its subsidiaries the "Group")
Result of Placing and Subscription to raise £8.6 million
Notice of General Meeting
Result of Fundraising
CyanConnode (AIM:CYAN.L), the world leader in narrowband radio mesh networks, is pleased to announce that, following the announcement made earlier today, the Company has raised a total of approximately £8.6 million (before expenses) by way of the conditional Placing of 16,995,349 Consolidated Shares and the Subscription for 13,857,139 Consolidated Shares, at a price of 28 pence per share (the "Issue Price").
Directors' Participation and Related Party Transaction
Certain Directors have subscribed for Consolidated Shares at the Issue Price as per the table below (the "Directors' Participation"):
Director | As at the date of this document | Immediately following Placing Admission | |
Fundraising Shares Acquired | Number of Consolidated Shares | Percentage of Enlarged Share Capital | |
Peter Hutton | 35,714 | 167,258 | 0.14% |
Paul Ratcliff | 17,857 | 91,100 | 0.08% |
The subscription by the Directors constitute related party transactions for the purposes of AIM Rule 13.
Simon Smith, John Cronin and Harry Berry are considered to be independent directors for purposes of AIM Rule 13 ("Independent Directors"). As such, the Independent Directors, having consulted with the Company's nominated adviser, consider the Directors' Participation to be fair and reasonable insofar as the Company's shareholders are concerned.
General Meeting and Admission
The Fundraising is subject to the passing of certain resolutions at a general meeting of the Company (the "General Meeting"). A circular containing a notice of the General Meeting is expected to be posted to Shareholders shortly. The Circular will set out the reasons for, and provide further information on, the Fundraising, to explain why the Board considers the Fundraising to be in the best interests of the Company and its Shareholders as a whole and why the Directors unanimously recommend that Shareholders vote in favour of the Resolutions.
Assuming all relevant Resolutions are approved, it is expected that EIS/VCT Admission will become effective and that dealings in all of the Consolidated Shares and EIS/VCT Placing Shares and 5,482,142 of the Subscription Shares will have commenced by 8.00 a.m. on 3 October 2017. It is expected that General Admission will become effective and that dealings in all of the General Placing Shares and 6,589,283 of the Subscription Shares will have commenced by 8.00 a.m. on 4 October 2017. It is expected that April Admission will become effective and that dealings in 1,785,714 of the Subscription Shares will have commenced by 8.00 a.m. on 10 April 2018.
Application will be made to the London Stock Exchange plc for the Fundraising Shares to be admitted to trading on AIM. It is expected that EIS/VCT Admission will become effective and that dealings in all of the 89,543,134 Consolidated Shares, 3,257,855 EIS/VCT Placing Shares and 5,482,142 Subscription Shares will have commenced by 8.00 a.m. on 3 October 2017. It is expected that General Admission will become effective and that dealings in all of the 13,737,494 General Placing Shares and 6,589,283 Subscription Shares will have commenced by 8.00 a.m. on 4 October 2017. It is expected that April Admission will become effective and that dealings in all of 1,785,714 Subscription Shares will have commenced by 8.00 a.m. on 10 April 2018. The total number of voting rights following General Admission will be 118,609,908.
The above 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 under the FCA's Disclosure Guidance and Transparency Rules.
John Cronin, Chairman, said:
"We have been delighted by the continued support shown by our investors. The proceeds will allow us to further grow the Company by investing in both our technology and our people."
Unless otherwise defined, all capitalised terms in this announcement are defined in the Company's announcement of the Fundraising (earlier today).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").
Enquiries:
CyanConnode Holdings plc | Tel: +44 1223 225 060 |
John Cronin, Executive Chairman | www.cyanconnode.com |
finnCap Ltd (Nomad and Broker) | Tel: +44 20 7220 0500 |
Adrian Hargrave / Giles Rolls (Corporate Finance) Alice Lane / Sultan Awan (Corporate Broking) | |
Walbrook PR (Financial PR) | Tel: +44 20 7933 8780 |
Paul Cornelius / Nick Rome
| cyanconnode@walbrookpr.com |
About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Ultimesh solutions provide end-to-end quality of service and total cost of ownership and Panmesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of 3rd party applications. Through its global partner eco-system, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.