Last checked at 19 Jan 2011 12:38
Cyan Holdings plc
("Cyan" or "the Company")
Issue of shares
In the Company's announcement on 1 September 2010, the Company stated that it intended to issue a convertible loan note for £450,000 and on 11 November 2010, the Company announced that final terms and documentation of the convertible loan note could not be agreed. Since that time, the Company has continued to make progress, having secured initial orders for lighting control systems in China and gained good traction on other opportunities.
Today, the Company is pleased to announce that it has raised £900,000 through the issue of 72,000,000 ordinary shares of 0.2p each ("Ordinary Shares") at a price of 1.25p per share. The additional funds will be used for working capital purposes.
As part of this process, Simon Smith, a director of the Company, has subscribed for 2,000,000 Ordinary Shares for a consideration of £25,000. Following this transaction, Simon Smith will hold 7,777,778 Ordinary Shares, representing 0.78 per cent. of the entire issued share capital of Cyan.
At the time of the Company's last General Meeting authorities were sought in relation to the non-pre-emptive allotment of Ordinary Shares and the issue of these new Ordinary Shares is covered by these authorities.
Following the admission of the new Ordinary Shares, the Company's total issued share capital will be 997,554,478 ordinary shares of 0.2p each. This figure (997,554,478 ordinary shares) may be used by shareholders 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 Company under the Disclosure and Transparency Rules.
Application has been made by the Company for the new Ordinary Shares to be admitted to trading on AIM. It is expected that the new Ordinary Shares will be admitted to trading on AIM and that dealings will commence at 8.00 a.m. on 24 January 2011 in respect of the new Ordinary Shares.
Enquiries:
Cyan Holdings plc www.cyantechnology.com
Kenn Lamb, CEO Tel: +44 (0)1954 234 400
Cenkos Securities plc
Stephen Keys / Adrian Hargrave Tel: +44 (0)20 7397 8900