22 Sep 2014 07:00
Electrical Geodesics, Inc.
("EGI" or "the Company")
Unrestricted Share Trading Line to Facilitate CREST Settlement
EUGENE, OREGON, US, 22 September 2014 - Electrical Geodesics, Inc. (AIM: EGI), a leading neurodiagnostic medical technology company, is pleased to announce the introduction of a Depository Interest programme with Capita IRG Trustees Limited ("Capita") to enable its shares of Common Stock ("Shares") to be traded in CREST.
At the time of Admission of EGI's Shares to trading on AIM on 3 April 2013, restrictions on transfer under the United States securities laws required that the Shares had to be held in certificated form for a period of at least 12 months following Admission. Removal of trading restrictions allows those Shares to be transferred to a new unrestricted trading line (AIM: EGIC) which may be:
· settled, by means of Depositary Interests, through the CREST electronic settlement system; and
· sold in the US if the holders so elect.
EGI currently has a total of 24,448,786 Shares admitted to AIM and trading under the symbol EGI in a restricted manner as permitted by Regulation S of the U.S. Securities Act of 1933 ("Securities Act"). Shares that have been in issue for more than one year and are not held by 'affiliates' generally qualify for characterisation as 'Unrestricted Common Shares' under an exemption provided by Rule 144(k) of the Securities Act. All Unrestricted Common Shares will be eligible for migration to, and trading on, the unrestricted EGIC line once the trading facility is formally in place. All Shares not meeting the definition of Unrestricted Common Shares will continue to trade in a restricted manner under the EGI line. There is no difference in the rights attaching to Shares trading in the restricted line and those trading in the unrestricted line, but the EGIC line will serve to evidence the absence of restrictions on trading otherwise imposed by the Securities Act that will enable electronic settlement if a holder so desires.
The Depository Interest programme will be effective from 25 September 2014. Under this programme, Capita will issue Depository Interests to qualifying shareholders on a one-for-one basis for each Unrestricted Common Share in the Company held by that qualifying shareholder. Capita will appear on the register of members of the Company as the shareholder but the beneficial interest and all rights in the relevant common shares will remain with the original shareholder.
As a result of the Depository Interest programme, there will be two lines of stock in EGI as of 25 September 2014, relating to both the restricted and the unrestricted lines of stock.
The Company has noted Stock Exchange Notice Number N08/14 dated 18 September 2014 relating to the EU Regulation on Central Securities Depositories ("the EU Regulation"). Under the EU Regulation from 5 January 2015 all transactions in transferable securities taking place on a trading venue (Regulated Market, MTF, OTF), should be recorded in book entry form in a Central Securities Depository implying that all EGI's Shares currently in issue or that may be issued in the future must be traded in unrestricted form from early 2015.
A copy of the letter sent to shareholders setting out the process through which the Shares can be transferred to the new trading line EGIC is available at www.egi.com/investors-overview
For further information please contact:
| |
EGI | |
UK: Christine Soden, CFO | +44 7710 484199 |
US: Ann Bunnenberg, COO | +1 541 687 7962 |
Peel Hunt LLP (NOMAD and Broker) | +44 (0) 20 7418 8900 |
James Steel, Clare Terlouw | |
FTI Consulting (PR Advisors) | +44 (0) 20 3727 1000 |
Simon Conway, Mo Noonan |
About EGI
Founded in 1992, EGI designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity based on its proprietary dense array electroencephalography ("dEEG") platform technology. The Company's technology uses up to 256 sensors, providing much higher resolution brain activity data compared to conventional 8 or 16 channel EEG and is used in medical, clinical and research settings in a diverse range of applications including important areas such as the diagnosis and monitoring of epilepsy, neurosurgical planning, sleep assessment, and many others.
EGI's dEEG systems, available in the GES 300 and now the GES 400 lines, capitalize on the Company's unique Hydrocel Geodesic Sensor Net which allows faster, easier, and more convenient placement of many EEG sensors in an even distribution over the entire scalp, providing more accurate and precise diagnosis and measurement. EGI's technology is now widely used in neuroscience research laboratories and is becoming more commonly used in clinics, care centers, and hospitals around the world. Data is measured and visualised using EGI's proprietary amplifier technology and software, providing a complete, advanced, high-resolution EEG platform. The Company's products are compatible with multiple diagnostic and imaging technologies, including magnetic resonance (MR) imaging, functional MRI (fMRI), and magneto-encephalography (MEG).
See www.egi.com for more information on the Company.