Last checked at 30 May 2012 11:36
Microsaic Systems plc
("Microsaic" or the "Company")
AGM Results, Completion of Placing, Board and Committee Changes
30 May 2012
Microsaic Systems plc (AIM: MSYS), the developer of chip-based scientific instruments, announces that its Annual General Meeting ("AGM") was held at 11.00 a.m. (UK time) this morning and that all resolutions were duly passed.
Following the announcement on 29 May and the passing of the resolutions at the AGM, the Company is also pleased to announce that the conditional placing ("Placing") of 3,867,248 new ordinary shares of 0.25p each ("Placing Shares") at a price of 40 pence per Placing Share, raising approximately £1.55 million (before expenses), has been completed subject to admission of the Placing Shares (expected on 1 June 2012) becoming effective in accordance with the AIM Rules for Companies. The net proceeds of the Placing will be deployed to further the growth plans of the Company.
Non-executive director Peter Selway formally retired from Microsaic's board of directors at the AGM. Mr Selway's intention to retire during the current financial year was noted in the Company's preliminary results for the full year ending 31 December 2012.
As a result of Mr Selway's retirement, non-executive director Andrew Holmes has been appointed to the audit and remuneration committees of the Company's board of directors. The audit committee is chaired by Colin Nicholl and also comprises James Ramage and Andrew Holmes. The remuneration committee is now chaired by James Ramage and also comprises Colin Nicholl and Andrew Holmes.
Colin Nicholl, commented:
"Peter has planned for some time to retire upon reaching the age of 70 in 2012. The board is most grateful for his wise council and distinguished service over the last 11 years, and we all wish him well and a long and happy retirement."
Enquiries:
Microsaic Systems plc | via Citigate Dewe Rogerson |
Eric Yeatman, CEO | |
Colin Nicholl, Chairman | |
Numis Securities Limited | +44 (0)20 7260 1000 |
Stuart Skinner (Nominated Adviser) | |
James Serjeant (Broker) | |
Citigate Dewe Rogerson (Financial PR) | +44 (0)20 7638 9571 |
Chris Gardner, Mark Swallow, Malcolm Robertson | |
The Scott Partnership (Trade PR) | +44 (0)1477 539540 |
Sarah Evans |
About Microsaic Systems plc
Microsaic Systems develops chip-based scientific instruments for the identification of substances in solids, liquids and gases. The Company's products are based on the 'gold-standard' scientific technique of mass spectrometry (MS).
Microsaic Systems has developed a miniaturised mass spectrometer product, based on its patented, chip-based technologies (ionchip®, spraychip® and vac-chip™), that is smaller, lighter, quieter, more energy efficient and cheaper to run than conventional MS systems.
Mass spectrometry (MS) is used across multiple sectors, including government, energy, utilities, pharmaceutical, diagnostics and healthcare, environmental, food and drink, security and defence, and industrial chemicals - a combined market of $3.3 billion in 2010.
Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in April 2011 under the symbol MSYS.
www.microsaic.com