29 Oct 2018 09:48
Modern Water plc
("Modern Water" or "the Group")
Result of Open Offer
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Modern Water plc (AIM:MWG), the owner of leading technologies for water and wastewater treatment and for the monitoring of water quality, is pleased to announce that the open offer to raise up to approximately £0.9 million as announced on 11th October 2018 (the "Open Offer") closed for acceptances at 11:00am on Friday 26th October in accordance with its terms. The Company has received valid applications in respect of a total of 3,792,410 new ordinary shares in the Company ("New Ordinary Shares"), representing a take up of 37.8% of the New Ordinary Shares available under the Open Offer.
Qualifying shareholders who have applied for some or all of their basic entitlements will have those applications satisfied in full. Qualifying shareholders who in addition to applying in full for their basic entitlement to New Ordinary Shares under the Open Offer applied for New Ordinary Shares under the excess application facility, will also have their applications under that facility satisfied in full.
The aggregate amount raised pursuant to the Open Offer is approximately £341,317.
Application has been made for 3,792,410 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission and dealings in those shares will commence at 8:00am on 2nd November 2018. Modern Water's enlarged issued ordinary share capital immediately following Admission will be 104,219,468 Ordinary Shares with voting rights attached. The Company has no shares in Treasury; therefore the total number of voting rights in Modern Water will be 104,219,468. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify an interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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For further information:
Modern Water plc | +44 (0) 1483 696 000 |
Simon Humphrey, Chief Executive
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WH Ireland Limited | +44 (0) 207 220 1666 |
Chris Fielding (Nominated Adviser) |
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James Sinclair-Ford
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Notes to editors
Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. The company works for customers in a range of industries across the globe and owns proprietary technologies for use in a diverse range of applications. Modern Water's Monitoring Division has a portfolio of world-leading toxicity and trace metal monitoring products, some of which constitute the regulatory standard. The headline technology of the Company's Membrane Division, called "AMBC", can be used to tackle complex wastewater treatment problems at a reduced cost compared to standard processes, while being simple to operate.
www.modernwater.com