14 Sep 2009 16:04
Pure Wafer plc
Results of Open Offer of 58,172,498 Open Offer Shares at 2 pence per share;
Placing of 41,539,013 Ordinary Shares at 2 pence per share;
and
Result of General Meeting
Pure Wafer plc ('Pure Wafer' or the 'Company') today announces that pursuant to the Open Offer of up to 100,000,000 ordinary shares of 2 pence each ("Ordinary Shares") at 2 pence each, as announced on 21 August 2009, it has applied for 58,172,498 ordinary shares subscribed for under the Open Offer to be admitted to trading on AIM ('Open Offer Shares'), raising approximately £1.16 million.
The Company also announced on 21 August 2009 that it would be placing 15,000,000 Ordinary Shares at 2 pence each to certain directors and senior management employees ('Placing Shares'). In addition to this, under the authority given to the Company by shareholders at today's General Meeting, the board has placed 26,539,013 Ordinary Shares at 2 pence each to certain investors ('Excess Placing Shares'). The proceeds of the cash placing of £0.83 million, when combined with the proceeds of the Open Offer, take the total amount raised by the Company to £1.99 million before expenses.
Highlights
Total funds raised of £1.99 million (99,711,511 Ordinary Shares at 2 pence each)
Standstill agreement and new debt facilities are now unconditional, further enabling the Company to ease pressure on cash and working capital
Application has been made to the London Stock Exchange for the Open Offer Shares, the Placing Shares and the Excess Placing Shares to be admitted to trading on AIM. Dealings are expected to commence in the Open Offer Shares, the Placing Shares and the Excess Placing Shares on 17 September 2009
Commenting on the fundraising, Peter Harrington, Chief Executive of Pure Wafer plc, said:
"The scale of the take up of the Open Offer and Placing has demonstrated the confidence and commitment that the management and key shareholders have in the future of Pure Wafer and our ability to return to growth as the market recovers.
The funds raised through the Open Offer and Placing together with the recently agreed additional banking arrangements of a £2 million overdraft facility and rescheduling of existing debt, will ensure that we are well positioned, using our fully equipped facilities in Swansea and Prescott, Arizona, to take advantage of any industry upturn."
Results of Open Offer
Pure Wafer plc ('Pure Wafer' or the 'Company') today announces that, pursuant to the Open Offer of up to 100,000,000 Ordinary Shares at 2 pence each, as announced on 21 August 2009, it has applied for 58,172,498 Ordinary Shares to be admitted to trading on AIM.
The Open Offer has been supported by a number of existing shareholders including the non Executive Directors, namely Eurfyl ap Gwilym, Paul Dolan and Giles Clarke, in respect of all of their Open Offer entitlements and their further entitlements under the excess application facility as follows:
| Name of Director | Number of shares taken up under basic entitlement | Number of shares taken up under excess application facility | Number of Ordinary Shares following the Placing and Open Offer | Percentage of issued ordinary share capital following the Placing and Open Offer |
| Eurfyl ap Gwilym | 94,000 | 406,000 | 525,000 | 0.42 |
| Paul Dolan | 244,400 | 755,600 | 1,065,000 | 0.84 |
| Giles Clarke | 1,050,852 | 1,250,000 | 2,580,334 | 2.04 |
Dealings in the new Ordinary Shares will commence at 8.00 a.m. on 17 September 2009.
Placing of Ordinary Shares for Cash
Pure Wafer announced on 21 August 2009 a cash placing of 15,000,000 new Ordinary Shares ('Placing Shares') to be issued at a price of 2p per share (the "Placing"). The Placing Shares have been placed with certain directors and senior management employees.
In addition to this, under the authority given to the Company by shareholders at the General Meeting held on 14th September 2009, the board has placed 26,539,013 ordinary shares at 2 pence each to certain investors ('Excess Placing Shares').
The shareholdings of the Placees (following admission of the Placing Shares, the Excess Placing Shares and the Open Offer Shares, together the "New Ordinary Shares") are set out in the table below.
| Name of Director or Senior Management Employee | Number of Ordinary Shares pre Placing and Open Offer | Number of Ordinary Shares following Placing and Open Offer | % of issued share capital following Placing and Open Offer |
| Stephen Boyd | - | 7,500,000 | 5.94 |
| Peter Harrington | 159,066 | 1,784,066 | 1.41 |
| Keith Baker | 163,012 | 1,413,012 | 1.12 |
| Timothy Lowe | - | 1,000,000 | 0.79 |
| Gerald Winters | - | 937,500 | 0.74 |
| Jeffrey Whitlock | - | 312,500 | 0.25 |
| Marilyn Bollengier | - | 625,000 | 0.49 |
| David Maternaghan | 60,390 | 1,060,390 | 0.84 |
| Mark Selway | - | 750,000 | 0.59 |
The New Ordinary Shares have been issued credited as fully paid conditional upon Admission and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared after the date of their issue. Admission is expected to take place, and dealings in the New Ordinary Shares to commence, at 8.00 a.m. on 17 September 2009. The issued share capital of the Company following admission of the New Ordinary Shares will be £2,526,054 (representing 126,302,693 Ordinary Shares of 2 pence each).
Result of General Meeting
The General Meeting for Pure Wafer plc was held today at 10:00am and all resolutions were duly passed
14 September 2009
For further information visit www.purewafer.com or contact:
| Enquiries: | |
| Pure Wafer plc | 01792 311 200 |
| Stephen Boyd Peter Harrington Tim Lowe | |
| Altium Capital Limited | 0161 831 9133 |
| Phil Adams Paul Lines |
This announcement is for information only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This announcement has been issued by and is the sole responsibility of Pure Wafer.