28 Nov 2016 17:02
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services
28 November 2016
Strat Aero plc ("Strat Aero", the "Company" or the "Group")
Notice of General Meeting
Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, announces that a General Meeting ("GM") will be held at 11:00 a.m. on 22 December 2016 at Kerman & Co., 200 Strand, London WC2R 1DJ (the "GM").
A notice convening the GM will be sent to shareholders today and will be available to download from the Company's website at www.strat-aero.com.
As noted in the Company's announcement of 24 November 2016, the Board is seeking to increase available headroom to issue ordinary shares in order to provide flexibility with regards to both repaying the short term loan notified on 24 November and to provide for future working capital needs.
The Company has previously noted that current available cash reserves will extend to mid Q1 2017. In the event that shareholders do not approve the Resolutions, the Company will be required to seek financing from sources other than the issue of new equity, which the Board believes may be difficult to secure and, if secured, is likely to be expensive for the Company. The increase of additional headroom is therefore likely to be in the best interests of shareholders and it is important that shareholders vote in favour of the Resolutions in order to provide flexibility in seeking new finance.
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For further information please visit www.strat-aero.com or contact:
Strat Aero plc | Tel: +44 (0) 1293 804741 |
Graham Peck (Chairman) | |
SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Nominated Adviser and Joint Broker | |
Stuart Gledhill Jeff Keating | |
Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Joint Broker | |
Elliot Hance | |
Cornhill Capital Ltd | |
Joint Broker | |
Colin Rowbury | Tel: +44 (0) 20 7710 9610 |
St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Financial PR Frank Buhagiar Susie Geliher |
Notes
Strat Aero plc is a multi-divisional international aerospace services company, focussed primarily on the provision of complete client solutions in the Unmanned Aerial System ('UAS' market), which is predicted to show exponential growth over the coming decade. Commercial and military applications in UASs are expected to be a dynamic growth sector in the aerospace industry over the next 10 years with the UAS market forecast to grow to more than US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013) and the global airborne Intelligence, Surveillance and Reconnaissance ('ISR') market estimated to grow to US$19.23 billion by 2023.