11 Jan 2019 11:40
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
11 January 2019
Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")
Placing to raise £350,000; Directors' Participation; Total Voting Rights
Remote Monitored Systems plc, the AIM quoted survey, inspection and monitoring company, is pleased to announce the successful completion of a placing (the "Placing") to raise £350,000 to support the growth of the Company's core areas of business, to provide working capital, and to leave the Company free of debt once the final payment for the Pegasus equipment is made in March.
Placing
A total of 53,846,154 ordinary shares of 0.2p nominal value each ("Placing Shares") have been placed with investors at 0.65p per share, a discount of approximately 10% to the closing mid-market price on 10 January 2019. The Placing Shares are due to be admitted to trading on or around 17 January 2019 with dealing commencing at 8:00 am.
Directors' Participation in the Placing
Nigel Burton, non-executive Chairman of the Company, has subscribed £100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Nigel Burton will have a beneficial interest in 26,098,900 Shares representing approximately 6.8% of the enlarged issued share capital and total voting rights of the Company.
Trevor Brown, Executive Director of the Company, has subscribed £100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Trevor Brown will have a beneficial interest in 88,241,757 Shares representing approximately 22.8% of the enlarged issued share capital and total voting rights of the Company.
Related Party Transaction
Nigel Burton and Trevor Brown, as Directors of the Company, are considered to be "related parties" as defined under the AIM Rules and accordingly, their participation in the Placing constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.
The Director independent of the Placing, being Paul Ryan (Non-Executive Director), considers, having consulted with the Company's nominated adviser, that the terms of Nigel and Trevor's participations in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.
Total Voting Rights
Following the issue of the Placing Shares as described above totalling 53,846,154 ordinary shares, the issued share capital of the Company will consist of 386,313,844 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 386,313,844.
Trevor Brown, CEO of Remote Monitored Systems plc, commented "The funds raised will be utilised to promote the continuing growth of both of our operating businesses. The significant participation of the Board in the fundraise is an eloquent statement about our confidence in the future."
We expect 2019 to be a period of strong growth for our two operating businesses, Geocurve and Gyrometric, and this Placing provides the resources necessary to fund that growth. Our objective remains to minimise dilution and maximise growth in shareholder value by controlling costs and focusing investment on growing our sales teams whilst we continue to seek further opportunities to enhance shareholder value."
ENQUIRIES:
Remote Monitored Systems plc
Trevor Brown (Executive Director) +41 7941 55384
Nigel Burton (Non-Executive Chairman) +44 7785 234447
SP Angel Corporate Finance LLP +44 20 3470 0470
Stuart Gledhill
Jeff Keating
Caroline Rowe
Peterhouse Capital Limited +44 20 7469 0930
Lucy Williams
Fungai Ndoro
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Trevor Brown | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Executive Director | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Remote Monitored Systems plc | ||||
b) | LEI: | 213800VR2P5DDQHYZO48 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 0.2 pence each GB00BFX0ZN92 | ||||
b) | Nature of the transaction: | Participation in the Placing | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 11 January 2019 | ||||
f) | Place of the transaction: | Outside a trading venue | ||||
Details of the person discharging managerial responsibilities/person closely associated | |||||
Name: | Nigel Burton | ||||
Reason for the notification | |||||
Position/status: | Non-Executive Director | ||||
Initial notification/Amendment: | Initial notification | ||||
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
Name: | Remote Monitored Systems plc | ||||
LEI: | 213800VR2P5DDQHYZO48 | ||||
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
Description of the financial instrument, type of instrument: Identification code: | Ordinary shares of 0.2 pence each GB00BFX0ZN92 | ||||
Nature of the transaction: | Participation in the Placing | ||||
Price(s) and volume(s): |
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Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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Date of the transaction: | 11 January 2019 | ||||
Place of the transaction: | Outside a trading venue | ||||