SED.L Regulatory News (SED)

28 November 2023

Saietta Group plc

("Saietta" or "the Company" or "the Group")

Results of Bookbuild and Subscription

Directors' Dealings

Saietta Group plc (AIM: SED), the multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles, is pleased to announce that, further to its announcement of 5:45p.m. on 27 November 2023, (the "Launch Announcement"), it has conditionally completed the Bookbuild which is now closed, and a Subscription of new Ordinary Shares by certain of the Company's Directors and other investors.

Pursuant to the Placing and the Subscription, the Company has conditionally placed, in aggregate, 39,649,604 new Ordinary Shares, raising proceeds of approximately £6.7 million (before expenses) at an Issue Price of 17 pence per share, reflecting a 17 per cent discount to the closing price on 24 November 2023, being the last business day prior to the announcement of the Fundraising.

On First Admission, 8,135,752 Firm Placing Shares and 2,058,824 Firm Subscription Shares will be issued. On Second Admission, subject to the passing of the Fundraising Resolutions at the General Meeting, 4,852,941 Conditional Subscription Shares and a minimum of 24,602,087 Conditional Placing Shares will be issued.

Canaccord Genuity Limited ("Canaccord") is acting as Nominated Adviser, Sole Bookrunner and Sole Broker in connection with the Placing.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Launch Announcement.

Broker Option

In order to deal with any additional demand from shareholders and other investors who did not participate in the Placing, the Company has granted an option (the "Broker Option") to Canaccord to allow for the issue of up to an additional 5,882,353 new Ordinary Shares (the "Broker Option Shares") at the Issue Price. The Broker Option is exercisable until 4.45 p.m. on 12 December 2023. Investors who wish to register their interest in subscribing for Broker Option Shares should instruct their stockbroker to speak with a Canaccord contact or email cg-ecm-uk@cgf.com.

Directors' Participation

Emmanuel Clair, David Woolley, David Wilkinson and Devyani Vaishampayan each of whom are Directors of the Company (the "Participating Directors"), have agreed to participate in the Subscription for an aggregate of 2,058,824 Firm Subscription Shares at the Issue Price. On Second Admission, following the unconditional issue of the Conditional Fundraising Shares, the interests of the Participating Directors in the Company's enlarged share capital will be as follows:

*Assumes that the Broker Option is exercised in full

Admission and Total Voting Rights

Application will be made to London Stock Exchange for admission of the 10,194,576 Firm Fundraising Shares to trading on AIM. It is expected that settlement of any such shares and First Admission will take place no later than 8.00 a.m. on 1 December 2023 and that dealings in the Firm Fundraising Shares on AIM will commence at that time.

Application will be made to London Stock Exchange for admission to trading of the 29,455,028 Conditional Fundraising Shares on AIM. Subject to the passing of the Fundraising Resolution at the General Meeting, it is expected that settlement of any such shares and Second Admission will take place no later than 8.00 a.m. on 19 December 2023 and that dealings in the Conditional Fundraising Shares will commence at that time.

Following First Admission there will be 113,209,438 Ordinary Shares in issue. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company. 

Following Second Admission, and assuming the Broker Option has not been exercised, there will be 142,664,466 Ordinary Shares in issue. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company. If the Broker Option is exercised, the Company will release a further announcement advising shareholders of the revised aggregate number of Ordinary Shares which will be in issue at Second Admission and the total voting rights.

Publication of Circular

A circular, containing further details of the Fundraising and notice of the General Meeting to be held at 10.00 a.m. on 15 December 2023 to, inter alia, approve the resolution required to implement the Fundraising, is expected to be published to Shareholders shortly (the "Circular"). Following its publication, the Circular will be available on the Group's website at:

https://www.saietta.com/investors/reports-presentations/

Shareholders will be asked to vote in favour of the Fundraising Resolution at the General Meeting in order for the Conditional Fundraising to proceed. If the Fundraising Resolution is not passed by Shareholders, the Conditional Fundraising cannot complete, and the Company will not receive the net proceeds of the Conditional Fundraising. The Directors believe that successful completion of the Conditional Fundraising is required to fund the Company's short-term working capital requirements.

For any further enquiries, please contact:

About Saietta:

Listed on the London Stock Exchange's AIM, Saietta is a global business that designs, develops and manufactures complete electric drivetrain (eDrive) solutions for established manufacturers of a broad range of electric vehicles.

Saietta's breakthrough proprietary technologies include AFT (Axial Flux Technology) and RFT (Radial Flux Technology) motors, power electronics, powertrain controls, mechanical axles, transmissions and vehicle control units. Considerable flexibility is built into the core design, meaning solutions can be quickly and cost effectively tailored to a specific application.

Saietta works in a highly collaborative way with clients, driven by the belief that partnership is key to delivering world-class tailored solutions at pace. Saietta's engineering team takes time to deeply understand a client's brand, target market sector, competition and the services they require. Then Saietta develops a bespoke suite of products and services to fast-track the client to production with eDrive solutions which deliver a sustainable competitive advantage.