Last checked at 23 Jun 2016 15:52
23 June 2016
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Share issue to fund second tranche of proceeds to acquire controlling interest in Laser Scan Inc.
1Spatial plc, the Global Spatial Software and Solutions Company which manages the world's largest spatial data, announces it has issued 22,636,250 new ordinary shares in the capital of the Company (the "New Shares") at a price of 4 pence per share, principally to satisfy the consideration due to the shareholders of Laser Scan Inc ("LSI") following the exercise on 29 February 2016 of the call option held by the Company. Application has been made to the London Stock Exchange for admission of the New Shares to trading on AIM and dealings are expected to commence on 29 June 2016.
The exercise of the call option enabled the Company to acquire a further 26 per cent. stake in LSI, its sole distributor of 1Spatial geospatial products and solutions across the Americas, taking the Company's total holding in LSI to 73%. As previously stated, this further acquisition will strengthen 1Spatial's position within the US market which is a significant opportunity for the Group and will be a key area of focus for the next financial year. As part of the original share purchase agreement with LSI, as announced on 3 February 2015, 1Spatial has the right to acquire the remaining 27% of LSI, which would result is LSI becoming a wholly owned subsidiary of the Group, by 1 February 2017. LSI has now been renamed 1Spatial Inc.
Following admission of the New Shares, the Company will have a total of 738,135,558 ordinary shares in issue. The Company currently holds 3,196,356 ordinary shares in treasury, following a transfer of 303,644 ordinary shares out of treasury on 19 April 2016 to satisfy an exercise of employee options. As a result and following the issue of the New Shares, the total issued share capital with voting rights will be 734,939,202.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
1Spatial plc 0203 427 5004
Marcus Hanke / Claire Milverton
FTI Consulting 0203 727 1000
Dwight Burden / Alex Le May
N+1 Singer 0207 496 3000
Shaun Dobson / Lauren Kettle
About 1Spatial
1Spatial operates globally, and has a portfolio of customers both in the Commercial and Government sector, with headquarters in Cambridge, UK and offices in France, Belgium, Ireland and Australia.
1Spatial manages the world's largest spatial big data and works with users and creators of the largest geospatial databases, helping them collect, store, manage and interpret location-specific information.
1Spatial's clients include national mapping and cadastral agencies, utility and telecommunications companies, and government departments including emergency services, defence and census bureaus.
A leader in the field, 1Spatial has over forty years' experience and a record of continual innovation and development. Today, with an ever increasing reliance on spatial and location-critical data, demand for its expertise has never been greater.