Last checked at 13 Apr 2012 10:39
SOFTWARE RADIO TECHNOLOGY PLC
Fundraising of Ā£2.56m
Software Radio Technology plc ("SRT" or the "Company") (AIM: SRT) announces that it has conditionally raised up to Ā£2.56 million (approximately Ā£2.48 million, net of expenses) via the issue of 9,500,000 new ordinary shares of 0.1p each (the "New Shares") at a price of 27 pence per share (the "Placing Price") (the "Placing").
The funds raised in the Placing will be deployed to fund working capital to support the existing product development road map and forward production and stock commitments for the Company's current pipeline of opportunities.
Commenting on the Placing, SRT Chief Executive Simon Tucker, said: "SRT has made exceptional progress over the last few years laying firm foundations for future, sustainable growth. We have new products, more customers and a clearer view of a significantly expanded range of market opportunities: some of which appear to be of very significant size and nearing fruition. The markets we are addressing mean that we need to maintain our product development momentum whilst also having supply capacity to meet expected day-to-day customer requirements. The Placing was done at the market price and significantly oversubscribed. We are delighted by the response of our existing institutional shareholders and welcome the opportunity to add a number of significant new shareholders to the register."
Details of the Placing
The Placing has been conducted at the closing mid price of 27 pence per ordinary share on 12 April 2012, being the last trading day before this announcement.
The New Shares will rank pari passu with the Company's existing ordinary shares. Application will be made for the New Shares to be admitted to trading on AIM and it is expected that admission will become effective on or around Monday 16 April 2012. Following the issue of the New Shares there will be a total of 115,659,774 ordinary shares of 0.1p each in issue with each share carrying the right to one vote. 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 FSA's Disclosure and Transparency Rules.
-ends- Enquiries: Software Radio Technology plc +44 (0)1761 409500 Simon Tucker simon.tucker@softwarerad.com Chief Executive Officer Westhouse Securities Limited +44 (0)20 7601 6100 Richard Baty Petre Norton Adam Lloyd Cenkos Securities plc +44 (0)20 7397 8922 Adrian Hargrave Andy Roberts About SRT:
Software Radio Technology plc develops advanced radio communications technologies which are used to create enabling modules and OEM products. SRT Marine Technology Limited focuses on VHF and AIS technologies for use in navigation and homeland security identification and tracking applications. SRT Marine Technology provides its solutions in a variety of module and OEM product formats.
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