Last checked at 21 May 2013 13:45
For immediate release
21 May 2013
Sarantel Group plc
("Sarantel" or the "Company")
Corporate update
On 26 March 2013 the Board of Sarantel ("Board") announced that following discussions with certain of its existing institutional and other shareholders, who had indicated their strong interest in continuing to support the Company, the Company intended to raise up to £4.75 million by way of an equity issue as soon as practicable in order to enable the Company to invest in the growth of its consumer market sales and provide it with the working capital required.
Since the end of March 2013 the Board has had extensive discussions with prospective investors and while the Company has received strong expressions of interest from a number of existing and potential new shareholders, the Board concluded that the amount of funding that the Company could secure at this time would fall substantially short of the quantum required. Accordingly, the Board determined that a sale of the operating business would be in the best interests of Shareholders and is pursuing this option with the intention of concluding a transaction as soon as possible.
The Group's current working capital will be exhausted during the first half of June 2013, and in the event that a Disposal does not proceed, the Directors would need to consider placing the Company into administration and/or seeking a suspension in the Company's shares until such time as the Company's financial position could be clarified.
A further announcement will be made as soon as possible.
Enquiries:
Sarantel Group PLC | 01933 670 560 |
David Wither, Chief Executive Officer Nicola Malyon, Chief Financial Officer
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Beaumont Cornish (Nominated Adviser) | 020 7628 3396 |
Roland Cornish / Michael Cornish / Emily Staples
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XCAP Securities PLC (Corporate Broker) | 020 7101 7070 |
David Lawman / Jon Belliss | |
About Sarantel
Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets. www.sarantel.com