APC Technology Group PLC Contract win and GBP1.45 million placing (0631F)
February 17 2015 - 02:00AM
UK Regulatory
TIDMAPC
RNS Number : 0631F
APC Technology Group PLC
17 February 2015
APC Technology Group PLC ("APC" or the "Group")
Contract win and GBP1.45 million placing
APC Technology Group plc (AIM: APC), the provider of
technologies and services intended to help improve organisational
sustainability and specialist distributor of electronic components,
is pleased to announce the recommencement of orders with Wm
Morrisons and the raising of additional working capital to support
this and other contract roll outs.
Recommencement of Wm Morrisons contract
The Group is pleased to announce that the positive progress
reported in the full year 2014 announcement released on 22 January
2015 has continued into February, with the first new orders
received from Wm Morrisons for the next phase of their LED lighting
roll out. Although the total value of this next phase of Wm
Morrisons orders is yet to be fully established, the orders
received thus far are significant and give the Board confidence
that expectations in the market for growth in FY2015 will be
met.
Working Capital Placement
As a result of the level of new orders being received generally
and expectations for growth in Minimise Energy, Minimise Generation
and elsewhere in the Group's subsidiary companies, the Board is
pleased to announce that it has today raised, in aggregate,
GBP1,450,000 before expenses via a conditional placement through
the Company's broker, Northland Capital Partners Limited, of
6,590,910 new ordinary shares of 2 pence each in the capital of the
Company (the "Ordinary Shares") at a price of 22 pence per new
Ordinary Share (the "Placing Shares") to new and existing
institutional investors (the "Placing").
The Placing further strengthens the working capital of the Group
and is a follow on to the institutional working capital placement
announced on 8 December 2014. The Board is pleased to note that
these new funds have been raised at a 10 per cent premium to the 8
December 2014 placing price. The closing mid-market price of the
Company's Ordinary shares on 16 February 2015 (being the latest
practicable business day prior to the date of this announcement)
was 22.75 pence per share (the "Closing Price"). The Placing has
therefore been conducted at a 3 per cent discount to the Closing
Price.
It is the current intention of two of the Company's Directors,
Richard Hodgson and Andrew Shortis, to subscribe for, in aggregate,
227,272 Placing Shares tomorrow, which is proposed to take place on
the same terms as the Placing (the "Director Subscription"), and
therefore augment the total size of the Placing to GBP1.5 million.
A further announcement will be made as appropriate.
The Placing is conditional on the admission of the Placing
Shares to trading on AIM ("Admission") and application has been
made to the London Stock Exchange plc for Admission to become
effective and dealings in the Placing Shares to commence at 8.00
a.m. on or around 19 February 2015.
Following completion of the Placing, but before the Director
Subscription, the total issued ordinary share capital of the Group
will comprise 90,360,403 ordinary shares of 2 pence each. The
Placing Shares will be fully paid and will rank pari passu in all
respects with the Group's existing ordinary shares.
Mark Robinson, CEO of APC Technology Group PLC, commented:
"We are delighted to have received these first new orders from
Wm Morrisons and we look forward to this next phase of work with
them. The progress that the Group is making, especially across its
Minimise subsidiaries, is very encouraging. We remain appreciative
of our institutional shareholders in their support of the Group's
growth and look forward to providing the market with further
updates in due course."
Enquiries:
APC Technology Group plc 01634 290588
Mark Robinson, Chief Executive Officer www.apc-plc.co.uk
Richard Hodgson, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) 020 7409 3494
James Harris / Angela Hallett / Ritchie Balmer
Northland Capital Partners Limited (Broker) 020 7382 1100
John Howes / Alice Lane
Redleaf Polhill (Financial PR) 020 7382 4730
Rebecca Sanders-Hewett / David Ison apc@redleafpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUBCPUPAGRQ
Apc Technology (LSE:APC)
Historical Stock Chart
From Feb 2024 to Mar 2024
Apc Technology (LSE:APC)
Historical Stock Chart
From Mar 2023 to Mar 2024