Access Intelligence PLC Subscription to raise £1,020,000 (2996L)
July 18 2017 - 2:00AM
UK Regulatory
TIDMACC
RNS Number : 2996L
Access Intelligence PLC
18 July 2017
This announcement contains inside information as stipulated
under the Market Abuse Regulation (EU) No 596/2014 (MAR).
18 July 2017
ACCESS INTELLIGENCE PLC
("Access Intelligence", "the Company" or "the Group")
Subscription to raise GBP1,020,000
Access Intelligence Plc (AIM: ACC), a leader in corporate
communications and reputation management software, announces that
it has raised GBP1,020,000 (before expenses) by the issue of
31,384,615 Ordinary Shares ("the Subscription Shares") at a price
of 3.25p per share ("the Subscription"), conditional upon admission
to trading on AIM.
The first six months of the financial year have seen significant
and continued improvement in new business sales performance and
retention rates for the Group, resulting in a net increase in the
size of its contracted Software as a Service (SaaS) customer base.
At 30 June 2017, the Group's annualised customer contract value
("ACV") was GBP8.1 million. Management expect the ACV to continue
to increase throughout the rest of the financial year and into
2018. The improvements in new business and retention rates are a
result of continued investment in the Vuelio software platform and
the successful migration of 1,192 customers onto this platform
during FY16 and Q1 FY17. The Group's investment in this platform
has required a significant financial outlay and the proceeds of
this share issue will be used for general working capital purposes
and to strengthen the Group's balance sheet through to the business
becoming cash break even.
15,384,615 Subscription Shares were subscribed by Kestrel
Partners LLP ("Kestrel"), 6,153,846 Subscription Shares were
subscribed by Michael Jackson, the Chairman of the Company, 615,385
Subscription Shares were subscribed by Joanna Arnold, the CEO of
the Company, with the remainder of the Subscription Shares being
subscribed by institutional investors. Kestrel currently holds 19.1
per cent. of the issued share capital of the Company and therefore
under the AIM Rules is a substantial shareholder. Accordingly,
Kestrel, Michael Jackson and Joanna Arnold are deemed to be related
parties under the AIM Rules.
Chis Pilling and David Lowe, the independent directors, having
consulted with Allenby Capital Limited, the Company's nominated
adviser, consider that the terms of the Subscription are fair and
reasonable insofar as the shareholders of Access Intelligence are
concerned. The independent directors explored the possibility of
extending the fundraising to all shareholders but, due to the cost
of doing so relative to the total value of the fundraising and the
uncertainty of how much would be subscribed, considered that it was
not in the best interests of the Company.
The Subscription Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the Subscription
Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective on 21 July 2017.
Following the issue of the Subscription Shares, the Company's
total issued share capital on Admission will consist of 348,674,357
Ordinary Shares. The Company holds 29,666,667 Ordinary Shares in
treasury and therefore the total number of Ordinary Shares with
voting rights is 319,007,690. This 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 Group, under the Financial
Conduct Authority's Disclosure and Transparency Rules.
Joanna Arnold, CEO of Access Intelligence, said: "We've made
significant progress in the first half of the year, completing the
migration of customers acquired onto our own platform, and starting
to see the benefits of this resulting in reduced churn and
improvements in net monthly ACV growth. Costs remain a key focus
for us in our target to achieve cash break-even in Q4. We look
forward to formally updating the market with our interim results in
late August."
For further information:
0843 659
Access Intelligence plc 2940
Joanna Arnold (CEO)
Allenby Capital Limited (Nominated 020 3328
Adviser & Broker) 5656
David Worlidge / James Thomas
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Michael Jackson
--- -------------------------- ---------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Non-Executive Chairman
--- -------------------------- ---------------------------
b) Initial notification Initial notification
/Amendment
--- -------------------------- ---------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------
a) Name Access Intelligence plc
--- -------------------------- ---------------------------
b) LEI 213800PPZ4ZM80MHGT41
--- -------------------------- ---------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- -------------------------------------------------------
a) Description of the Ordinary shares of 0.5p
financial instrument, each
type of instrument
Identification code ISIN code: GB0033835264
--- -------------------------- ---------------------------
b) Nature of the transaction Subscription
--- -------------------------- ---------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
3.25p 6,153,846
--------- ----------
--- -------------------------- ---------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--- -------------------------- ---------------------------
e) Date of the transaction 21 July 2017
--- -------------------------- ---------------------------
f) Place of the transaction London Stock Exchange, AIM
--- -------------------------- ---------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------
a) Name Joanna Arnold
--- --------------------------- --------------------------
2 Reason for the notification
--- -------------------------------------------------------
a) Position/status Chief Executive Officer
--- --------------------------- --------------------------
b) Initial notification Initial notification
/Amendment
--- --------------------------- --------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------
a) Name Access Intelligence plc
--- --------------------------- --------------------------
b) LEI 213800PPZ4ZM80MHGT41
--- --------------------------- --------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- -------------------------------------------------------
a) Description of Ordinary shares of 0.5p
the financial instrument, each
type of instrument
Identification ISIN code: GB0033835264
code
--- --------------------------- --------------------------
b) Nature of the transaction Subscription
--- --------------------------- --------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
3.25p 615,385
--------- ----------
--- --------------------------- --------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--- --------------------------- --------------------------
e) Date of the transaction 21 July 2017
--- --------------------------- --------------------------
f) Place of the transaction London Stock Exchange,
AIM
--- --------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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